How do I buy a fixer-upper in San Diego?

Question: “We currently live with family, which isn’t great, but oh well. My wife and I are handy and while we’re living here, we’d like to buy a little fixer-upper to resell and make some money towards buying a bigger house down the line. Where do we start?” Answer: Keep in mind that buying fix
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Fix-And-Flips: For Now, Just Say No

Question: “What’s the best advice you’ve ever given for flipping real estate?” Answer: Right now, it’s “DON’T DO IT.” Competition is fierce, prices are up, and you’re not in a rapidly appreciating market that will bail you out. Many professional home flippers are leaving the San Diego market or getting out of the flipping business
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Is Now a Good Time to Fix and Flip?

Question: “Hi Gary! We just sold our apartment building in L.A. It’s in escrow for $900,000 and we’re debating doing a 1031 exchange and buying a property here in San Diego to fix up and flip. Do you think it’s a good time right now? We’re going to net about $600,000.” Answer: A few things…
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A New Change in Buying a Fix-and-Flip Property

Question: “I heard you can’t get a loan any more if you buy a flip property. Is that true?” Answer: No, but there was one change involving buying a flip, or renovated resale property. FHA announced that starting January 1st, if you want to get an FHA loan, you can’t even WRITE your offer until
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Is There Demand for Fixer-Upper San Diego Homes?

Question: “My brother and I inherited a rental house that has been very neglected and is in horrible condition. Can we even sell it?” Answer: Definitely. There’s still good demand for fixer upper homes. Most people buying are “flippers” who fix and resell for profit. Others are just regular potential homeowners looking for a less
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Can You Fix and Flip with a 1031 Exchange?

Question: “Hi Gary. I have a question about real estate investing. Can you buy and flip fixer uppers doing a 1031 exchange?” Answer: No. If you buy a property and sell it a short time later without “holding it for investment” a sufficient time (probably 1-2 years), the IRS will likely consider it “dealer property”
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Fix & Flip Investing Is Harder Than It Looks

Question: “I was intrigued by your article last week on fix and flip investors. I have some extra cash and was thinking about getting into that. How hard is it to do?” Answer: VERY hard. Most flippers work crazy long hours, 6-7 days a week. They have to be available to move quickly when the
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Do Fix & Flip Investors Only Make Low Offers?

Question: “Last week you talked about selling to a fix and flip investor. But don’t they only buy if they get a really low price for a house?” Answer: Not necessarily. I can speak from experience, having sold dozens of homes where we had offers from investors and from owner-occupant buyers. Many fix/flip cash investors
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Choosing the Right Offer When Selling a Fixer-Upper

Question: “I inherited a fixer-upper house in L.A. We put it on the market yesterday and today we already have 6 offers. Is that normal?” Answer: There is a strong demand for fixer-uppers right now by “fix and flip” groups. So when selling a fixer upper, the trick isn’t so much getting offers, it’s choosing
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Are There Still Fix-And-Flip Houses Left to Buy?

Question: “I’d like to start buying, fixing and flipping houses.  Lots of people making are making big bucks doing it.  Do you know any good houses I could buy?” Answer: Sorry, but that train has pretty much left the station. When values were rocketing up and foreclosures were plentiful, I’d tell you to jump right
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