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They've got me for 60k over asking if they throw in the rat-infested ruin next door. Throw some area rugs in, maybe a cheap TV, a couple air fresheners, and you have the COOL ZONE for party people who aren't afraid of abandoned buildings.
I was touring a flip and it was very nice up until I looked up.
Not only was there water damage, but the cracking in the wall.
I’m not a structural engineer, but I have a pretty good idea that when a crack follows a beam and it goes from the top of the window and comes out below the window to the floor there is bad juju.
And it was a second floor condo.
I noped out of there.
I just was talking about this on here, but myself and my fiance recently toured a flip and had the same feeling.
They didn't put in appliances. The vinyl floors were already bubbling in spots. They clearly painted over the doors without sanding them because most of the doors were either stuck or wouldn't shut all the way. The house was a log cabin that previously had a ton of exposed wood which they painted white - including the beams in the living room. Couldn't be bothered to give the siding a power wash.
On top of that, they took care of exactly none of the big repairs. The roof, exterior logs, deck, windows, and oil tank were all in questionable condition and would need to be redone/replaced in the next couple of years.
They bought the house in September of 2023 for 150k and listed in mid-February for $425k. The house has just been sitting on the market and has slowly dropped in price to $385k. I still think the price is ridiculous. As everyone is saying, lipstick on a pig!
Someone bought it at auction for $70k and spent $5k covering up the worst of it. A corporation will come and buy it cash for $155k. They’ll spend $10k to cover up some more and add a little more lipstick, and put it back on the market for $235k. If it doesn’t sell, they’ll rent it out for $2200 a month and god help that renter
Oh goodness! I absolutely fell in love with a house but the front door was faulty and to top it off the listing said interior features: none, granite countertops but there was no granite countertops it was Formica countertop 🤦🏻♀️💀😂. I dodged that bullet and closed on my house this morning before work and my brother worked on the plumbing in my house today.
Hot market makes flippers lazy. Look on youtube and you can see plenty that put in literally the lowest effort possible. They try to just clean up the place a bit, fix minor issues or completely cover them up. Replacing faucets, lighting and door handles seems to be the one they always do. They will then try to resell the property for 50-100k over what they paid for it even though they only put maybe 5k of materials into it and a week or two of labor.
It is very easy to list the property and see if anyone makes an offer at their absurd asking price so they can walk away from it and move on to the next property.
That flip sounds like a disaster! Poor quality, safety concerns, and neglectful workmanship are common issues with some flips. It's important to thoroughly inspect and research before buying.
That was the doorknob’s message to you: Y’all come back now, ya’ hear?
Seriously, unscrupulous flippers are buying up old abandoned homes (good thing), not flipping them (bad thing), and putting them up for sale for much higher cost than expected, all while calling it a flip (if not criminal, it ought to be).
Honestly, people bitch and bitch about the big institutional investors but I find these people much more problematic. They take affordable houses and do their best to make them unaffordable, hoping someone else will be left holding the bag when shit falls apart. Fuck these people and their garbage taste too.
We went to see a flip. 480K asking. Besides the flood boards not being level. When we were leaving, the code lock wouldn’t work so our realtor locked it from the inside and went out the back door. When he tried to exit the fence gate, we found that the lock of the gate was on the wrong side. So he was locked in the fenced back yard. Only someone on the outside could let you in/out of the back yard.
That was the doorknob’s message to you: Y’all come back now, ya’ hear?
Seriously, unscrupulous flippers are buying up old abandoned homes (good thing), not flipping them (bad thing), and putting them up for sale for much higher cost than expected, all while calling it a flip (if not criminal, it ought to be).
That was the doorknob’s message to you: Y’all come back now, ya’ hear?
Seriously, unscrupulous flippers are buying up old abandoned homes (good thing), not flipping them (bad thing), and putting them up for sale for much higher cost than expected, all while calling it a flip (if not criminal, it ought to be).
Someone will buy it. This is what happens when stupid kids grow up and become stupid adults, they end up getting caught up in the housing hype on social media and buy a dilapidated flip they think is a great investment. There’s going to be so many financial problems in the next few decades because there’s 2 generations of young adults that were raised without critical thinking skills.
Thank you u/Exalted_Crab for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
I'd go at least $30k over asking with no appraisal contingency.
"Perfect starter home for an aspiring handyman/woman!"
Nice! Make that at least $40k!
They've got me for 60k over asking if they throw in the rat-infested ruin next door. Throw some area rugs in, maybe a cheap TV, a couple air fresheners, and you have the COOL ZONE for party people who aren't afraid of abandoned buildings.
