flipping

I watched this show on Saturday night called Property Ladder. It comes on The Learning Channel Saturdays at 10 ET/PT.

Let me tell you, this show lit a fire in me! I just bought a condo in Nashville and I am hoping that I make some money on it. Granted, it is not a fixer-upper...it will be new when I move in...but I just hope that my property value rises as much as (hopefully more than) some.

The episode that I watched was about this 23 year old woman. Now, if you are not aware, that is my age as well. Anyway, she graduated from college and is working two jobs (as a waitress and a bar tender).

She bought this condo in Long Beach, CA for $253,000 something. That's crazy?! It took all that I could do to buy the condo that I have...and it's not near that much. Granted, when the renovations were taking longer than expected she said that she could only pay for a few more morgtage payments...but still, someone approved her for a $253,000 loan!

In the end she wound up making $68,000. Seven buyers got into a bidding war and she took the highest one. No kididng!

That's crazy...in 3 or 4 months this girl, my age, that is a bar tender and waitress made $68,000.

Question is - how much does that equal out to her? Is that a years salary? Two years salary? I'd like to know...because it sure is a heck of a lot of money to me!

I've compiled some links if you want to know more about flipping:
Flipping Homes.com
ABC News
Seattle Times
Real Estate Journal