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Folks are starting to “get rich quick” again…
RealtyTrac reports 110,000 investors “flipped” houses in 2015.
That’s the highest number since 2007… right before the U.S. housing market’s epic bust.
[Flipping means buying and selling for gain within one year.]
2015’s average flipping gross profit was $55,000. The average gain was 48.5%. That’s way up from 2005’s 35.3% average gain… the last time flipping peaked.
As you can see below, the flipping business is booming…
If you’re salivating at those returns… check yourself. You’re entering a danger zone.
Most housing speculators lost everything flipping houses in the last mania. They banked on the “bigger fool” strategy: that a bigger fool would always come along to sell to.
Profits rolled in for a while… until prices peaked and the buyers disappeared. Then they were left with unaffordable mortgages on properties plunging in value. Most lost everything.
Bottom line: If you want to flip houses, do what Mark’s brother—master real estate investor Justin Ford—recommends: flip “cash flow.” That means only flip properties you know you can hold for sustainable rental income if, as Justin says, “your flip flops.”
[“Sustainable” means the rent is high enough to cover the mortgage, taxes, insurance, maintenance, repairs, etc. You can review Mark and Justin’s easy rule of thumb for buying “sustainable” rental properties right here.]
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