Originally Posted by Patriot Services
Posted via Mobile Device
I'm being careful not to overextend. Even during the heyday I flipped one at a time. When the last one took six monthes and only netted 5k in my pocket I knew it was time. A bunch of buddies got stuck with dozens of properites they couldn't unload fast enough.
When I was looking at buying a home, I was just amazed at the number of foreclosed homes I saw where you could see that someone had tried to 'fix it up'. It looked like they got halfway done and just literally walked out one day and never came back.
As often said in the car business, 'the money is not in the buy, but in the sale'
What this means is it doesn't matter what kind of crazy deal you bought the widget for and how it is 'worth 5X' the value if you can't sale it or can only sale it for a tiny profit. This is one reason you see many of the same make and models over and over at these big used car places like Car Max.