Flippy the Pinhead

There used to be a place for "flippers" as a market niche. They were the "scratch and dent" buyers and sellers earning a nice profit for the risk and effort. I just think their time has passed. Between the exposure from television shows and an increasingly price sensitive buyer I don't think there is any longer room for the professional. It also matters that the industry has been rightfully mauled for the horrors of amateur butchery that went on in the past decade. Much like the Real Estate profession has been painted by the broad brush of Carl Cole and John Lockwood and Mark Thorngren and Greg Swann, flipping is known by its asses. Let's not forget young Casey fancied himself a flipper even though he wasn't. More, much more on those named Realitters® real soon. Some amazing stuff is still vomiting forth despite the undeniable market conditions.

Most professional flippers though, earn their profits fairly, pay their taxes, then move on to the next one. The last few years have been awash with amateurs who have worse than no clue but very wrong ideas. They weren’t the same animal and some of them haven’t been burned yet. They are still out there with a successful last deal looking for that flip that will break them. The market rose so much so fast even the incompetent made money giving them a false sense of mastery of a difficult business.

There’s nothing wrong with selling to a flipper as long as that’s what you are doing. Taking back a note is not selling, it is a partnership with you as first loss target and deep pocket liable. And the other things, don’t participate in any convoluted transactions that could make you an accomplice to tax fraud. And it should go without saying never, never, never give a flipper access to the property before the check clears.

And in there's any confusion this is the flipper business model these days.