Flipping houses has been a booming business for many years. There have been television shows and self help books and infomercials all claiming to have the secret to helping people get rich quick in this manner. All someone had to do was buy a house for cheap, put a few dollars into rehabbing it, and then turn around and sell it for a huge profit. Everyone wanted a piece of the action.

The mortgage companies wanted in on the housing boom, and they were willing to give home loans to people that were definitely questionable as far as a credit risk went. Banks also wanted their share of the action and they gave credit cards and lines of credit to people that were already over extended. Construction contractors, swimming pool companies, landscapers, everyone wanted a chance to make the quick buck.

Many novice Flippers had taken an Adjustable Rate Mortgage to purchase their rehab project. They used these monies to pay for the supplies and the appliances and the labor. They knew that the interest rate on their ARM would skyrocket in a short amount of time, but they were convinced they would have the house sold by then. The television shows and the newspapers and the magazines all said this was an easy way to get rich quick!

And for many of these novice Flippers things just did not go as they had planned. Their project took longer and cost far more than they could have ever of guessed. Unfortunately, in the meantime the entire housing market took a dive. And then the housing boom went flat. Ouch!

Do not fear though, because many of these Flippers are true entrepreneurs. They were not looking to make the quick and easy almighty dollar.

These professional Flippers are turning their unsold rehabbed projects into rental properties. The monthly rental fee that this Flipper turned landlord receives from their tenants is used to cover the amount of the mortgage until the unit can be sold.

These experienced Flippers know that having someone actually living in the rental property is good for several reasons. The rental occupant can keep the grass mowed and the gutters free of leaves and the flowerbeds colorful. The rental occupant knows immediately if there is a faucet dripping in the kitchen sink or if the heater is not working properly or if the stove needs to be replaced. The rental occupant can keep both unwanted critters and squatters away from the rental property. And the monthly rental check from the tenant can be used to pay the monthly mortgage. In most areas of the country rental rates are higher than mortgage rates, so this is a win win situation for the opportunistic Flipper. And an added bonus for the Flipper is that a rental unit with a tenant actually living in it is much easier to show, and eventually sell, to a prospective buyer. People want to see beds and dining room tables and refrigerators when they are looking at a house. They do not want to see empty rooms and bare walls and a blank space where the refrigerator should be. A boarder actually lives in the rental space, so they make it looked lived in to any prospective buyer.

The get rich quick day of flipping houses may be at standstill for the moment, but there will also be the entrepreneur that loves the business. And these Flippers know when life gives you lemons, turn it into rental property and make lemonade!

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