People Are Renovating Fixer-Upper Foreclosures And Flipping Them For Profit

Photo: flickr/bottleleaf

(Reuters) – A year after purchasing their Richmond, Virginia, fixer-upper for $290,000 in 2010, Sherry and John Petersik rolled up their sleeves and tackled the outdated kitchen.They dragged the refrigerator and microwave out of the way, set up a dish-washing station at the bathroom sink and plunged into do-it-yourself mode, installing a new countertop, refinishing cabinets and replacing appliances.

“We knew to expect the chaos,” says Sherry Petersik, 30. That’s because it’s the second home the Petersiks have renovated for fun and the promise of profit.

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