It seems like everyone is a flipper now.  We are all flippers and no one is a buyer.  Suddenly every show on TV is about flipping houses.  In a market like this with high inventory and only a few buyers, a lot of people are losing money on flips I think.

To be honest we are attempting to win at this game.  We were able to purchase a $250K house for $125K, it is in a prominant township, one of the best school systems in the state and the neighborhood is awesome.  The house was foreclosed, sat vacant for almost two years.  We are a family looking to make a longer term investment with the hopes of flipping for a profit.  Granted we are looking to wait out the market, a good 5 years at least, the bonus however, our house is only 6 years old.  We looked for over 2 years in this saturated market, we viewed hundreds of homes in person and thousands online.  We made numerous offers, tried short sales and eventually found a foreclosure.  This house needed work and we are still discovering flaws and real work that is needed, but overall we are not complaining, any sweat labor put in is equity, regardless of whether the market measures it, we feel it.