House flipping has been getting a lot of attention in the media lately, and most of it is definitely not kind. Many investors who took out multiple loans to purchase properties intending to flip them, ended up getting stuck when the market started to stall. Many of the properties purchased by these investors are now in default or have already been foreclosed on.

But house flipping has been around for longer than the current boom-bust cycle. People have been buying fixer-uppers cheap, fixing them, and then reselling them for decades. It was looked on as an honest way to make a living. You’d find a nice neighborhood that had one or two properties that were run-down and often vacant (many times the owners had passed away and the heirs didn’t really want anything to do with the property). They were considered eyesores by others in the neighborhood. You’d track down the owner, make them an offer, and purchase the home at a good price. Then you’d go in and remodel the place to meet the needs of the current market. Then you’d sell the home for a nice profit, maybe $10,000 or so. The neighborhood came out a winner because it got rid of the eyesore and increased everyone’s property values.

For more on this type of house flipping, click here for an article from Minneapolis Real Estate Blog.

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The Wall Street Journal has a great article on the process of renting out your vacation home, including some of the pitfalls. It’s a good place to start, especially if you’re considering purchasing a second home with the intention to use it yourself as well as renting it out (as opposed to just purchasing a home primarily for rental use).

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The most popular property on 2ndhome.net for the past week was this 4 bedroom, 3 bathroom, 410 acre ranch in Crawford, Nebraska. It’s listed at $1,950,000 by Mason & Morse Ranch Company.

The second most viewed second home was this 2+ bedroom, 1 bathroom waterfront home in Onalaska, Wisconsin. It’s listed at only $199,500 by RE/MAX First Choice.

The third most viewed property was this home with a barn and orchard in Freeman, Maine. It’s listed at $189,000 by CSM Real Estate.

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2ndhome® has put together two more Squidoo lenses (we talked about the one on Vacation Home Design last week) to help you make decisions when buying a vacation home or investment property. These lenses bring together articles from 2ndhome® Journal and 2ndhome® Blog as well as from other resources around the web. They’re a great place to start when considering your next second home purchase!

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The most viewed property on 2ndhome.net for the past week was this 4 bedroom ocean view home in Surfside Beach, Texas. It’s listed at $249,000 by Brannan Realty.

The second most viewed property was this 2 bedroom, 2 bathroom ocean view home in Ocean View, Hawaii. It’s listed at $258,000 by RE/MAX Island Surf Realty.

The third most viewed property was this mountain home on 30 acres in Lake City, Colorado. It’s listed at $5,500,000 by Mason & Morse Ranch Company.

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