"Flipping can be a very lucrative pursuit. We are not talking about flapjacks here, but real estate," says Judon Fambrough, attorney with the Real Estate Center at Texas A&M University.Flipping refers to the practice of finding a property that is for sale - usually priced below-market - and then selling it soon after it is bought for a quick profit.The most cost-effective way to flip property does not involve closing and taking possession of the property. Those who use flipping as a way to make money often assign or sell their sales contract to another party for cash or trade. An assignment is a transfer or grant of all the seller's rights, title and interest in property or in a contract.Fambrough provided this illustration: Jones is well-paid executive who owns a second home on a lake....
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