Flip

Definition

The practice of buying a terrible house, slapping on some gray paint and vinyl plank flooring, then selling it for twice the price. Thanks to reality TV, every person with a hammer now considers themselves a real estate mogul.

Example Usage

"I flipped a house in six months. And by flipped, I mean my finances did a complete 180 in the wrong direction." - A first-time flipper

Related Terms

Intermediate

tax abatement

A reduction or elimination of property taxes for a specified period, typically offered as an incentive for development or renovation in targeted areas. It's the government's way of bribing you to improve neighborhoods they've neglected.

🏠 Real Estate

Intermediate

scratch and dent

Industry slang for properties with minor cosmetic issues that scare away typical buyers but are catnip to investors and DIYers. Think ugly carpet and dated wallpaper, not structural disasters—though agents sometimes blur that line.

🏠 Real Estate

Beginner

disclosures

Legal documents where sellers reveal known defects, issues, or stigmas about a property. It's where you learn that 'charming' means 'haunted' and 'original fixtures' means 'nothing works.'

🏠 Real Estate

Intermediate

WAC

Walk-Away Cash—the net proceeds a seller receives after paying off mortgages, liens, commissions, and closing costs. It's the moment of truth when sellers discover whether they're taking home a check or writing one.

🏠 Real Estate

Beginner

Starter Home

A concept from the 1990s where young people could afford a small first home before upgrading. Now it mostly exists as a fairy tale told by boomers alongside legends of affordable college and pension plans.

🏠 Real Estate

Intermediate

joint tenancy

A form of property ownership where two or more parties hold equal, undivided interest with right of survivorship, meaning the property automatically transfers to surviving owners upon one's death. It's estate planning that bypasses probate court, assuming everyone stays friendly.

🏠 Real Estate

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