For Home Flippers - Question on your Expectations

[Paul Gabrail]

I am in Ohio and obviously the market here has its biases, but we have done quite well while others ignore us for the sexier markets.

Question for all you home flippers out there in other markets.  What kind of margins do you look for when doing a deal?  Please don't exaggerate.  I only want honest responses.  I know that's hard in a post like this but I am looking to get straight shooters.  Assume no debt.  I had someone recently tell me they made 40% on flips and then I found out it's because they use a credit line to pay for 80% of the down payment and they make 40% on their equity, which is only 8% on a non financed deal.

Also, what kind of work are you putting into the properties?  Are you buying full rehabs or paint and carpet kind of flips?