Market leaves housing flippers flopping
At the peak of the real estate boom, they inspired TV shows, how-to Web sites and the envy of friends and neighbors.
Then the tumbling economy snagged “house flippers” like Mark Lepzinski of Clearwater.
After 36 whirlwind months buying and selling dozens of homes throughout the Tampa Bay area, Lepzinski, 50, declared bankruptcy this year. Debts: $1.55-million.
But, as Lepzinski puts it, “when you fall off the horse, you get back up.” He’s still pitching property and urging others to invest in real estate. And as a former employee of Merrill Lynch, he’s also touting his experience as a “private financial adviser.”