House Flipping in 2008
With the current real estate market and the impending recession, why would anyone want to flip houses? The answer may just be because of the current real estate market. In these times houses can be found for huge discounts. Some investors are buying properties at 50 cents on the dollar or less. Unfortunately there are many distressed homeowners and properties in times like today. Personally I am not one to target homeowners that are about to loose their homes to foreclosure. In many cases homeowners can keep their homes and should speak with a foreclosure counselor before talking to an investor. However, many property owners want to get rid of property that has been abandoned, distressed, inherited or houses that they cannot make the payments on. These are great opportunities for house flippers.
House flipping takes on two different meanings in the real estate investment world. There are house flippers that buy distressed properties, fix them and sell them. There house wholesalers that “flip” houses to other investors without ever really owning them. I happen to be the former. I like to find distressed or abandoned houses and rehab them. This way I am actually contributing to the community and the economy at the same time. The biggest question right now is what my exit strategy will be.
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