Is this a decent profit for this kind of house flipping?

Ignoramus
Ignoramus

buy house for 230k (tax included)
decorate and paint inside and out
sell for 250k

Is this a decent profit for this kind of house flipping?

Illusionz
Illusionz

no thats poorfag, you need at least 20-30% profit
but a nice start, well done OP

Harmless_Venom
Harmless_Venom

you need at least 20-30% profit
Says who?

Techpill
Techpill

says me who does it at least one per year.
you asked for an opinion and got it chill out!

Skullbone
Skullbone

If you're paying in cash, yeah

If you're getting a mortgage for this house then you're not making anything, considering the cost of the mortgage, negotiations, time it takes to get the home financed/in your name etc.

Flameblow
Flameblow

chill out
It was an honest question user.

Thing is, I set the list price at what I actually wanted to get out of it, based on numerous appraisals.

Now everyone who comes to visit automatically bids 20k below that.

On the other hand, if I had set the list price higher, maybe nobody would've ever come.

WebTool
WebTool

The 230k buying price includes all of that.

BlogWobbles
BlogWobbles

people will always try their bid 20k lower, its the 'norm' just stick to your guns on your asking price or list 10k higher and take 10k lower to make it seem like you're discounting it. typical sales game, everyone wants to think they are getting a 'bargain' or at least some sort of discount.

RumChicken
RumChicken

There are realtor fees involved in buying and selling a house. Plus you have any repair/improvement costs. $20k might not cover all that.

TechHater
TechHater

also sometimes I re-mortgage property and use funds to invest in something else whilst I rent this out if it's struggling to sell, depends on your local economy / house market

BinaryMan
BinaryMan

The 250k sell price includes the realtor fees.

And I only spent like 2-3k on the house, ever.

GoogleCat
GoogleCat

That's what I thought.

The realtor convinced me that if the house is priced right, people would be more willing to pay closer to the list price.

Ignoramus
Ignoramus

No. You're not factoring taxes, insurance costs while it sits, real estate agent fees, and so on. You'd be lucky to break even if you're only aiming 20k higher.

I renovate houses for a living, and there's profit in it, but you need to get it dirt cheap and put weeks of work into it.

Nojokur
Nojokur

*** CLARIFICATION BY ME, THE OP ***

I bought at 230k including all taxes and expenses related to mortagages, fees, etc.

I'm selling at 250k including all expenses for realtors, etc.

*** END OF CLARIFICATION BY ME, THE OP ***

Need_TLC
Need_TLC

I am factoring in everything.

Here are the figures not factoring in everything:

Bought the house for 210.000

Selling the house for 258.000

Harmless_Venom
Harmless_Venom

Were you also operating under the assumption that I wasn't factoring in mortgage fees, taxes, realtor fees, ... when you mentioned the 20-30% figure?

viagrandad
viagrandad

Well, I'll give you a tip. If it's got a shit kitchen, renovate it. Don't put more than 10k in it. Women absolutely LOVE new kitchens.

Redo the bathroom floor.

Plant a few rose bushes or appropriate to the neighborhood.

Although all of those are relatively cheap, you can add a ton of profit from it.

Bidwell
Bidwell

whoops

Carnalpleasure
Carnalpleasure

The kitchen is large and original to the era (60s), and bitches love it. They say things like "it's like a pinterest kitchen".

I also painted the entire house on the outside, and the difference is pretty dramatic.

I put a ton of work into the yard as well.

Tons of elbow grease, but very little investment.

Just wondering how this type of profit margin of 20k pure profit stacks up.

BlogWobbles
BlogWobbles

The 250k sell price includes the realtor fees.

You didn't say that to begin with, dumbass. It makes a big difference.

TechHater
TechHater

About 8k difference, yes.

I just thought business-savvy people like Veeky Forums would naturally assume I was selling it myself, without the realtor.
And honestly that was the plan, but I involved the realtor anyway as part of the negotiations for the house I'm about to buy.

JunkTop
JunkTop

No one outside manufacturing makes 30% profit. I dropship 90% of my orders. Everything is B2B packaging and janitorial materials, and Id fucking kill for 15% profit after all is said and done. Last year on 1.3mil in sales, I walked away with 96k for reference

Ignoramus
Ignoramus

Maybe he thought I wasn't factoring in mortgage fees, taxes, realtor fees, etc.

Carnalpleasure
Carnalpleasure

business-savvy people like Veeky Forums

happy_sad
happy_sad

business-savvy people like Veeky Forums

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