Can’t Quit the Flip

One would think that Hollywood’s elite would have better things to do with their time than invest in real estate. Like maybe drive their $100,000 cars or walk their designer breed pooches. Why do they have to poke their noses in the flipping industry? Every day when our team is doing research on the industry market there it is; a news story about how a A-List star is– you got it–flipping houses.

But really can we blame them? If people that are already rich seem to think that flipping houses is an easy return then maybe more of you out there should too. The truth is, Hollywood folks are finding flipping irresistible. They can’t quit the flip so to speak.

The high interest with flipping comes on the heels of recovering markets especially in California and Florida. We have seen a spike in the high end market for real estate investing with high-end homes worth $2 to $5 million. Stars go even higher into their high end market. In fact Gisele and Tom are posed to make a cool $27k on their Los Angeles estate. Not too bad for a model and a NFL star.

While some Hollywood actors take on house flipping as a hobby, maybe renovating while they still live there, other are hot in the market. And more so, they will just “flip on the side.” Last year we told you about Steve Martin’s own “wild and crazy” real estate deal when he made almost 3 million on his own flip.

Actors Jeremy Renner and Kristoffer Winters, who both appeared in the film ‘The Hurt Locker,’ have done about two dozen house flips in the Los Angeles are and got into house flipping during idle times, according to the Realtor Mag website.

A recent article in Realtor Mag listed Diane Keaton, Corbin Bernsen, Amanda Pays, Jane Seymour, Steve Martin and other actors as 

having done done quite well in the house flipping market, although many of them hire someone to do the renovation. Because they in fact ARE too busy driving their expensive cars and walking their designer pooches. Seems those celebrities have aced the leverage factor in house flipping.

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Erik Hitzelberger has been Real Estate Investor since 2007. While learning the ropes in the market down-cycle, he now teaches others how to use his systems and leverage other people’s expertise to achieve their own goals.

Erik Hitzelberger – who has written 194 posts on Part Time REI.

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