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"Take my house, please!," a motivated seller may plead. An investor, seeing a quick purchase and sale of an ugly duckling property at a princely profit, thinks "I can flip this house. It has reasonable refurbishment potential and I can make a nice profit. In fact, I've quit my job and I'm flipping real estate fulltime!" So go many television infomercial and advertising blocks of house flipping shows. This process of buying a real estate property and, quickly soon after, selling it (after making modest improvements) at an appreciable profit is called house flipping.

The assumption is, that to "Flip This House," it would be unethical to make a nice profit at the expense of the compromised seller. Many buyers and sellers of real estate subscribe to caveat emptor or "let the buyer beware." The practice of flipping houses is not inherently bad. Many investors see the profit potential in buying distressed properties located in nice neighborhoods.

For a small investment, the buyer can cosmetically improve a neighborhood eyesore with a few nails and coats of paint. The improved house now complements the neighborhood and is soon put back on the market. After the sale, the investor makes a nice profit, and the newly refurbished house adds value to the neighborhood. Everyone wins.

House flipping gets a bad reputation when speculators start disrupting local housing markets, especially in hot markets. Groups of speculators can come into an already hot market and abnormally drive housing pricing up even further by the helter skelter buying and selling homes to realize quick profits. Like locusts to cornfields, housing affordability is quickly eaten away. In the early 1990s, runaway speculation helped fuel a recession in Texas.

Many unscrupulous speculators commit fraud, spurred by the obsession to make the most money in the shortest period of time at whatever cost or consequence. For example, a speculator may acquire the services of an appraiser and convince or bribe him to artificially inflate a house appraisal to realize a higher profit. Since a recent spate of appraisal fraud in house speculation, new real estate regulations now require two or three appraisals, each from a different source, and each appraisal is more closely scrutinized.

Undervalued homes and foreclosures are the main diet of many an honest investor. Currently, undervalued homes are few and far between, but they exist and can be found with some persistence. The investor may need to look in fringe areas or in less populated areas to find potential profits. With a minimal investment many unsightly homes can be refurbished and their profit potential realized.

Many motivated sellers need to put their homes up for sale, which are undervalued by necessity. Motivated sellers can be found on websites and in the newspaper home advertising, sales section with phrases such as "motivated seller" or "must sell." But be careful. Some motivated sellers use this verbiage as a ruse used to attract unwary buyers to money pits.

Foreclosures are also favorites of speculators. The Department of Housing and Urban Development (www.hud.gov), Fannie Mae (www.fanniemae.com), and Freddie Mac (www.freddiemac.com) Websites and local newspapers contain foreclosure property listings and information. Foreclosures come with considerable risks. Most foreclosures may require a lot of improvement. The investor will have to net the equivalent of the real estate agent's commission upon the sale just to break even.

The investor should mitigate property improvement risks by ensuring that "fixer-uppers" appeal to prospective buyers in the local area. The house should complement the rest of the houses in the neighborhood, that is, don't buy a nice house in a run-down neighborhood.

Lastly, get the most bang for the buck. Most compromised homes profit from cosmetic improvements. Many home blemishes are easy and cheap to fix. Interior walls, exterior siding, trim, and so on can be fixed at a nominal cost. And curb appeal counts a lot, no pun intended.

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