Can I sell home without Smoke Detector?

[Cardiff Kook]

i guess. no way would i pay 200k more for a house that was bought for substantially less a month prior.

doesn't seem right to me, but if that's how you want to make your living go for it

[earlyretirement]

Originally Posted by GMUAlum08

i guess. no way would i pay 200k more for a house that was bought for substantially less a month prior.

doesn't seem right to me, but if that's how you want to make your living go for it

No it wasn't a house. It was a multi-unit building that he bought off the courthouse steps with cash.

There isn't anything wrong with flipping properties as they have risk. It's not something I'd be interested in doing for a living but there are many out there doing it and it's a lot of hard work and the vast majority of people doing this are people taking risk and working very hard.

I've renovated dozens and dozens of properties in the past. I never went into a property renovation wanting to flip but I have "flipped" properties before when someone made me an unsolicited offer.

But again it's important to understand the dynamic of today's flippers. Again, most of them are going in with cash. So if they are willing to take a risk and someone is willing to pay what they are asking then it's just simple supply and demand. If they ask too much it will just sit on the market without being sold.

[Jenkay]

Originally Posted by GMUAlum08

i guess. no way would i pay 200k more for a house that was bought for substantially less a month prior.

doesn't seem right to me, but if that's how you want to make your living go for it

Really? Not even if there were substantial upgrades in between? The folks that I know that flip houses put a lot of work into them before they resell.

You can buy that same house for 200k less, like the flipper did, but you'd have to do all that work yourself. Some people would rather do it that way, some people would rather pay to have it done for them and not have to deal with it at all.

[earlyretirement]

Exactly Jenkay. Very few flippers go into a purchase thinking they will just buy it and sell it much higher later without doing any renovations/improvements. While it can happen (it's happened to me)... it's not very likely.

Most flippers have their own crew or dedicated contractors they use over and over. It's tons of work renovating a property. Mostly when I did renovations, I was putting in new hardwood flooring, renovating bathrooms and kitchens and in older buildings I was changing out all the wiring and plumbing. Definitely not easy and lots of work.

One time in one of my vacation houses I bought...I literally changed out every single thing other than the walls that were standing and the roof. Total gut job. I really loved the house but someone that was renting it offered to buy it. I said no it wasn't for sale. He said to name a price. Long story short....I don't own the house anymore.. LOL. I guess you can say I "flipped that house".

I always look at real estate as longer term investments but definitely there is a market for flippers and some of them are quite skilled at it. The ones that know what they are doing are making tremendous amounts of money at it.