Relevant:
- House-Flippers Turn to the Crowd for Quick Cash. What Could Go Wrong?
- RealtyTrac's Blomquist: The Foreclosure Crisis is Well Behind Us. Mandelman: Oh, Shut-up Daren
- Flippers Going Wild- Again
- Flippers in Burbank and the logic behind down payments. Flippers are now making their way into many cities in the region trying quick flips for six-figure gains.
- A Tale of Two California Markets -- Culver City and California City. Culver City prices back near peak levels with flippers out in full force. California City seeing prices back to levels last seen in the 1990s.
2012-10-16 — yahoo.com
"There is this kind of middle man investor who is doing the flipping," says RealtyTrac's Daren Blomquist, who ran a webinar last month titled, "Why Property Flipping is Flying High in 2012." Blomquist says the difference for today's flippers is that they must add value to the home before selling, because price appreciation alone won't net the profit they seek. That means rehabbing, which can be pricey, depending on the condition of the property. Many of the distressed homes now that flippers seek have been either ransacked by former owners or left vacant and untended for years.
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