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More Denver investors are finding a sweet spot in flipping foreclosures, but it's not the same type of house
flipping seen during the real estate boom.
During the housing boom, investors would take advantage of skyrocketing real estate prices and
loose lending regulations by buying a property, remodeling, and then selling it for profit.
Today's flippers are buying at ultra-low prices — mostly in cash deals — and are doing mostly only
minor repairs, such as repainting, replacing appliances, and sprucing up the landscaping. Their profits
aren't as large when they sell, but they may sell more properties in a year, says Penny Boling, the
broker-in-charge of Century 21 Boling and Associates in Myrtle Beach.
The 'Street Sweepers'
Keith Gamble has made foreclosure flipping a full-time job. He purchases properties at a monthly
foreclosure sale and usually has about four properties at any given time.
"Some people's bad fortune is other people's opportunity," Gamble says. 'I know that sounds callous
— I know people doing what I'm doing at the courthouse each month are there to take advantage of
that opportunity, but I also feel we provide a backstop to the market.'
The flippers are often taking the neighborhood's blight and helping to fix up the homes that had been
badly trashed from the previous owner. Boling says the investors' abilities to also pay cash will help
the market get through the abundant foreclosures that are plaguing sales.
They're kind of like the street sweepers,1 Boling says of the property flippers. "They're part of the
cleanup committee of this marketplace.'
We have many Investors in Denver we work with, If you want to find a Home to purchase and Rent out or a House to Flip, Contact us now at 303-710-2609
