House ‘flippers’ work with no net
Eddie King no longer has the moves that earned him a spot as a fullback for USC in the mid-1960s. But his ability to spot an opening and capitalize on it has earned him millions in another favorite Southern California sport — home flipping.
Over the last 30 years, King has bought, renovated and sold — or “flipped” in real estate parlance — 60 houses in Los Angeles, Hawaii and elsewhere. Most years, he’s sitting on four or five homes worth a total of more than $5 million. It’s the kind of success story that inspires daydreams of quick riches among the rest of us.
But don’t cash in that home equity just yet, warns King. Like most sports, this one isn’t kind to rookies who don’t know the rule book.