Homepreneurs suggested property management in a previous post as a good home business. Many individual property managers buy up and fix foreclosed homes and resell them, hopefully at a profit. This process, called flipping, was very popular before the housing market meltdown.
For a person with skills and experience in home repair and improvement, this seems like a great idea. A hobby extended to a business, something we’d all love to do.
Buying foreclosed homes has risk, too. WhiteFenceSavings.com has posted a recent article: 10 Hidden Hazards to Check for When Buying Foreclosed Homes.
From property destruction to no disclosure and simply unclean homes, those interested in buying and/or flipping foreclosed houses should read this article. As WhiteFenceSavings.com points out, “…buying a foreclosed property can be a great way to save money. However, be sure to look into all the potential costs involved before making a final decision. Do the math to determine if you will really wind up saving, or if the property will end up costing you when all is said and done.”
Want to make money and enjoy what you do? Buy a foreclosure, fix it up and sell it for a profit or rent and manage the property. Be warned though, like the stock market or any other investment, risks exist. Do your homework.