Flipping is Making a Comeback

[Eyeofngt]

This is an interesting article I found.

Here is some of the story.

SCOTTSDALE, Ariz. -- Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.

Jon Mirmelli, a Phoenix real-estate investor, learned late in the morning of Sept. 28 that a never-occupied custom house on the northern fringes of this Phoenix suburb was going up for auction around noon the same day. The six-bedroom home, built on a three-acre desert plot, has a kitchen with two dishwashers, four ovens, "antibacterial" copper sinks, and a master "spa" bathroom with space for a flat-screen TV visible from the tub.

The minimum bid, as set by a unit of Citigroup Inc., which had a $1.3 million mortgage on the home, was $379,900. After several minutes of bidding among investors and their representatives, some wearing shorts and flip-flops, Mr. Mirmelli won the home for $486,300. A week later, he agreed to sell it for $690,000 to a woman who moved in this month.

Read the full story here.

[flip_it_fast]

Sure can't beat that! Thats a very nice profit he made!

I am suprised that he got the place for so little.

That just goes to prove that there is a lot of money to be made flipping if you know what you are doing.

[homealone]

I agree that was quite a nice profit he made on the home. Then again a home that sounds as beautiful as that is something that I would also love to own one day,LOL.

I know of a couple of people who flip homes as a side job. They havent been doing it as of lately because of the economy, though I just found out last night that they had found another home that they are going to start flipping as soon as all the paperwork is completed.

House flipping is a great way to make yourself some money as long as you know what your doing and are willing to take those risks.

Good Luck to all you house flippers out there!!!