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You misunderstood. The stereotypical flipper would remove everything that makes that house unique, and remake it into a bland, but more universally sellable house.
I use the word "stereotypical," because I'm sure that there are a few flippers who recognize that this house, in its current state, is more desirable to a smaller pool of potential buyers.
Oh, thank you. I wasn't aware, that that's how most flippers operate. That would explain so many older homes I see on the market, that have such miserably bland color choices, like grey or beige tile-work in the kitchen and bath. Personally, I think it's a miscalculation to bland-ify a house to that extent; buyers also react positively to a colorful decorative tile element in the kitchen, as a central accent feature, and the like, but.... apparently some of the RE marketing gurus disagree.
Near by a flipper went overboard... the home from 1955 is new everything... roof, electrical, kitchen, foundation repair, floors, windows..
It was on the market for long time before selling... the buy is a retired contractor and said he bought for a fraction of what it cost... said it was too good to pass up and bought it for his Daughter...
The Flipper lost his shirt on the deal...
My understanding of the term "flipper" would not apply to a job like that. Typically, they avoid investing major $$ in a place, like doing all-new basics (roof, electrical, etc.). Rather, they do mainly a cosmetic approach. Putting in all new basics is a big risk, because most buyers expect a functional electrical system, floors in decent shape (removing old linoleum to replace with Pergo would fall under "cosmetic"), a roof that's not in its last year or two before needing replacing, etc. The flipper must have got the house at a super-low price, to feel that it was worth the risk to put so much work and money into it; otherwise it wouldn't have made sense.
"Flipper" is someone who buys something they intend to resell... hopefully for a profit. There are lots of ways to do that, some better, some worse. It just depends on their budget and the price range they are aiming for. People flip houses at all points in the price range, from starter homes, to high end homes. The investment and finishes will vary accordingly.
My understanding of the term "flipper" would not apply to a job like that. Typically, they avoid investing major $$ in a place, like doing all-new basics (roof, electrical, etc.). Rather, they do mainly a cosmetic approach. Putting in all new basics is a big risk, because most buyers expect a functional electrical system, floors in decent shape (removing old linoleum to replace with Pergo would fall under "cosmetic"), a roof that's not in its last year or two before needing replacing, etc. The flipper must have got the house at a super-low price, to feel that it was worth the risk to put so much work and money into it; otherwise it wouldn't have made sense.
That's the problem...you have no understanding of what the term "flipping" means.
Not really. "Flipping" generally refers to putting minimum investment in a home, making mainly cosmetic changes, in order to cash in on a pricing boom. There have always been people who buy semi-derelict properties, and repair and spruce them up for sale. Those were never called "flippers". Flipping is blatant opportunism and RE speculation. This used to be disparaged, and considered unethical. Part-time Christian has a valid point.
That's the problem...you have no understanding of what the term "flipping" means.
That's exactly what it means, as the RE house-flipping workshops present it. It's about getting the max profit for minimal investment. (see Coldjensen's post #97)
Ruth, I think the problem is you're applying a very limited pejorative interpretation of the word that doesn't match common usage any more. Many many investors have embraced the word to describe what they do when buying and rehabbing properties. It's become respectable and even chic to flip old houses and many of those doing it have pride in their work and do a good job.
The word doesn't only mean what you think it means.
That's the problem...you have no understanding of what the term "flipping" means.
Flipping means buying a house and selling it for a profit no matter what or what is not done. A flipper can see a home in good shape realize the owner does not know how much it is worth, buy it and then sell it in a few months for a good profit without doing anything. Some flippers just put lipstick on a pig, some update it, some buy homes in really bad shape and make them livable. If you know what you are doing and using your own labor there is profit right there.
Ruth, I think the problem is you're applying a very limited pejorative interpretation of the word that doesn't match common usage any more. Many many investors have embraced the word to describe what they do when buying and rehabbing properties. It's become respectable and even chic to flip old houses and many of those doing it have pride in their work and do a good job.
The word doesn't only mean what you think it means.
I think it depends heavily on the area. Where I live now, Ruth4truth’s type of flipper is still the norm. There isn’t much money to be made buying and selling homes and people typically put only the most minimum of money in possible to make cosmetic upgrades. I had one coworker looking in 2017-18 (she is also a realtor and her husband is very handy) and she said she saw lots of abysmal flips with horrible workmanship and the cheapest upgrades possible. The market here has seen almost no growth, most properties go for way under asking and sit on the market for a long time... there is just no real appeal to it unless you get in, get out, and do it cheaply and quickly.
I have a family member who lives in Silicon Valley and it is the opposite there as many homes are listed well below what they expect to get. When a basic single family home is going to run $1.5-2 million and probably still need significant renovations in terms of electrical, possible asbestos removal, etc. , a flip had better involve more than just cosmetic upgrades like paint and new cabinets and countertops.
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