I looked at their website after seeing one of their billboards and they have like 100+ locations listed. They must be making bank but what exactly is their business model?
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They pay way under market to people desperate to sell, willing to take less if they don’t have to clean out/stage, etc. That’s where the profits in flipping houses is… in getting below market homes to fix up.
So somebody inherits their parents’ run down house that hasn’t been updated since it was built in the 70’s. They don’t want to deal with decluttering it, trying to make it look more modern/presentable to today’s buyers. So rather than do all that work and get $250k, for it, maybe they’ll take $180k and be done with it.
The “we buy ugly houses” people then spends $50k to remodel the house and list it for $300k.
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