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Rafif ® | Can anyone tell me the meaning of " buy to flip " in real estate business? |
Additional Details
i will surely give away the 10 points to the best answer, promise. but i should get the correct answer. and a 5 star !
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Pam
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Flipping is a practice in real estate investing
The process itself consists of reselling a piece of property at a large profit very recently, sometimes even within hours, after the property was initially sold.
To state it more clearly, consider this: You purchase a run-down house that has been foreclosed in a nice neighborhood for a very low price. You then very quickly rehabilitate the house and place it back on the market at a much higher price than you paid for it. You have flipped this piece of property, and made a large profit off of it. |
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bpl
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Just like the phrase says, "buying" with the intent to turn around (flip) and resell for a higher price, thus profiting. |
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Gin
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There is a show called Flip that House.Watch that and you will know what it means. |
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duked4
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It simply means buying for resale. |
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alonetogether
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being that the market changed, people used to make good money in holding onto real estate, for the future potential of profit. "flipping" was invented so to speak, to capture a higher percentage of profit in a shorter amount of time. Irregardless of how much repair the house needs. we really only look at the bottom line. only doing cost effective improvements to increase profit. over time a mortgage payment will only hurt your bottom line, so don't give all your profit to the bank. people get rich off of other people getting rich. gl |
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mrsfoster
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"Buy to Flip" means to buy a home, improve it or not and sell for a profit (because why would you want to sell for a loss?). You can make major or minor repairs or none at all.
However, take into consideration the fact that most lenders (the one that will finance the new buyer) will require a chain of title report and they will look at what the investor paid and what they are selling it for and how much time has passed since the last transaction. If there is too much of a gap between what the home was purchased for and what it is being sold for you possibly will have a hard time selling the home as the lender will not want to be party to a flipping "scheme". Many state commerce departments consider flipping illegal and predatory. For example, if you bought for $200,000 and 3 months later sell for $250,000 and all you did was paint and put in new floor coverings, that is considered suspicious. |
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Robert B
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Buy property, make minor or important improvements and then sell again quickly to take fast profit. |
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BobbyK
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Flipping houses is when you buy a house at a significantly less price than the market for the area and you put money into the property for repairs and sell the house at around 5% below the market value for a quick sale. Depending on the market, the location, and the home value you could potentially make hundreds of thousands of dollars per year...........right now is perfect if you get into purchasing foreclosures because the market is in a slight decline in most areas so you can foreclosures for 50% or less than market in some areas........ |
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I wipe my own @$$
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I disagree with poster #1. It is buying a place, usually a dumpy one, fixing it up and selling it for a higher price then it was bought for (obviously because of the improvements made upon it!) |
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TMLeaf Fan
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Buying a house, sitting on it for a few weeks and the selling it for a profit. Another term would be speculation.
Edit: to flip a property doesn't require you are fixing it up. In a hot market like the one we're in right now, I see it all the time. People buy up property in popular areas then re-sell them in 6 months at a profit..... |
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