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Bizrate.com Provides Coverage of “Flipping”
2006-03-31 10:25
BankRate.com has an interesting article about the challenges and pitfalls associated with flipping properties. Check it out by clicking here.
As I wrote in an article published by RealtyTimes.com back on the 31st of January, the day HUD released FR 4615, the “Prohibition of Property Flipping” rule, “flip” became a four-letter word. Utter the F word at a real estate conference or seminar, and you’re liable to be spending your lunch break at a cozy table for one. After all, “flipping” real estate–as defined by HUD–is unethical and illegal.
Flipping the right way, however, is a perfectly legitimate strategy for making serious money in real estate. You buy a property below market value, fix it up, and sell it for more than you invested in it. Do it well, and you can earn a handsome profit. Make a serious blunder, and you suffer a serious loss, and that’s what the BizRate.com article suggests.
The fix-it-and-flip-it approach has a positive effect on the real estate market. When done correctly, flipping increases property values, improves neighborhoods, and provides quality housing for those who need it most. It’s the American way–capitalism at work.
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