Like Leo, these are experienced contractors or investors who use their own capital or "hard money" loans to buy distressed properties, renovate them, and sell for a profit [1, 2].
Leo wasn’t alone in this niche market. He belonged to a group often called "house flippers," but that title oversimplified a diverse ecosystem of buyers: who buys houses to flip
Syndicates of passive investors who pool money for a professional manager to find, fix, and flip multiple properties at once [4]. Like Leo, these are experienced contractors or investors
Leo’s strategy was the "Fix and Flip." He spent six weeks tearing down walls to create an open floor plan and replacing the avocado-green appliances with stainless steel. He knew his target: a young family looking for a "turn-key" home in a rising neighborhood. Leo’s strategy was the "Fix and Flip
By week eight, the shag carpet was replaced with light oak vinyl plank, and the nicotine-stained walls were a crisp "Swiss Coffee" white. He’d bought the house for $210,000, spent $50,000 on renovations, and after closing costs and interest, he hoped to list it for $325,000.