Stephanie's Blog

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Flippers improve homes and neighborhoods

Flippers improve homes and neighborhoods by fixing, remodeling and improving conditions of a home and selling it to a buyer who can not afford to make repairs. It's good to know there is some money in this economy as many flippers pay cash for a home below value, fix it up and then sell it for a profit and move onto the next.

So many people have purchased homes at a lower price thinking they will be able to remodel and repair while they are living there only to find out they can not afford to finish their projects.

With the current market values being so low, I see it as a real opportunity for flippers to improve homes and neighborhood conditions and bring homes up to a better standard where the common buyer can affordably live in once again.

But is this guy for real? 

This person made every mistake in the book and failed poorly at flipping houses.

Thank goodness for Flippers, but beware and be smart!

 

Comment balloon 4 commentsStephanie Jacques • January 06 2011 09:07AM

Comments

True,

Any improvements to the neighborhood are welcomed to other sellers as well as the "good" neighbors so to speak lol

Enjoy the day

Posted by Don MacLean, Realtor - Homes For Sale - Franklin MA (Simolari & MacLean REMAX EXECUTIVE REALTY) almost 7 years ago

Steph....never really thought of it that way, but you're absolutely right.  Thanks for opening my eyes!

Posted by Larry Bettag, Regional Vice-President (Larry Bettag - Cherry Creek Mortgage) almost 7 years ago

I think it's a good thought, yes there are a lot of mistakes to be made - I've made my share too. Some new carpet and paint doesn't really do that much to the value of a property in some cases, and it costs flippers more than they will get back if they are going to add value, for instance we have a section of town that the city has reclaimed and is putting up the cash to actually rehab these really terrible properties into almost new. They are then requiring some criteria in order to buy, including owner occupancy, and some stipulations if reselling before 36 months. In this area the values have grown substantially and in the 56 homes that have been rehabbed over the last 3 years, there has been only 4 foreclosures and only a few more that have resold. This in an area where some homes were literally turning into uninhabitable rubble.   

Posted by Gary S. Thompson, Broker Associate, Realtor, CRS, SRS, SFR, e-Pro (RE/MAX Masters) almost 7 years ago

Gary, Really? How interesting that the city is doing this. Everyone is trying to make the best of what they have and some of the attempts are really creative. Hope it works out for everyone sooner than later because we have all been affected by this downed economy in one way or another.

Posted by Stephanie Jacques, Stephanie Jacques Kleine (Better Homes and Gardens The Masiello Group) almost 7 years ago

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