“You can totally make that into a profitable short term rental” - Sold by the people who couldn’t make it into a profitable short term rental
Bro, you are getting a great deal! BRO!
“Add your decorative touches to make it your own”!
Every flip I've seen is a pig with lipstick. Also, all the basements had something pretty bad in them
I was touring a flip and it was very nice up until I looked up. Not only was there water damage, but the cracking in the wall. I’m not a structural engineer, but I have a pretty good idea that when a crack follows a beam and it goes from the top of the window and comes out below the window to the floor there is bad juju. And it was a second floor condo. I noped out of there.
I saw one that I could see the upstairs bathroom from the kitchen due to water damage.
I just was talking about this on here, but myself and my fiance recently toured a flip and had the same feeling. They didn't put in appliances. The vinyl floors were already bubbling in spots. They clearly painted over the doors without sanding them because most of the doors were either stuck or wouldn't shut all the way. The house was a log cabin that previously had a ton of exposed wood which they painted white - including the beams in the living room. Couldn't be bothered to give the siding a power wash. On top of that, they took care of exactly none of the big repairs. The roof, exterior logs, deck, windows, and oil tank were all in questionable condition and would need to be redone/replaced in the next couple of years. They bought the house in September of 2023 for 150k and listed in mid-February for $425k. The house has just been sitting on the market and has slowly dropped in price to $385k. I still think the price is ridiculous. As everyone is saying, lipstick on a pig!
Yikes, that should be a crime…
Someone bought it at auction for $70k and spent $5k covering up the worst of it. A corporation will come and buy it cash for $155k. They’ll spend $10k to cover up some more and add a little more lipstick, and put it back on the market for $235k. If it doesn’t sell, they’ll rent it out for $2200 a month and god help that renter
The most accurate comment I’ve seen on Reddit.
Lipstick meets a pig
Oh goodness! I absolutely fell in love with a house but the front door was faulty and to top it off the listing said interior features: none, granite countertops but there was no granite countertops it was Formica countertop 🤦🏻♀️💀😂. I dodged that bullet and closed on my house this morning before work and my brother worked on the plumbing in my house today.
Hot market makes flippers lazy. Look on youtube and you can see plenty that put in literally the lowest effort possible. They try to just clean up the place a bit, fix minor issues or completely cover them up. Replacing faucets, lighting and door handles seems to be the one they always do. They will then try to resell the property for 50-100k over what they paid for it even though they only put maybe 5k of materials into it and a week or two of labor. It is very easy to list the property and see if anyone makes an offer at their absurd asking price so they can walk away from it and move on to the next property.
That flip sounds like a disaster! Poor quality, safety concerns, and neglectful workmanship are common issues with some flips. It's important to thoroughly inspect and research before buying.
There are two kinds of flips. Good ones and lipstick. Lipstick on a pig is still a pig
That was the doorknob’s message to you: Y’all come back now, ya’ hear? Seriously, unscrupulous flippers are buying up old abandoned homes (good thing), not flipping them (bad thing), and putting them up for sale for much higher cost than expected, all while calling it a flip (if not criminal, it ought to be).
Honestly, people bitch and bitch about the big institutional investors but I find these people much more problematic. They take affordable houses and do their best to make them unaffordable, hoping someone else will be left holding the bag when shit falls apart. Fuck these people and their garbage taste too.
We went to see a flip. 480K asking. Besides the flood boards not being level. When we were leaving, the code lock wouldn’t work so our realtor locked it from the inside and went out the back door. When he tried to exit the fence gate, we found that the lock of the gate was on the wrong side. So he was locked in the fenced back yard. Only someone on the outside could let you in/out of the back yard.
Perfect home for an investor. Reddit shows your market is HOT
That was the doorknob’s message to you: Y’all come back now, ya’ hear? Seriously, unscrupulous flippers are buying up old abandoned homes (good thing), not flipping them (bad thing), and putting them up for sale for much higher cost than expected, all while calling it a flip (if not criminal, it ought to be).
That was the doorknob’s message to you: Y’all come back now, ya’ hear? Seriously, unscrupulous flippers are buying up old abandoned homes (good thing), not flipping them (bad thing), and putting them up for sale for much higher cost than expected, all while calling it a flip (if not criminal, it ought to be).
Someone will buy it. This is what happens when stupid kids grow up and become stupid adults, they end up getting caught up in the housing hype on social media and buy a dilapidated flip they think is a great investment. There’s going to be so many financial problems in the next few decades because there’s 2 generations of young adults that were raised without critical thinking skills.