This entry was posted on Sunday, August 19th, 2007 at 10:32 am and is filed under Home Buying, Buy and Sell for Less. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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August 19, 2007
Flipping can Work in a Bad Market
Today’s market seems to reward flippers who are able to buy homes and gut them well, then start from scratch. Homes with terrible interiors, and unconventional basements, or weird pockets of space, can often be purchased very cheap and then cleaned out, repainted, re-floored, and resold quickly and for a good profit.
Finding homes with easily convertible basements or patios is an easy way to add square footage to a home, and make an old 1 bedroom 1 bath into a three bedroom 1 bath. It sounds great, but finding such perfect projects takes a lot of time hunting, and a trained eye to identify the diamond in the rough.
If you find yourself looking at a finished home, you’ll likely be impressed at the space addition, and new look to the formerly old home. That said, if you’re up to the project, I recommend doing it all yourself, rather than paying a flipper tens of thousands in profit for the month’s work they did.
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