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A HOME flipping expert has detailed how they came across a $25,000 home and made a profit of over $80,000.
In a TikTok video, the flipper said he made the home into a duplex after spending just $100 on a simple renovation.
A TikToker said he bought the white home for just $25,000Credit: TikTok / investwithaceAfter putting a $100 door between two parts of the home, he turned it into a duplexCredit: TikTok / investwithace
“I got this house for 20 grand and turned it into a duplex for $100,” the TikToker (@investwithace) said in a recent video.
The content creator said a friend offered the home for $25,000 after someone allegedly began squatting.
Squatting refers to a person staying in a residence without paying rent.
Squatters have protections in most US states to make sure that low-income individuals are not easily displaced by landlords.
Instead of finding the person a new place to live, the original owner sold the house to a friend who was adept with the real estate market.
“Take [the house] off my hands, and you handle the rest,” the TikToker said.
“Say less. I’ve never signed a contract so fast in my life.”
INSIDE THE HOME
The TikToker said the home came fully-equipped with the proper amenities to easily flip into a duplex.
“We found four bedrooms, two baths, two kitchens, two sets of appliances, two furnaces, two A/Cs, and two gas and electric meters,” the creator said.
“All this thing needed to be a duplex was a door.”
A duplex is a residential building with two separate dwelling units in one structure.
They said the door cost $100 from Menards.
After collecting rent money on the apartments for a year, the TikToker said they sold the house for $110,000.
They said they made $85,000 between the purchase and sale.
The TikToker took advantage of an inflated real estate market at the right time.
HOME OWNERSHIP INFLATION
Inflation rates in the US are trending downward, according to new Federal Reserve numbers.
However, cost of living and housing affordability concerns remain.
According to Realtor, the average American pays more than $2,000 per month for rent.
The Social Security Agency reported the national average for American yearly wages was 60,575.07 in 2021.
Average rental costs are more than a third of American average wage – meaning renters paying around the average are likely rent-burdened.
Rent-burdened individuals are defined as people spending over 30 percent of their average wage on housing.
The U.S. Sun reports on affordable housing solutions – here is a tiny home community aimed at reducing rent costs.
Also, a tiny home kit is on sale on eBay.
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This article was originally published by a www.the-sun.com . Read the Original article here. .