Journal Gazette investigates "Flipping" schme in Fort Wayne
Dan Stockman has written an excellent piece in todays Journal Gazette. Please read it:
<http://www.fortwayne.com/mld/journalgazette/16781854.htm>
If newspapers had several stories like this each week newspapers would NOT be struggling so much. This piece is great!
My wife and I have a lot of local clients. We currently handle the taxes of over a dozen Realtors and half a dozen financial planners. We have a lot of clients who both rent houses and "flip" houses. Most of our clients who own rental properties own between one and six properties and most of our clients who "flip" houses "flip" one or two houses per year.
Our clients tend to purchase inexpensive houses in need of repair. They then "fix the house up" and turn around and sell it. "Flipping" a house in this manner is perfectly legal and can be a lucrative business, especially if you have the expertise to "fix it up" yourself.
The Fort Wayne Real Estate market has been relatively stagnent for many years. This means that our housing is affordable; however, you cannot own a property for a few years and sell it for a profit of hundreds of thousands of dollars like certain other Real Estate markets.
Our clients will probably "flip" 10 - 20 houses this year in Fort Wayne... None of our clients have been effected by the "flipping scheme" discussed in this article that I know of.
There are two important concepts that this article illustrates:
1. When you purchase Real Estate you need to use a reputable Realtor if you do not understand Real Estate transactions.
2. When you purchase Real Estate you need to make sure that you use a reputable Real Estate Appraiser if you do not have the expertise to evaluate what a property is worth.
It will be interesting to see how this story plays out. I think the companies that own the mortgages will be suing...
Dan Stockman wrote a "heck" of an article.
Mike Sylvester
<http://www.fortwayne.com/mld/journalgazette/16781854.htm>
If newspapers had several stories like this each week newspapers would NOT be struggling so much. This piece is great!
My wife and I have a lot of local clients. We currently handle the taxes of over a dozen Realtors and half a dozen financial planners. We have a lot of clients who both rent houses and "flip" houses. Most of our clients who own rental properties own between one and six properties and most of our clients who "flip" houses "flip" one or two houses per year.
Our clients tend to purchase inexpensive houses in need of repair. They then "fix the house up" and turn around and sell it. "Flipping" a house in this manner is perfectly legal and can be a lucrative business, especially if you have the expertise to "fix it up" yourself.
The Fort Wayne Real Estate market has been relatively stagnent for many years. This means that our housing is affordable; however, you cannot own a property for a few years and sell it for a profit of hundreds of thousands of dollars like certain other Real Estate markets.
Our clients will probably "flip" 10 - 20 houses this year in Fort Wayne... None of our clients have been effected by the "flipping scheme" discussed in this article that I know of.
There are two important concepts that this article illustrates:
1. When you purchase Real Estate you need to use a reputable Realtor if you do not understand Real Estate transactions.
2. When you purchase Real Estate you need to make sure that you use a reputable Real Estate Appraiser if you do not have the expertise to evaluate what a property is worth.
It will be interesting to see how this story plays out. I think the companies that own the mortgages will be suing...
Dan Stockman wrote a "heck" of an article.
Mike Sylvester
Labels: Dan Stockman, Flipping, Fort Wayne, Journal Gazette, Scheme
posted by LP Mike Sylvester at 7:10 PM
<< Home