I need to let you all know upfront that we are somewhat new to the practice of flipping. I know, I know. I have heard it a hundred times already and I just started. The field is full of sharks and we will be eaten alive. Even my daughter has little confidence that we will get our money back that we have invested so far and she is ready to put us in the old people's home or try to get conservator-ship.
My husband and I have bought and sold 5 houses or condos and are currently living in our 6th home. Except for the current home we have never been upside down and have always made a profit from the sale of each home. So we are at least familiar with the California process of buying and selling homes.
We knew the market was turning just before the current recession and knew that whatever we purchased would go down in value so we should plan to be there for awhile. We should have rented because we were not expecting as drastic a drop in the value as we experienced. We had chosen carefully and felt we would be in this home for awhile so even if it went down a few thousand dollars we would still have some equity left. We put down an extra large down-payment on the new property to try to avoid being upside down, but we are still under by about $160,000. I know there are people in much worse positions and we are not planning to move for awhile so we may yet see a return on our current home.
While, I have always had in the back of mind that I wanted to get serious about home buying either for rental property or flipping. Once I left my job (last month) I told myself that it was time. We are getting too old to wait for the lotto to give us the security that we desire.
Over the years I have attended a number of flipping seminars and other how to invest groups. Most recently I attended THE FLIPPING FORMULA seminar and decided that this is the group that seems to have it all together--software, management team, mentors, investment capital and contacts. I talked to my husband and we decided to jump in. Now during the seminar I spent three days going online and searching for dirt on the company and its principals. I could not find anything. Maybe I am just not a good web searcher, so feel free to give me references if you have located news on the company. But at this point we are committed.
I titled this FLIPPING OR CRASHING because as soon as I got home with the software and training manuals I tried to load the software (PROPSTREAM) into my new computer that runs WINDOWS 8. As I suspected the software would not load. Now in all fairness to PROPSTREAM I am not happy with WINDOWS 8 and have had numerous issues with MICROSOFT's new WINDOWS 8 operating system and you can't buy a pc without it now. I don't like it, but lets not get off on a tangent. Maybe I will also start a blog on WINDOWS 8. I emailed the company yesterday morning and although I got a call back almost immediately, I was not home and not able to talk to the representative from the company. I will have to let you know how that process goes. When my husband got the call from the representative he began to search the website and found many complaints about the software, but everything that he showed me when I got home was several years old so the jury is still out on my evaluation of the software.
In the mean time, I will begin the process of studying the training materials and searching the many websites that have been provided so that we can continue to move forward.
I could keep writing because I love to write, but that would just delay my study so I am signing off for now. Please respond. You don't have to tell me how stupid I am. If you have positive information that will actually be helpful that would be greatly appreciated.