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Also, why are people so damn greedy?


https://pittsburgh.craigslist.org/reo/4705779638.html

Allegheny County Assessment


So this guy buys this house in Polish Hill for $35,400 earlier this year, does what seems like minimal renovations, and is now trying to sell it for $74,500? From the pictures the house is still in deplorable condition. Why should he be "rewarded" with a ~$40,000 profit when he didn't "flip" anything?

This is why young people can't afford the East End anymore. People are so damn greedy and are causing a bubble here.

If my Aunt had balls, wouldn't that make her my Uncle?

Unless (s)he's a hermaphrodite?

There's no reason he shouldn't be rewarded. He found the property, took the risk purchasing it to make money off of it. That's business, and there's certainly no reason to leave money on the table. No other business does.

So I should buy something in January, invest minimal sweat equity into it, and then sell it for a >100% profit just months later? It just doesn't seem fair or ethical to me, nor does it seem to be in the best interest of the neighborhood in getting the home rehabilitated.

They haven't sold it yet.

The same could be said of items that are bought and sold everyday. Gasoline, groceries, clothing, etc... What's the markup on the food you deliver?

Nobody has to buy that house and pay the markup. There's other places to buy.

Only in West Virginia.

He's listed it for $74,500. If someone will pay that, then it's market value. But, just because a house is listed at a particular price, it doesn't mean that it will actually sell for that price. If it's not worth that amount because he hasn't fixed enough, it probably won't sell for that. Or, if it is a reasonable price, then he got a great deal in January. This is why people use real estate agents. An agent would be able to counsel you if a home is not priced appropriately.

This.

And there are closing costs, taxes, electric bills, water bills, etc...and there's no telling what else is invested.