The downside is that we've already been experiencing this boom for a number of years, so you won't be able to find cheap lipstick-job multifamilies anymore like you still can in some parts of the midwest.

You can put lipstick on the pig all you want, but at the end of the day, it's still a pig.

Taking a lipstick approach to rehabbing.

I'm in the construction business and I have to say, flippers make us soooooo much money in Denver, every homeowner we work for that has bought a flipped house has the same attitude that they bought a lipstick covered pig.

You're going to learn a lot about how lipstick gets stuck on pigs and you may even find a property once in a while that seems to make sense. 

I know I don't want to try and put lipstick on a pig, as @Ben Leybovich would say.

So far about 18 of 20 properties presented to me are class-D properties that were purchased for pennies, given a little lipstick rehab, a questionable tenant put in place and marked up 2-500% and priced way over fair market in some cases.

I bought a gorgeous condo in a converted building - some shady developer put lipstick on a pig, it was leaking and rotting under that beautiful, freshly painted siding.

Originally, the basic ingredients to Lonnie Deals were, buy dirt cheap, use lipstick, double the price, rent to own it or carry the deal, when they couldn't complete the deal, take it back, rinse and repeat.

It's like putting lipstick on a pig to coin a phrase.