Last March I bought a house here in Iowa and flipped it.
I bought it for $54,000 and by the time that I got the house ready to be sold the market was in a free fall. I made a mistake by getting in at the top of the peak, and it cost me right around $17,000 from what the realtor estimated the house would be sold for. It took me a very long time to sell it, which costs me a lot more money in interest and I also had to pay the bills for keeping it heated through the winter.
When it sold I ended up making around $5,000, but not what I was looking for.
I realize my mistakes that I made as it was my first time doing it, but the key mistake was buying at the top. Now, that we are still in the free fall is it time to buy buy buy?
My friend that got me into this just bought 5 houses for 30K each, he is going to rent them out until the market picks back up. Is it a good time to get back into this?
I bought it for $54,000 and by the time that I got the house ready to be sold the market was in a free fall. I made a mistake by getting in at the top of the peak, and it cost me right around $17,000 from what the realtor estimated the house would be sold for. It took me a very long time to sell it, which costs me a lot more money in interest and I also had to pay the bills for keeping it heated through the winter.
When it sold I ended up making around $5,000, but not what I was looking for.
I realize my mistakes that I made as it was my first time doing it, but the key mistake was buying at the top. Now, that we are still in the free fall is it time to buy buy buy?
My friend that got me into this just bought 5 houses for 30K each, he is going to rent them out until the market picks back up. Is it a good time to get back into this?