Floplords - Flippers Turned Landlords
August 11th, 2002
By Roberto Garabell
When house prices stopped their dizzying ascent in the Great Housing Bubble, many speculators found themselves with large monthly debt service costs and no income to offset expenses. Many chose to quit paying their mortgage obligations and allowed the property to be auctioned at foreclosure. Many chose to rent the properties to reduce their monthly cashflow drain, and they became accidental landlords. In the vernacular of the time, they became floplords, flippers ….
