Transcript for House Flipping: A Big Gamble
-- risky business of flipping real estate is back if you're looking for a sign the housing market -- -- -- This is it tonight you're gonna meet women taking big risks putting their own family's finances on the line to buy hot -- houses. Fix them up and sell them they hope. For a profit will it work here's ABC's Rebecca Jarvis for our series. -- -- -- -- -- -- -- -- -- -- -- It's Monday morning -- Charlotte, North Carolina -- a pair -- house flipper is doing anything electrical plumbing. I don't think it's an update to women who. -- real estate for a decade looking for their next big -- but this property looks like a home buyers nightmare. 11100 square feet of hidden horrors. That's up from the exterior windows were probably -- -- place there's definitely a good bit of what -- would rot warped floors a dated back after. And a special surprise in the master closet. I don't think this is just kind of pain on ethics. There's an injury with the housing market improving since the crash of 2008 home. Others like him Williams and Maria -- are taking advantage of the turnaround didn't -- -- we -- -- -- -- Aren't so what do you think of this -- Well a lot of work there are some red flags from this won't -- it literary property. Fleets in North Carolina are up 14%. In the last year. Clippers averaging 50000 dollars gross profit per property. Memory is say this 175000. Dollar property with the -- renovations and additions could sell for as much as 500. Dollars. Happened. And now. But there are no guarantees. They're looking at 35 many before it. TV shows about flipping are everywhere from -- Vegas to flipping San Diego flip this house even rehab -- -- they make it seem like it's an investor's playground. If you know what you're doing. Across town at least half a stay at home mom and her friend Carmela and -- -- sister Alina our first time flippers. It could be tried to get into the game. A lot of people would say it should never get into business with friends or family -- Dallas. And they're hoping -- still money to be made. We definitely miss the heyday. Really cheap housing but then we were worries that would have trouble selling after losing out on six other properties in bidding wars. They bought this modest three bedroom for 150000. Dollars what did it look like when you pulled up and -- I don't doubt that kitchen floor was sinking and you need Brockton in -- kind of -- -- and the yard was a -- all this survey are still can't figure out exactly where the property line is between renovations and real estate fees. They put 60000. Dollars into the project. Figuring things out they -- Looks like -- stand -- the Philly sound like you know -- What husband that they can say when he told them -- -- He is all nervous and then -- we -- take up the mortgage he was a little bit more nervous. When we had put in money it even harder -- -- spent eight years helping her husband Chris in his physicians practice off the grant. And raising their daughters but it was the itch to create her own business that led to this gamble. -- got scared yeah. Yeah. Really it's yeah. First -- Real estate location location location and not every market is as -- friendly Charlotte making a profit can be tough. To make this work for a living you gotta be -- -- about four six at least for six to sport an eight year Clinton revisions. -- comes. We is twelve -- under their belts even read our -- is up and coming neighborhood for homes to add to their portfolio. -- -- the already have -- going up on this block the people that owned it and lived in it for forty years were actually here to watch it go down. Three UN three McDonnell. Will be no more. This used to be -- 12100 square foot home. But for 240000. Dollars. Timid Maria tore it down and are completely rebuilding 3800. Square feet they plan on putting it on the market for. 899000. Dollars. I think the toughest thing right now is finding the deals -- two years ago able to find. This type of property over and over and over can't see how -- reporter here. And eighteen for an average return of 25 to 30% on each rehab property it looks easy on TV but it's not easy most people lose money on flat I know a lot of people. That tend to get into some of these deals and they -- that they can do along the -- themselves and then when it becomes complicated. And they have to hire the people and they -- fat -- that call stand -- of the lighting for -- we need the butcher bundle and they bargain hunt her every. Lighting -- counter -- and molding because every dollar saved is another dollar in their pocket. By the terrorist Arafat. -- are now releasing an -- -- first time -- was finally finished after tearing down a Walt removing the chimney and -- the kitchen enduring. More cases of poison ivy. And surviving -- sneaking counter. They're like snakes -- -- -- different ones they recently listed the property. For 275000. Dollars. What did she really think at this one Tom I think personally for me we want something that we can grow into our experts -- But even after a successful open house they still don't have any offers we -- -- 250 you don't. Can we get someone at 240 million anymore. And that leads the women to seriously assessed their finances and how long making keep the house on the market and -- -- until January. Yet he wrote Kate those marriages everytime he can we don't think mortgage pain. If they managed to sell for the list price -- 275 the bill met when he 7000 dollars which they plan to invest in their next flip. But if they have to drop the price and just make a few thousand dollars -- they say it's still worth I think it. Will be a little like watching your little and go off to college when they're eighteen and it's definitely I haven't sold in the veteran yeah. They're hoping the house -- -- -- For rails and build leased out shoveling snow for fourteen loan for Nightline I'm Rebecca Jarvis in Charlotte, North Carolina.
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