\documentclass[handout]{beamer}

\usepackage[utf8x]{inputenc}
\usepackage{default}

\begin{document}

\begin{frame}
Some black text.

\medskip

\color<beamer:2>{red}{Some red text, but I don't want it to be red in handout mode.}\color{black}


\medskip

More black text.

\end{frame}


\end{document}