abovewater
Tuesday, June 21, 2011
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Tuesday, June 7, 2011
Flipping Out Flipping Homes
The monetary hunger of millions has driven flipping homes to earn a reputation for being an investment ploy to make fast money through a slew of TV shows. tv show But the weak housing market has sent some of those trying to flip homes to flipping out.
Distressed properties, including foreclosures and short sales can be purchased cheap and with an investment of time and money can be transformed into valuable commodities. However, the collapse of the housing market is changing the rules flipping homes.
In some cases, wannabe flippers are finding that homes are worth less than they anticipated. In areas where home prices have been most depressed flipping homes have flopped as flippers are left holding the keys to their flips and a bloated mortgage. “It’s been pure hell,” said Roger Baylor, 37, a Las Vegas handyman who used to make his living in construction work in home building.
Source (http://www.housingpredictor.com/2011/flipping-out.html)
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