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.