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A SAVVY house flipper has revealed how they made $175,000 on a single house in just a few days.
The way they bought the property was vital to turn the six-figure profit.
Flip Lab (@thefliplab) made $175,000 on this house in New JerseyCredit: TikTok/thefliplab
They sold it days after buying it without doing any renovations or repairsCredit: TikTok/thefliplab
Flip Lab (@thefliplab) is a TikTok account that makes content about flipping homes and real estate investing.
In a recent video, the creator revealed how they made $175,000 on a single house flip without doing any refurbishments.
His journey to success began when he purchased a slightly shabby beach house in New Jersey.
“Watch us flip this house for $175,000,” read the text on screen.
Continuing the show the house in the same condition as before, another slide of text explained: “Tada! All done! We didn’t fix or change anything.”
The flipper sold the house for $735,000, and the secret to his success was buying it just a few days prior for $515,000.
That left him with a gross profit of $175,000 before selling costs were deducted.
These included realtor fees, closing costs, and interest on the money loan.
“The best house flips are the ones you don’t even have to fix,” wrote the creator in the caption.
In the comments, Flip Lab revealed how they had been able to buy the house for so much less than its market value.
“Old wealthy guy wanted an easy as-is cash sale after we sent him a mail offering to buy his house and his price was $515k,” they revealed.
THE FLIP SIDE
The price at which you buy a house can make a major difference to your profit when it comes to selling.
But it’s rare that flippers make money on a home without adding value to it with refurbishments.
Another person who had success flipping a house is Adriel Hsu, a former engineer from Texas.
As he revealed in a TikTok (@adrielhsu) video, he bought a run-down home for $43,000.
In his case, refurbishing the entire house was crucial to making a profit on the flip.
He spent $68,000 completely transforming the property until it was barely recongizable.
But it all paid off when he sold the home for $166,000 – leaving Adriel with a profit of $46,000.
If you want to learn more about real estate, check out one award-winning realtor’s tips for buying sight unseen.
And see the four steps to success with short-term rentals like Airbnbs.
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This article was originally published by a www.the-sun.com . Read the Original article here. .