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"Flipping property" is as legal and ethical as the person doing the flipping. It can be potentially lucrative if you know what you are doing. Potential buyers looking for the perfect house will not care that the house was purchased for less if the work and repairs were done in a professional manner. Many people do not have time to "fix-up" houses and prefer one that they can just move into without any hassle, as long as the house is not overpriced for the area. A vacant house with fresh paint, new kitchen, bathroom, windows, roof, etc., will give the buyer a better picture on how they want to decorate and arrange their own prized possessions. "Flipping" is when an investor buys a piece of real estate and then quickly resells it at a higher price, either a few days or months later. It has gotten a bad rap, though, for several reasons. In order to succeed, some investors have been known to commit fraud, often through the use of stretched appraisals that improperly push up the value of the property. There are also many honest investors who make good money by flipping properties, without disrupting their local markets. The strategy is to find properties that are underpriced with values that can reasonably be marked up after they are fixed or repaired before they are resold.
Just be aware of the risks, which are considerable. If you plan to flip a property, there's a good chance you will have to pay a 6% realtor commission to sell it. That means if you are selling a $200,000 home, you will need to make $12,000 in profit just to offset your fees. You also have to factor in repair costs for the home, which can be substantial, plus all the time and labor you put into the process.