You know a lot of the numbers thrown around on these shows are a bunch of garbage, right?
I really like that some of the shows are doing "re-visit" episodes where the homeowners admit that after carrying costs, Realtor's fees, etc. they walked away with very little (if anything).
There is a way to do it right, and market volatility doesn't mean the death of the flip. The basic concept doesn't change with the depressed market:
Figure out your Budget.
Price Right on the Back End.
The key to a successful flip is to be generous with your expenses and timelines (and make sure to figure in carrying costs, realtor fees, money to get in and out), and conservative with your re-sale price.
If you've considered flipping a home, the touted foreclosure epidemic might give you a wonderful opportunity to get into the game.
Want to talk further? I've successfully flipped 3 properties and work with several investors. Shoot me an email and we'll talk junker houses!