I saw this one in person. They were on the market a long time. They used expensive finishes too and had a 10 feet ceiling upstairs. Hate to say it but I think buyers got a deal at 1.71.
Despite the time and remodeling, the flipper can’t complain too much right? I mean, garnering 1.7M in the 40’s was probably unthinkable just a few years ago…
The remodeling was too good for outer sunset. Probably over 400k job
Really, that good?
Flipping is always very slim margin. Can’t expect to make too much profit based on renovation. If a flip made a lot of money, it’s probably more of the market moving up than the renovation itself.
I hear you, but isn’t this case a pretty good win for Mr. Flipper? So let’s say 400K + 800K, 1.2M and then selling for 1.7M??? Not too shabby, eh???
Yes. He held it for almost a year and the market moved up since last July when he bought it. I’d say maybe 20% of the profit is from renovation and 80% of it is from buy and hold.
Been flipping since 1976. It makes more sense to buy and hold these days. Let the market do the work.
Besides it is hard to find new flip potentials
The problem with that is you can only buy and hold so much until you run out of cash…
The key is the amount of money made and retained not the numbers of flips done. Besides buy and hold means less tax. Can always live off the refi money if needed.
I am currently flipping but it is a 1031
You shouldn’t think this way because that would contribute to low inventory. Don’t hold, flip.
Not only I am putting realtors out of business I am driving up rents…
I know what you mean… I’ve been living off of mountains of debt and more debt coming…