Loved reading This Business Week article on Flipping
It's amazing how much money is being made in the US downturn by flippers buying foreclosed homes, repairing them and flipping them off to buyers and investors.
These investors are licking their chops at Canadian investors looking to buy property in the sunbelt and you will see more and more companies looking for end buyers for their properties in Toronto.
This article really exemplifies what we do when looking for under-market value properties. It's a real grind it out business with lots of rewards.
My dad and I went on a fishing expedition about finding properties to flip in Seminole County (mostly tax sales) and it was really interesting going through the process of finding gems.
Most of these properties were in the 'hood and could have been had for a song...but the weird part, is that all the property liens would be transferred to us but the mortgages won't be(that's why the mortgage company usually works their butt to buy them).
Buying tax liens you were always competing against large insurance companies with money to park. Buying foreclosures you were competing with a lot experienced people who knew their stuff (and the odd seminar junky).
If trying to flip in the States, you will find immense value teaming up with a good title insurer (find those title and lien issues), a good realtor to understand what's the market value if you wanted to a quick sale and a good reno crew to do repairs as needed.
Flipping is simple but not easy.
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