[lotsofpulp]

>Want to make a ton of money 1 year from today and have good credit? Spend your days with an MLS subscription finding under-priced homes to flip in a couple weeks. You'll be a millionaire in a year I guarantee it.

Considering only 3% of Americans are millionaires, and assuming >3% of Americans would like to be millionaires, in order for your statement to be valid is if whatever you wrote was some sort of never before thought of revelation.

[nilkn]

The problem is capital. It takes a lot of capital to flip homes. Most of the people I know are in a pretty good spot financially, but almost none of them could afford to flip homes unless they got a really good deal on a teardown and they did all the renovation manually (and you're certainly not going to become a millionaire in one year at that pace).

[lotsofpulp]

How about the skill and risk involved in being able to determine what is "under-priced"? The way I'm reading these posts, it seems as if all it takes to make money is money (at least in flipping homes).

[nilkn]

Perhaps I'm thinking of a different notion of flipping homes. I might be the one confused here.

I was thinking of buying old homes, possibly teardowns, in a rapidly up-and-coming area, renovating them, and then reselling them at a much higher price. I feel like there's less risk involved here as long as you have strong data showing the area is becoming popular and you can act quickly (i.e., before the boom ends).

If you want to simply isolate an underpriced house, buy it, sit on it doing nothing, and then sell it a few months later for twice what you paid, then I agree -- a considerable amount of skill would be needed.

[ceejayoz]

So basically, by "I guarantee it" you meant "you could be fucked and lose all your money"?

[nilkn]

No.

I suggest you keep up with the thread. You don't even know who you're responding to. I didn't even write the phrase "I guarantee it" anywhere.

As for what I meant, I meant what I wrote. There's a reason I wrote more than one pithy little phrase.