What could possibly go wrong? Millions of people borrowing money, intending to hold assets for a short period of time and sell for huge gains?
Actually, I know 2 people that “flip” houses and have been doing it for years. It takes capital. You have to be able to make an offer or buy a property as soon as it comes on the market. Typically here in NH that means you have $300K to $500K cash on hand or a bank credit line for at least that. This is not Detroit or Cleveland where you can buy houses for under $50K.
The other thing that both of these contractors have in common is they get their hands dirty. They do not hire other contractors to do all the work like you see so often on TV. My one friend has a bulldozer, backhoe and an excavator. He also has a full woodworking shop to do any millwork projects himself. These guys drive pick up trucks not Porsches.
Hey, it’s can’t miss, right? (Which means there is a good likelihood you will miss.)