To Flip or Not To Flip

[Renee Munro]

I need some advice from my knowledgable Minneapolis peers. I'm looking to get into investing and have wanted to flip houses for years. I'm finally in a position where I can do this. However, more than one local investor has told me that starting off flipping right now in Mpls is a bad idea because its too competitive which results in it being virtually impossible to find a good deal unless you're an agent or contractor, and also means that prices are driven up, making them not so great deals in the end. I've also been cautioned that it's too risky right now for novices who are trying to do it part time (which I would be - I need to keep my 45-hour/week job). I'm not opposed to a buy and hold strategy, but I'm drawn to the quicker cash return on flips. And, well honestly I think I'd be good at it and enjoy it. So I need some honest advice - is it foolhardy to think that I can flip houses part-time right now in the current Minneapolis real estate environment?