Redpill me on house flipping

Buy house at auction.
Fix house.
Try to sell it for more than you paid.

Generally not worth it in today's market. All the good deals are gone, you'll have to wait for another crash.

Better off buying house in below average condition and doing light reno then renting it out. You have to be able to do the majority of the work yourself or be savvy with good deals from sub contractors.

Also you'll need significant capital. Flipping only really works in hot markets at high prices ala LA, San fran, etc. Where the profit is enough to justify carrying the prop for up to one year.

Marketing a house to sell that's being flipped also carries stigma, no one wants the house Joe blow shade tree contractor reno'ed and is charging market price for.

>>1985035

Also materials and construction labor prices are through the roof right now because everyone is building. We will have a crash soon, residential, multifamily and retail are all overbuilt and funded based on bs earnings expectations. Supply of rentals is at an all time high and cap rates stupidly low thanks to unsustainable interest rates.

T. Works in comm r/e

>>1985048
>We will have a crash soon
Will this be US only or are other places in the same condition? I certainly wouldn't mind a crash soon.

>>1985062
I speak from the us, can't comment on other places but debt levels in Europe and China are worse. Dollar still is the strongest

>>1985072
I think another housing crash is at least another 4 or 5 years away. The prices are just now getting back to pre-crisis levels. They've raised to this level at a much more stable rate than before.

>>1984983
Red Pill: House flipping is the only way to escape the Matrix.

>>1985089

Pre-crisis levels were too high. Also interest rates are significantly lower. Also price increases in my area on the east coast have been consistently 3-5%+ over the past few years for residential. Land prices are skyrocketing in desireable areas. Thats unsustainable.

>>1984983

You need a combination of the following:

>Capital

>Leads

>Negotiating skills

>Handyman skills

>General real estate knowledge

>Financial literacy


You can outsource any of them, but not all of them. The less you can do yourself the less profit.

Remember, you make your money on the purchase not the sale.

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>>1984983
Its not worth it. Take the bean pill instead and enjoy your 100x gains.

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>>1985866
What if I mix the beanpill with the bogpill?