In a remarkable feat of home flipping, a savvy investor successfully sold a house for $25,000 without undertaking any renovations. This dilapidated dwelling, abandoned for over four decades, presented a challenging sight with a collapsing ceiling, crumbling walls, and debris-strewn floors. Acquiring the property for a mere $3,335.44, Mindset Flips (@mindsetflips) factored in additional costs, including $4,700 for taxes and city liens.
Upon gaining full ownership, the property was listed for $25,000, attracting a cash offer the very next day. What sets this flip apart is the absence of any renovation expenses, allowing the investor to pocket a profit of approximately $17,000. Intrigued observers inquired about the high price tag for a run-down property, speculating that its value might be attributed to the land, potentially containing water and electricity connections. Although the specific land dimensions were not disclosed, this flip underscores the potential profitability of strategic property investments.
It’s crucial to note that individuals engaging in property buying and selling for profit may be subject to capital gains tax based on their income.
In a separate case, Adriel Hsu, a seasoned flipper who retired at the age of 29 through real estate ventures, shared his success story on TikTok. Purchasing a home listed in probate for $43,000, Adriel embarked on a comprehensive $68,000 renovation, transforming the property by updating the kitchen, bathrooms, and floors. The total investment escalated to $166,000, but after factoring in $8,000 for closing costs and realtor fees, Adriel secured a substantial profit of $46,000.
This narrative exemplifies the diverse strategies employed by real estate investors, ranging from buying properties on probate lists to executing complete renovations for significant returns. Additionally, the mention of purchasing homes sight unseen highlights the varied approaches investors take to secure affordable properties. For those intrigued by the potential of flipping homes, it’s worthwhile to explore the multitude of avenues available, considering factors such as probate listings and the allure of buying homes without physical inspection.
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