Article from Forbes Magazine on Best Ways to Profit from Distressed Housing
How to profit from buying and rehabbing distressed properties!
Nick and my sister Nikelle (I don’t know how they are going to handle the phone when someone asks for Nicky!) are investing in distressed properties, fixing them up and making a nice profit on selling them. This can easily be done with a small group of investors and/or friends pooling their money together to purchase properties of all price ranges. I commend them on their entrepenurial spirit in this prospering business!
The following story appears in the June 25, 2012 Investment Guide issue of Forbes Magazine.
Early last year Nicholas Vercollone bought his first property: a run-down three-family Victorian in the working-class Boston suburb of Chelsea for $175,000 in cash. The place, which he spotted on Zillow.com, was being sold “as is” by an estate. “There was two feet of snow in the living room, and we were working in raincoats through the spring,” chuckles Vercollone, a 32-year-old carpenter who decided to invest in distressed properties after working on renovations for other investors.
To read more about this article please visit: http://www.forbes.com/sites/morganbrennan/2012/06/06/best-ways-to-profit-from-distressed-housing/