…Some real estate executives in Texas are hoping to get rich quick with homes damaged by Hurricane Harvey.Longtime investor Ray Sasser detailed the strategy at a real estate conference in Houston this month: Buy up to 50 flooded homes for a fraction of what they’re worth, fix them and flip them for a hefty profit, Reuters reported.
He said he first tried the strategy after Tropical Storm Allison flooded the city in 2001 — purchasing homes for almost half of their pre-storm value, spending about 15 percent on repairs, and selling many of them at full value a year later.
Source: Real estate investors look to cash in on Harvey-ravaged Houston | New York Post
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