The issue here is everyone thinks their 1970s, never updated house is worth top dollar. I've been watching the MLS for 6 months with my buddy and nothing good comes up to flip.If I had the money, I would be flipping houses on the side. Very lucrative in my area right now.
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The flippers who fail are because they take a chance they shouldn't. They buy too high and can't make anything.
A good friend of mine has been flipping for more than 15 years and killed it during the recession because he made smart moves.
To the naysayers I always say, most small businesses will fail. Does that stop people from opening up shop and trying? Of course not. Why is this any different?