House Flippers Return To The Upstate - WSPA.com

House Flippers Return To The Upstate

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SPARTANBURG COUNTY, S.C. -

An interesting ad has been playing on the radio lately – "Do you want to learn how to make a ton of money flipping houses right here in Greenville and Spartanburg?"

It's Than Merrill from A&E's "Flip This House" telling listeners the Upstate is a great place to flip homes.

"The quick, easy, fast, everybody gets rich -- we haven't run up on that," said Travis Owens of ROI Properties.

Owens has a lot of experience flipping houses. He has been doing it for more than a decade.

"There are a lot of people that were in the business that have every day jobs now," Owens said.

Flipping became popular during the early 2000s as millions of Americans tried to cash in buying, renovating and selling homes for profit.

That all ended when housing bubble popped in 2007.

But now, a new breed of flippers is emerging, those who look for bargains.

"There is a ton of foreclosures hitting the market every month and that is really where buyers are going," said Jason Ashmore with Enternet Homes.

While it's tempting, 7 On Your Side wanted to know is buying and selling worth it?

Ashmore says it depends on how much money and time you can spare.

"There's a lot of risk involved in buying a foreclosure. You got to be prepared that you may have to hold that property for a longer period of time," Ashmore said.

It's important to remember that it is currently a buyer's market.

"You want to find the house in the area that's got demand," says Ashmore.

He recommends working with a realtor who specializes in foreclosures.

Ashmore says first-time flippers should also start small and invest in a home that only needs cosmetic work, so you don't spend too much of your money or time.

Owens has learned from experience not to go it alone. He advises novice flippers to seek reputable contractors to help with the renovations.

"It is a gamble because you can look out there and see a vision, but ultimately you question yourself -- whether you're the putting the right colors on the wall, the right flooring, laying out the new kitchen or bathroom correctly," Owens said.

From buying to selling, both men say it's anyone's game, just know the rules before you start playing.

The Better Business Bureau has the following advice for people considering entering a real estate investment opportunity when it comes to seminars you hear advertised on the radio:

-Remember while the initial event may be free, additional seminars and training materials can cost thousands of dollars.

-Make sure you don't sign any contracts unless you fully understand all the terms of the deal.

-Take the time to research any opportunities that come along.

-If it seems too good to be true, it just might be.

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