Costa Mesa House Flipping vs. an Extreme Makeover Model
Posted by Matt Kanoudi on
Most Costa Mesa real estate turnaround practitioners follow what might be called “The House Flippers’ Creed”: buy, fix, sell—as quickly as possible! The speed factor isn’t just because, as in most businesses, volume dictates profitability. It’s also due to the investment’s interest expense—the value of money over time. You don’t need an economics class to see how it can gnaw away at a bottom line. Now it seems that The Creed’s fundamental hypothesis is being challenged in many parts of the nation—at least by buyers targeting dated homes for their own use. According to last week’s Wall Street Journal essay about the rising tide of “Extreme Makeovers” which focused on residences that have had a single owner for decades. Many are in need of “new interior…
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