However, starting this spring most waterfront houses that were "speculatively" priced way high started sitting, and sitting and sitting.

Well the speculation money has got to go somewhere because all indications are that the party is over for awhile in real estate.

Under-calculating your expenses is as dangerous as purchasing on the basis of speculative on price appreciation.

Read local books, attend local seminars, these guys might not get you as motivated but they also keep the speculation to a minimum.

Like this just is not the market to speculate in.

Betting on appreciation is simply speculation.

If your risk tolerance or personality does not fit a landlording mentality, then first decide whether the steps needed to be successful in business are your strengths before deciding to spend any money with aspirations of being a successful flipper, rehabber or papa murphys franchisee.Learn first about being a business man/woman first, then make decisions based on your expertise's to decide what business you want to be in before taking the steps.Good luck in your next venture.Mike[i]Steady Plodding brings prosperity, hasty speculation brings poverty...To be a successful investor, you must spend less than you make and then save and invest the rest for a long long time.

I think their term of "flipping" is referring to the speculative "investors" that put deposits down on homes, then sold them months later for 5 digit or 6 digit profits."

Speculation is a valid business model.And for the record I invest my own money AND the money of others in real estate deals.

This is the difference between investing and speculating.