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
Large tech-driven companies that use algorithms to buy homes quickly for cash, though they usually look for houses needing less work than Leo’s [3]. Like Leo, these are experienced contractors or investors
Leo stood in the middle of 42 Oak Street, his breath hitching in the cold, stagnant air. To most, the house was a disaster—a foreclosure with "shag carpet" that smelled of decades-old nicotine and a kitchen that looked like a 1970s fever dream. But to Leo, a , it was a blank canvas. Leo stood in the middle of 42 Oak
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.
Syndicates of passive investors who pool money for a professional manager to find, fix, and flip multiple properties at once [4].