Fix'n'flip is realtor slang for a house bought for
cheap, fixed up and then quickly resold. Often, the
person buying the
house never lives there; the house is bought for short-term investment
purposes only. The "flip" of fix'n'flip refers to the rapid change
of ownership; i guess there's also a phenomenon of buying a house
cheap, just cleaning it out, and "flipping" it, sans the
fix bit. This probably appeals to get-rich-quick types;
the fix'n'flip is more for people who want to turn their elbow grease
into equity. It's more of a commitment, and
potentially more of a return.
Fix'n'flip houses are often found where real estate is
low-priced and moving quickly and the neighborhood
has perhaps been through a
few ups and downs, meaning there are houses that, while perhaps
architecturally sound, have
seen better days and can be purchased for
cheap. The investor may be an experienced craftsperson, reclaiming the
former beauty of original woodwork and restoring stylistic continuity
to a house that had become a hodgepodge -- or he may be an optimistic
but aesthetically challenged upstart, choosing the cheapest ways to cover over blemishes and
"improve" the place. In searching through a variety of houses, you'll
find truly loving handiwork, generic vanilla professionalism, and awful abortions of taste.
A fixer house, looked at with the right eye, seethes with potential
and history. Many potential buyers aren't looking for
potential or history - they just want a place that they don't have to
worry about much, that they can move into with minimal fuss and that
will keep them, their
family and their stuff well-sheltered. When they
look at a fixer, they say "No time. What a dump. What a broken-down
dump." On the other hand, the mangy hideous carpets (in certain areas)
often cover hardwood floors; ugly wallpaper conceals wonderful
details; original wooden cabinetry just needs new doors. A little
imagination can quickly make a list of the top five projects that will
make this house far better. A badly-done fix'n'flip will probably be
very difficult to sell; i have walked through houses that filled me with
pity - for those who put their hopes and money into the effort, and for
the house, which may never recover.
Because of the nature of the investment, these houses will tend to be
found in areas of gradual urban renewal - perhaps a former slum is
becoming a trendy place to live. This makes the process, like most all
investments, a gamble, since these processes can be unpredictable and
there are many elements at work in the evolution of any
urban area. These refurbished beauties may find themselves a bit
overdressed for the area for a while, and which may be
ticklish if you're trying to attract those well-moneyed middle class
buyers.
Personally, whether the fix is done artfully or not, i'm somewhat
disappointed when i walk into an obvious fix'n'flip. The stone has already been cut, decisions made. Past living has been erased from the house to
make it more of a saleable commodity. The neighbors are either
happy (if they are owners; these are probably new to the neighborhood)
or informed indirectly of impending rent increase. A certain
continuity, if it ever existed, has been disturbed. | 
