Hey guys...
I want to start a new business because I have the resources all around to do it. Good help, etc.
Is there a name for this...
A person buys some piece of crap piece of real estate. You buy it for a low price. Then you fix it up yourself and then sell it for a profit.
Is there a name for this???
Real Estate People... What is this called.
by Confucious 16 Replies latest jw friends
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Confucious
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Elsewhere
Real estate investment.
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simplesally
Smart?
Entrepeneur?
Good luck!
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Farkel
: A person buys some piece of crap piece of real estate. You buy it for a low price. Then you fix it up yourself and then sell it for a profit.
I had a California Broker's License for 14 years. If you can fix it up and sell it again while it is still in Escrow, it is called "flipping." You "flipped" the property, i.e. you re-sold it before you even closed your own Escrow on it. Basically you had your own buying Escrow going and opened up another selling Escrow, the latter being contingent upon the close of the former.
Otherwise, it is called "making a good deal."
Or, as the expression I was so fond of using when I was in that business, "Buy high and sell higher!"
Farkel, ex-Broker Class
Farkel -
Stefanie
"we buy ugly houses"
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blondie
Yah, that's right "flipping," Farkel.
That word was nagging me in the back of my mind. Oldtimer's disease is catching up to me.
flipping, flipping, flipping
Blondie
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simplesally
This makes me flipping happy for you!
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toreador
If the deal goes bad is it called getting "flipped off"?
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confusedjw
Slum Lord?
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Confucious
Confused, perhaps it is called Slum Lord. In Monopoly, I would always go for Baltic and that other purple one first.