Now that the real estate market has theoretically bottomed out - or at least we hope - the flippers are back in town. If you missed the last flipping market, here's what it is all about. "Flipping" is a term that means buying a house and selling it for immediate profit.
When the market was going gangbusters, flipping was easy. You could buy a trashed piece of property, hold it for a month, and sell it for a quick 5-figure profit. If you wanted to make more, replace the cabinets, tiles, and carpet and hold out for the extra bucks. The people who made the most money were the ones who had the skills needed to revamp these properties - carpet layers, tilers, cabinet makers, landscapers, painters - and they put their sweat equity into creating a masterpiece out of a destroyed piece of property.
The market has changed now, but it is still possible to find foreclosures or short sales that can be turned around for profit. Many suburban real estate markets have been virtually decimated by foreclosures, making them breeding grounds for investors ready to make money - Dallas, Phoenix, large areas in Florida, and of course a great portion of central California. With cash in your pocket, getting your hands on cheap properties to flip can be easier than you think.