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Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258306 11/04/19 12:10 PM
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Kestas Offline
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Another thought... Flipping houses is a way for contractors to even out their work when there are slow periods. Some auto repair shops are like that too. Every once in a while you'll see a number of cars for sale in front of these shops.

Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258396 11/04/19 02:15 PM
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Win Offline
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You have $86K in it, and after four years might realize $16-17K profit, out of which you will lose whatever the current long term gain on real estate tax, is..

Just rent it out. You could have saved the $10K you spent on the new appliances, etc..


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Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258500 11/04/19 04:06 PM
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skyactiv Online Content
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Your not retired if your still working.
Ever meet a door great at a store or the old guy working at a golf course who thinks he's retired because he retired from GM.....? Yes, you worked at blah blah for XX years and now your working here at 70 years old on the weekends and you call yourself retired?


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Re: Flip Properties as Retirement Hobby/Job? [Re: skyactiv] #5258539 11/04/19 04:51 PM
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Imp4 Offline
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Originally Posted by skyactiv
Your not retired if your still working.
Ever meet a door great at a store or the old guy working at a golf course who thinks he's retired because he retired from GM.....? Yes, you worked at blah blah for XX years and now your working here at 70 years old on the weekends and you call yourself retired?

Right, but if he feels retired then he is retired.
His beer money side gig may be an absolute hoot in his eyes.
He makes his reality, not you.
The fact that you don't think he is retired is completely immaterial and irrelevant. cheers


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Re: Flip Properties as Retirement Hobby/Job? [Re: skyactiv] #5258563 11/04/19 05:41 PM
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Wolf359 Offline
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Originally Posted by skyactiv
Your not retired if your still working.
Ever meet a door great at a store or the old guy working at a golf course who thinks he's retired because he retired from GM.....? Yes, you worked at blah blah for XX years and now your working here at 70 years old on the weekends and you call yourself retired?


Maybe more accurate to call it a post retirement gig.

Some people don't like to retire. I remember my dentist in his late 70s who still worked part time. He used to say he didn't want to retire because all the dentist he knew died soon afterwards so his method to avoid death after retirement was not to retire. He did eventually retire from dentistry but he was still a landlord til he died.

Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258580 11/04/19 06:02 PM
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Aredeeem Offline
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I could never do house flipping. Can’t drive a nail straight. Im getting by in retirement. I’ve downsized. I have enough. I refuse to knock myself out in retirement after working my whole life. What’s the point?

Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258583 11/04/19 06:03 PM
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motor_oil_madman Offline
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That doesn't sound like something very safe to do during your retirement.


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Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258584 11/04/19 06:05 PM
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motor_oil_madman Offline
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That doesn't sound like something very safe to do during your retirement. Of you have lots of money to play with sure, go ahead but don't put all your eggs in one basket.


2007.5 dodge cummins 6.7 liter. Chevron Delo400 15w40. 7000 mile or 250-300hr intervals.

Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258607 11/04/19 06:32 PM
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joekingcorvette Offline
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Where I live they claim that the housing market will be going down because all the baby boomers are moving out and there will be too many larger homes for sale. The millennials don't like to pay for expensive homes and many have the mindset that a home is not a very good investment. I guess time will tell and the housing market is constantly changing. The more expensive homes around here are slow to sell even thought the economy is very strong here. It seems as though unless a home is constantly updated they are slow to sell. It's quite a cycle that's for sure. I have seen many people spend more money and downsize into something less attractive. LOL


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Re: Flip Properties as Retirement Hobby/Job? [Re: joekingcorvette] #5258627 11/04/19 06:49 PM
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The learning curve is steep. Figure 5- 10 years before you start putting together a system right now you're just throwing darts at the board. If you're going to do it you must form a corporation as you will get sued from one of the workers. You must protect yourself.

I'm retired build 2 houses a year so I always have 4 working projects going as the permit process takes time. Took me years to put together and like anything else it is a system. You must have skin like alligator in the real estate game otherwise you will fail.

Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258641 11/04/19 06:58 PM
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Just sounds like a.headache to me.


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Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258652 11/04/19 07:11 PM
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Aredeeem Offline
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I give you a lot of credit, seriously. I really don’t want to work that hard anymore.

Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258658 11/04/19 07:20 PM
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390pi Offline
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I don't recommend it.
I started with multifamily complexes and slowly raised rents until someone left and then remodeled that unit, and so forth.
I had economies of scale and did the landlord thing.
I did my own work at first and later hired people. Hard to do if you are not connected, but once you are even that will have its challenges.
Getting subcontractors in line can be like herding cats.

I moved on to repositioning commercial properties even though the CAP rates are better for multifamily.
Commercial leases have more teeth vs residential bread and butter type renters, who can bend the ear of a sympathetic judge at eviction time.

I would have hated to do all this work only to break even but, it happens.
You will need liquidity and grit. Stuff happens.

The key is to get to a point where you work because you want to, not because you have to.


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Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258724 11/04/19 08:57 PM
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I've bought and remodeled two homes. We lived in them for 2 years then sold. I walked with 38k on the first home and 169k on our second home. I took that money and paid off our education and cars. We bought out next home for almost cash and my wife stays home with our two children.

Doing the work yourself is exhausting. I'm 35, but don't think I'd do another and the market where we currently live as isn't was profitable was Chicago.


Last edited by dja4260; 11/04/19 08:58 PM.

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Re: Flip Properties as Retirement Hobby/Job? [Re: LoneRanger] #5258974 11/05/19 08:59 AM
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Stay away.

Enjoy a stress free retirement and buy some dividend stocks to keep a steady cash flow coming in.

Any property can turn into an endless money pit and nightmare if you buy the wrong one.



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