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House flippers

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Old 02-14-2007, 04:53 PM
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Have you ever been inolved with house flipping or know anyone who has? What's the experience been like?

It seems like now is not a time to get into house flipping.

Homes: Stung by the slow market - Dave Corey has been flipping houses on the side for nearly 30 years, but the latest slump in the real estate market is taking its toll.

His latest struggle: Unloading a ranch in Ocala, Fla., with three bedrooms, two baths and a two-car garage.

He thought it would be a quick buy, rehab and sell transaction. Instead, it's been buy, rehab...and sit. For 10 months.

After paying $146,000 in January of 2006, he's now out of pocket $160,000 including closing costs and renovations, he said. The list price of $178,900 has drawn zero interest.

Before moving to Florida in the early 2000s, Corey's main income came from his used Saab sales and service dealership in Vermont. He sold out and moved south where he earned good money flipping houses at the height of the boom.

"I made $80,000 in the first four months of 2005 and didn't kill myself [working too hard]," he says.

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