Mold, wood rot, warped floors, a dated bathroom — these problems might seem a nightmare to the average home buyer, but to a seasoned flipper, a house full of flaws could mean profits.
With the housing market improving after the 2008 crash, house flippers — and reality TV shows about house flippers — are back. From “Flipping San Diego” to “Flipping Boston,” the nationwide trend of buying a house at less than market value, spending some money to fix it up and reselling it at a higher price is once again a lucrative way to turn a profit.
Seasoned house-flippers Kim Williams and Maria Powell spent time with “Nightline” in and out of various fixer-uppers in a Charlotte, N.C., neighborhood — flips in North Carolina have increased by 14 percent in the past year, with flippers averaging a profit of $50,000 per property.
The duo talked about a few of the do’s and don’ts of flipping they have learned over the years.
“It’s not emotional,” Powell said.
“I think sometimes people don’t see the things they could do to bring the money back,” she said. “If you do the minimum, there are some properties you should do that [for], but if the neighborhood will carry a higher price point, then you want the best use of the property.”