Flipping for Profit – In This Market? – Yes!
Here is a great article from Forbes.com, which was recently brought to my attention. What is funny is it is something that I have figured out, and even pitched to a renovator friend of mine a few months ago. As he is getting married in August, he is too busy. However another friend of mine – an investor – is interested.
I do believe there is a definite market for this, for about 10 reasons (which I’ll let anybody in on who inquires) which all add up to making a solid, logical case. The prime areas for this to work are within the main foreclosure and short-sale areas.
Obviously Kirk Leipzig has taken this a bit farther than most people ever would AND HAS DONE EXTREMELY WELL IN THIS MARKET, IN THE PROCESS! But it can still be done, at different price points, and even at the same price points.
In the Southwest Minneapolis metro area this would be certain parts of Eden Prairie, Shakopee, Bloomington, St. Louis Park, Hopkins, Minnetonka etc. What it would take is somebody with brains and guts, and the ability to obtain financing. You can find a little of this in Edina, but not much. However, if you are patient, the opportunity will appear.
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