Yer spoiling my follow up post. There ARE times when flipping works very well. This post was pointing out what happens to folks who treat it as the be all end all. They end up on a treadmill off of which they can’t jump. Retirement hits, and they have little or nothing.

Your points are excellent.

Be safe Big Guy.

As anyone who reads our frequent give and take comments, we probably agree 80% or more of the time. We just couch it differently.

Your pithy observation about the boom years flippers is on point. But my point remains the same: Whether the market is good, bad, or ‘normal’, the flipper can’t easily exit the treadmill they’ve hopped on.

Selling to flippers? A whole different post altogether.

Most professional flippers though, earn their profits fairly, pay their taxes, then move on to the next one. The last few years have been awash with amateurs who have worse than no clue but very wrong ideas. They weren’t the same animal and some of them haven’t been burned yet. They are still out there with a successful last deal looking for that flip that will break them. The market rose so much so fast even the incompetent made money giving them a false sense of mastery of a difficult business.

There’s nothing wrong with selling to a flipper as long as that’s what you are doing. Taking back a note is not selling, it is a partnership with you as first loss target and deep pocket liable. And the other things, don’t participate in any convoluted transactions that could make you an accomplice to tax fraud. And it should go without saying never, never, never give a flipper access to the property before the check clears.

I’m beginning to feel like the little contrarian elf that sits on Jeff’s shoulder and whispers negative things in his ear.