How to Flip Houses

But that's why this is a regional game, reminds Chris McElroy, the regional vice president for the National Association of Realtors. Some areas of the country are in a housing slump, and others like parts of the Midwest are actually seeing their prices rise. So it's imperative you understand the market you're buying in.

And the flippers are not gone. "I actually think that when prices drop a bit more, we will see people come back to the market," says Winer. The buyers will return.

Whether you believe the time is right or wrong, if you have any interest in flipping homes, start investigating. Understand your area. Then you'll be armed with enough knowledge and gumption to flip a home of your own when you feel the time is right.

I might try it too. Quite frankly, I have a better chance of understanding the real estate market than my 4-year-old anyway.