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Most of the money being made in real estate "flipping" is by the folks selling books/tapes/seminars on late night tv. It's possible to make money short-term in real estate (dependent on the local market, condition/ location of the home, etc.), however, most fortunes are made over time. Good Luck and consider starting small, don't risk your nest egg, do your homework.

It depends. How much in interest will you be paying? How long do you plan on keeping the house? I'm guessing you are using the term flipping as home improvements? Because a 60,000 gain would not be typical for a buy/flip which would be subject to short term capital gains tax. Not only that you'll have to pay real estate taxes while it is in your posession.

I personally don't think buying and flipping is what people think, there is some risk involved. You are betting that the house will be worth more after six months or whatever. If you aren't doing any improvements, it's a gamble that value will go up. THat is the rule, but every once in a while property value can decrease.

It's luck of the draw. I know a person who purchased property in very new development. He had some inside info about the potential golf course going in near, he bought land, the golf course deal cosed, then he built a house on his parcels. He bought his land for 35, built for 185, then sold for 425. The property was in his posession for 14 months which is awesome. So many times it's the right place at the right time His story doesn't happen much these days.

First of all, most flippers don't accumulate millions. The vast majority just do it as a little supplemental income. If they net 10 or 20 thousand per transaction and do a couple a year, that's still a healthy little profit.

The money in flipping is made by selecting the right property up front. The saying is that "you make your money when you buy, not when you sell." That means knowing how much it will cost to make improvements, and what the property will be worth when the project is complete, and deciding how much you can pay for that particular property and still gain a profit.

You are correct that your example wouldn't be a very good flip - barely more than break even after financing costs and real estate commissions are paid. However, what if the repairs and improvements only cost $15,000 - suddenly there is profit to be made.

It's all about knowledge, math and organization.

By selling books doing semiars TV emailing people depends how you want to keep the house your flipping

Just remember My dad said to get a lot while your young, I didn't know he meant real estate