Dec 2004. When a colleague described to me how newly arrived foreign students at ASU are being used to help flip houses under construction in Phoenix. Not having any assets, it was completely risk free for them to sign a purchase contract for a $2000 or so deposit and sell it 3 months later and collect $5000 “profit”. Many students signed so many flipper contracts and turned them over so fast, they made 6-figure “incomes” without ever understanding what they were doing!
