The Greatest Real Estate Flip
In real estate, a flip is the purchase, and quick resale, of a piece of property. Usually there are some repairs made to the property in order to increase its value. According to an article in Fortune magazine flips usually take six months to complete and must be accomplished in twelve months in order to qualify for the term. That same article pointed out that profits of over 200% have been made on some flips, but this is above the norm. There are some television programs that document and perhaps glorify the process. This may be the source of some of the interest in flipping. Like many television shows I don’t believe they give a realistic perception of the process and the risks involved.
Less than seven percent of real estate transactions in the United States are flips, although there has been an apparent increase in the past few years. Almost all flips have involved houses or other structures on the property. The structures are what lend themself to have repairs or improvements made in order to increase the value relatively quickly. Unimproved property (raw land) has been flipped, and I would like to mention the greatest of these in my opinion. Perhaps the property you live on was included in the real estate flip I am referring to.
If you live anywhere in Arkansas, Iowa, Kansas, Missouri, Nebraska, or Oklahoma, the property you reside on was part of this flip. Also included were a portion of Minnesota west of the Mississippi River, and large portions of both North and South Dakota, and the northeastern section of New Mexico. In addition, the deal involved the northern portion of Texas…
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