Flipping Houses Helps Chip Away at the Housing Shortage
As we have seen over and over again, there is a dearth of housing inventory all across the nation. While the reasons have many variations, the fact remains – there is a housing shortage. A recent article in the New Hampshire Union Leader featured a member of the New Hampshire Real Estate Investors Association that is adding value back into neighborhoods by flipping distressed homes. Interestingly, as the Union Leader points out, the threat of COVID-19 has caused some sellers to shy away from allowing potential buyers to tour their homes. However, this unfortunate aspect has not been a barrier to adding value and putting this property back on the market:
“I am surprised that COVID was actually good for us,” said Brett Rickenbach, who co-owns Rickenbach Renovations. “I thought the market was going to crash, and everything was going to slow down, and the opposite happened.”
“We bought a couple houses because they don’t want people in the house. They’re nervous about COVID,” said Rickenbach, who has been flipping houses for seven years…”
“Rickenbach…mostly hires out the renovation work to others….Make more money and do more houses at once,” said Rickenbach, vice president of the New Hampshire Real Estate Investors Association…..He compares his profits to hits in a baseball game.
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