Flip Example in San Jose

This house is walking distance from my former SJ home. Walking distance to East Lake too, alas! :cry:


It’s a flip. Bought in Oct 2017 for 790K. Sold for 1.07M in Jan 2018. Gross 280K. How much did the flipper put in? I guess around 80? Profit not bad.

@wuqijun @RealEstatebull what do you guys think?

This house sold for 358K back in 2008! Tripled in 10 years! :scream:

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That sounds about right…

My wife just said she loved the central island. Yeah, @BAJacket is right. Islands are hot, especially for women.

Islands look practical, and feels more open and modern.

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80k sounds about right. No new roof. Laminate floors, Asian store cabinets. island in the listing is yuck… I like my island much better.

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So picky… :laughing:

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yea Island on 3082 don’t have drawers and stuff.

@RealEstatebull he sold it for almost 300k more.

@tomato commissions/staging/misc about 70k. Most[not all] flippers have some investor money. 280-80-70- 10% return to investors 80k = 40k net ? Not so great. If no investor money 120k net. If flipper is agent. Add 20k back to the net proceeds

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Thanks - yes, i did not factor in the agent fee.
I suspect the seller has his own license (i’d do this).

Yea flipping is hard work for fairly modest gain. I tried once and it’s just not my cup of tea. I will leave it to pros like you and @wuqijun

Certainly not a pro. Learning the ropes still…

Buy and hold seems to be the easiest thing to make money. Inventory is crazily low.

Average gross flip profit $60k according to auction.com. But with all the costs and ordinary income tax most end up with $10k after tax income.

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All the flip shows show gross profit only. Just hard construction costs with no mark up or overhead charges.
Don’t mention commissions, permits, site costs, property taxes, insurance, title fees, transfer taxes, interest, partners, clean up, demo, office costs, overhead for the business, income taxes, SS taxes, workmen’s comp…

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So hard to make a quick buck!!! My flipper heart aches… my flipper soul immersed with sorrow… :sob:



it was listed for $890k. That could be the flipper’s break even price.

Hardly. Flipper would probably need to be his own contractor AND agent for that to happen… or maybe exploiting some poor undocumented immigrant laborers…