The purchase and subsequent sale of a property without it being occupied in the interim. The property is typically renovated during the ownership period with the intent of increasing its value, although wholesale flips can take place without any work being performed on the house.
The total replacement of something. For example, replacing all components flooring, and walls of a bathroom.
A type of short-term loan from a non-traditional lender often used by fix-and-flip investors. These loans typically have less documentation requirements, but have much higher than average interest rates.
These are the costs associated with the ownership of the property while it is being flipped (not including the renovation costs). These typically consist of taxes, insurance, interest, and utilities.
A common room or hearth room in colonial days. Today it is typically a multi-purpose room adjacent to the kitchen containing a fireplace.
Homes built prior to 1978 often used lead-based paint, which is known to be poisonous. It requires special handling and removal by trained personnel.
A failed attempt at making a property more attractive. Despite trying to make it beautiful, it’s still and ugly house.
An acronym for a Laminated Veneer Lumber type of beam, which is a high-strength engineered wood product used to provide major support in construction projects. LVL beams are typically lower in cost but much larger in size than a steel beam with the same load rating.
