Monday, June 03, 2013
Flipping and Flopping - The Fishy Tale of Today's Real Estate Market
Flipping is back. But with a twist. Don't just fix it up and sell it; rent for more than that poor schmo would have had to pay in mortgage over the years. The beauty of this arrangement is you get to have your house and rent it too. Make a fortune now AND later.
And you lucky renter! Did you miss the opportunity to buy that fixer-upper you could afford, because some big investment company snatched it from under your nose with an offer the seller just could not refuse? No problem. Wait a few minutes and you can rent that very same home you'll never own for only twice the cost of what your mortgage would have been. And someone else can fix it up and pay the lawn service too.
It's a win-win for you, so long as you weren't planning to save for a rainy day, or don't mind moving when the marklet lurches upward in a big way. Just you don' mind never being a homeowner.
Keep your eyes open and one day maybe, when the next bubble bursts, you too can grab up the next foreclosed home and turn into a flipper yourself.