At a recent Houston real estate seminar, Sasser revealed his plan to purchase 50 flooded homes for pennies on the dollar, invest 15 to 20 percent for repairs, aiming to then turn them back onto the market in a short time.
With an estimated 268,000 homes suffering some damage due to the floods, what was a tragedy for a significant number of Houstonian homeowners may be a lucrative opportunity for eager flippers.
Many homeowners may consider walking away from their damaged homes with whatever cash they can get, so flippers can buy properties at near-record-low levels.
Meanwhile, the tight nationwide housing market, combined with Houston’s diverse economy and growing population, are creating ideal conditions for flippers to find buyers.
As new homes go up on the old sites, flippers may also be looking at quick sales for prices at or near full market value.