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HOUSE flipping can be a great way to turn a quick profit.
A realtor turned property investor shares videos on TikTok to give real estate insights to his viewers.
The house flipper gave his TikTok followers a tour of the property on renovation dayCredit: TikTok/aramgrealty
Aram Ghazaryan, a property investor (@aramgrealty), shares the details of his house flips on social media.
In a recent video, Ghazaryan showed the inside of the home he purchased the day that renovations were taking place.
Located in what Ghazaryan described as a “good neighborhood” in the Chicago suburbs, the property features three bedrooms and one bathroom.
To secure this property, the TikToker had sent out a mailer in hopes of buying it.
Eventually, someone responded not wanting to deal with the house anymore, and Ghazaryan took over.
The TikToker paid $147,000 for the home and planned on investing $22,500 in renovations.
He predicted that the property would sell for around $250,000 to $260,000.
After expenses, Ghazaryan would make a profit of around $58,000.
The TikToker explained his mentality when looking to invest in a property.
“One of the few things I look for when I’m looking at a deal is I want to be in and out as fast as possible, which means the type of work I do has to be mostly cosmetics,” he said.
For this home’s renovations, he replaced the floors, redid the bathroom and kitchen, painted the ceilings, and added recessed sliding doors.
“And that’s it, we hit the market – it’s as simple as that,” he said.
HEFTY RENOVATIONS
Ghazaryan isn’t the only one making a quick buck from the house-flipping business.
A real estate investors couple from South Carolina bought a three-bedroom and one-bathroom home for $187,500.
The 1,750-square-foot home ended up costing the couple a whopping $202,000 in renovations, which brought them over budget.
The revamp included adding two bedrooms and 100 extra square feet.
The property sold for $475,000 cash, giving the couple a profit of $85,500.
Many people in the comments thought their profit was minimal compared to the high price of renovations.
“New to all this so correct me if I’m wrong, but this doesn’t seem like a flip that was worth it for such a small profit.” wrote one viewer.
Others defended their investment and were impressed with the house flip.
“How are people saying $85,000 isn’t much profit? That’s more than most make in a year’s salary lol,” wrote one.
In other home flipping news, a couple bought a $132,500 home at an auction without seeing it first – it sold for $175,000 after quick fixes.
Another home flipper bought an untraditional $115,000 home – after several ‘affordable upgrades’ it sold for $205,000.
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This article was originally published by a www.the-sun.com . Read the Original article here. .