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NEW YORK (CNNMoney) — Even in these down times, there’s money to be made buying and flipping houses. One might think this would be a most dangerous game — after all, home prices are down more than a third from their peak in most areas. But plenty of investors are taking the risk in exchange for big profits.

In fact, nearly 1 million homes were bought as investment properties in 2010, according to the National Association of Realtors… more.

“Flipping Houses Is Booming Business Again”
Interview with Justin Konz

Not long ago, John Irvin was selling women’s shoes in the ­Nordstrom at the Pentagon City mall, pulling down about $20 an hour. 

Now he flips houses in Northern Virginia — scooping up short sales, rehabbing them and aiming for a quick sell. He has sold three homes and says he netted more than $30,000 in profit each time. “If I do one house every quarter, I’m making $125,000 a year — at 25 years old,” Irvin said… more.

“Creative Financing With Brian Castel And Justin Konz “
Interview with Brian Castel And Justin Konz

Today on the show we talk to Brian Castel and Justin Konz about how they started buying rentals. Justin started buying rentals in grad school, and after he graduated, Brian and Justin formed a partnership and started buying properties. Today they own over 30 properties.

We talk about how they started, and also spend some time talking a creative way that you can buy rentals using none of your own money… more.