‘Home Flipping’ May Lead To Quick Returns In Real Estate Market
August 25, 2010 by Special To Personal Liberty
The economy may be improving, but it turns out there may still be opportunities to multiply one’s wealth and assets in the field of real estate.
Across the county, including in California, foreclosed homes are being sold at public auctions held daily on the steps of local courthouses. Attracted by opportunities to make significant profit, individuals as well as professional investors stake out these auctions to snatch eligible properties, according to The Los Angeles Times.
They then renovate the houses and hope to quickly sell them, a practice known as "flipping."
"In crisis there’s opportunity," said Rick Hudson, president of investment firm Prosperity Group Real Estate in Irvine, Calif., quoted by the news provider. "Right now there’s huge opportunity with flipping houses."
Recent national statistics suggest that this trend may continue for some time to come. According to Foreclosure Data Bank, some 2.8 million property owners in the United States had to foreclose this year. In April alone property mortgage lenders served defaults on more than 100,000 households, although this was down 27 percent from the year before.