Flip

[WebBoard]

From: Mike .


FLIPS - Can someone explain in Layman's terms???
From: Fee
Date: 01 Dec 2000
Time: 22:39:54

 

[WebBoard]

Les

Reply: 1
From: Mike .


A bit of a Thesaurus ;^)
From: Les
Date: 02 Dec 2000
Time: 09:11:33

G'day Fee,

In case you hear of other "funny" names, here's a few of the odd ones.

Flip - purchase a property, then onsell to another buyer before settlement for a profit.

Wrap - purchase a property, then provide vendor finance to a buyer (you become a Bank) by issuing your own mortgage to them.

Lease/Option - buy, and/or sell, property by renting first, with an option to purchase or sell at a previously agreed price on or before a particular date.

Each one has it's place, it's advantages, and it's disadvantages. Knowing they exist, and what they are, is a good start.

Check earlier entries in the forum for more complete information (don't forget the Archived section).

Hope that helps.

Regards, Les

 

[WebBoard]

Jane P

Reply: 1.1
From: Mike .


Yeaay - thank goodness for Les
From: Jane P
Date: 03 Dec 2000
Time: 11:31:20

 

[WebBoard]

Les

Reply: 1.1.1
From: Mike .


Re: A bit of a Thesaurus ;^) - with Errata :^(
From: Les
Date: 12 Dec 2000
Time: 17:54:34

G'day all,

The Wife pointed out (quite rightly) that the "flip" is not quite right as presented:-

"Flip - purchase a property, then onsell to another buyer before settlement for a profit."

As TW pointed out, a flipper never takes title of the property, thus never actually "purchases" the property. Thus, a better description might be:-

"Flip - go to contract on a property, but onsell to another buyer before settlement for a profit."

Actually, there might still be better words to define this process, but it should give "the general idea" - how'd I go, TW?

Regards, Les

 

[WebBoard]

The Wife

Reply: 1.1.1.1
From: Mike .


Re: A bit of a Thesaurus ;^) - with Errata :^(
From: The Wife
Date: 12 Dec 2000
Time: 21:19:58

You did good Les.

The high flying flipping fraterninty is frightfully proud of your ferocious focus on our fantastic flipping flipping.

 

[WebBoard]

Les

Reply: 1.1.1.1.1
From: Mike .


The Wife has such a Way With Words - Wonderful ;^) (nt)
From: Les
Date: 17 Dec 2000
Time: 06:17:21