Why 'Flipping' Needs to Be Put to Pasture
Don't get me wrong, in the grand scheme of things we would probably be grouped in that bucket by the general public. House flipping has become a standard practice and part of the normal lexicon of Americana due to shows like Flip or Flop, Flip This House, and Flipping Out. See what all of those shows have in common?
To me the term "flip" or "house flipper" (if you are talking about the person performing the action) connotes something negative. I picture a day trader flipping stocks in an effort to get rich quick. Then I see visions of smarmy real estate gurus with their yachts, pools, and endless supply of models dancing in my head. Just like there are various levels of performance and quality for any job or career, so it is true for this industry. I think too many people see these shows and think they can go out, steal someone's house at an insane price, slap a coat of paint on it and call it a day. Then they just have to sit back and count their stacks of cash like Kanye West (maybe a bad example since he is so in debt, and we all feel very sorry for Mr. West).
In reality, there is so much more to it, but that can be another post all into itself. The moral of this story is that I much prefer to be a home rehabilitator than a house flipper. We want to improve our community not leech from it. Yes, at the end of the day, we hope to make money. In order to do so, we have to buy houses below market value. A huckster will want to do the bare minimum and go into used car salesman mode in order to maximize their profit. We don't mind spending a little more money, so that the next owner can have their dream home with little worry. I'll leave the flipping to the day traders.