Has anyone flipped a bad flip?

[Michael S.]

There are so many "flippers" currently in real estate that: 

1. offer way too much on a deal (an therefore get the property) because they get caught up in the heat of the moment at an auction or multiple offer situation,

2. proceed to paint the entire place themselves while simultaneously learning how to paint,

3. buy the cheapest possible kitchen cabinets/bath vanity from home depot or worse dump a couple gallons of paint on the 40 year old existing cabinets and attempt to straighten out some drawers

4. rip up the carpet and sand the hardwood (or softwood!) floors,

5. sell it for a marginal profit or loss

6. are never to be seen again.

First of all, what happened to a passion for doing a quality job, a nice design, something you can be proud of and something you won't be embarrassed to sell to a home owner?

There are a lot of these bad flips on the market. Buyers are getting weary about purchasing these properties because of the low quality and tacky design ( I don't blame them). Therefore, there are more of these that have been sitting on the market for a bit in my market.

I was thinking about maybe flipping someone else's bad flip. After analyzing some of these, I can go in and actually do a quality job and renovate so an owner will actually want to buy this property and still have room to make some profit on the deal.

Has anyone ever flipped a "bad flip?"