Glad to have you back !
There have been so many changes to Federal, State, and Local legislation over the past few years since the financial meltdown, that it had me wondering if all of these changes have redefined what is traditionally referred to as, "Property Flipping". To those of you who are unaware of what "Property Flipping" is, it is basically purchasing a home and flipping it, or selling it in a short period of time, preferably for a profit (the goal!).
We spoke to an investor who gave us his view from the front lines for his input on this question. "I feel that property flipping has been redefined by legislation through the government and lenders playing the game of shadow inventory", says Phillip Vincent, a Realtor and Real Estate Investor in St Louis MO. Vincent says that, "They try and control the market thru these tactics. So as to not flood the market with all the home that are actually on their books."
Vincent tells us that as an investor, "we look to purchase properties monthly, that we will fix up, re-hab, and bring back to market. These properties are taken from eyesores on the street to one of the nicest on the block. I have been called an ambulance chaser by fellow Realtors, for buying properties on the cheap, but I feel the cit(ies) we live in are made better by what we investors are doing."
In addition, he tells us that legislation has affected, "the amount of auction, bank homes we have to choose from.", and says that, "We are currently having to look at dreaded short sales for our next projects."
Are you a Real Estate Investor? How has legislation helped you or harmed you? We'd love your input on this topic.
Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com
