But house flipping has been around for longer than the
current boom-bust cycle. People have been buying fixer-uppers cheap, fixing
them, and then reselling them for decades. It was looked on as an honest way to
make a living. You’d find a nice neighborhood that had one or two properties
that were run-down and often vacant (many times the owners had passed away and
the heirs didn't really want anything to do with the property). They were
considered eyesores by others in the neighborhood. You’d track down the owner,
make them an offer, and purchase the home at a good price. Then you’d go in and
remodel the place to meet the needs of the current market. Then you’d sell the
home for a nice profit, maybe $10,000 or so. The neighborhood came out a winner
because it got rid of the eyesore and increased everyone’s property values.
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