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.
David J. Phillip/AP
In this Aug. 29, 2017 file photo, Interstate 69 is covered by floodwaters from Harvey, in Humble, Texas. Just two weeks ago, President Donald Trump rolled back an order by his predecessor that would have made it easier for storm-ravaged communities to use federal emergency aid to rebuild bridges, roads and other construction so they can better withstand future disasters. That decision is now being questioned with the Texas Gulf Coast and much of Houston under water in the wake of Harvey. (AP Photo/David J. Phillip, File)