Number 34 was purchased in 2016 by solicitor Mark Foster for €300,000. “It was totally dilapidated,” says Foster “There was a hole in the roof where water had been pouring in for over a year, we had to knock everything, apart from three walls.”

…This is Foster’s second foray into flipping houses on the street, “the location is second to none, and the views from the attic at night remind me of the New York skyline”, he says referring to views of contemporary buildings intermixed with period properties.

Ah here.

Turnaround two-bed a joy to behold in D4 for €495,000 (Irish Times)

19 thoughts on “Flip Porn

  1. Ding

    I don’t see the issue here? It’s a very nice looking little house in a good location. Having recently renovated our own old 2up, 2 down I can confirm it’s a nightmare full of surprises and uncertainty. We didn’t opt for a house in turnkey condition but I can see why someone else would. Yes, he’ll make a few bob but good on him

      1. Ding

        Depends on the state of your gaf. We had rising damp so had to strip walls back to the bare bones which proved expensive-treatment, then slab and plaster We also decided to rip up old suspended timber floor and go with an insulated concrete floor. Not 100% essential but seemed like the better choice. Check the timber for woodworm-we were infested. If you have a traditional 2 up, 2 down look at open plan layout. We did, as did house here and it makes a huge difference. Almost seems like a normal sized house.
        Spend your money on the important stuff like wiring, plumbing, windows, insulation. The nice furniture etc can happen in time. Also, prepare to blow your budget, there’s no avoiding it :(

  2. Fact Checker

    It is not really a sustainable business model.

    The cheapest way to do this is to do all of the renovation yourself. Even still you will pay 33% on the capital gain, which is probably higher than the average tax rate on your income from doing other things. Costs of surveys, conveyancing, estate agents and stamp duty are not tax deductible.

    Second, house prices in Ireland are HIGHLY unstable. Even over a 12-month horizon there is a big risk that you will be looking at an appreciable loss. So you have to carry a big financial risk yourself or pay for quite expensive finance.

    Ever wonder why these stories disappeared from the press between 2008 and 2015?

    1. Frilly Keane

      Are you sure those costs aren’t tax deductible FC?

      As far as I remember, they were no longer allowable as Indexed costs. But allowable just as they were.

      Like how is a cost of sale, like estate agent fees and conveyancing not a permitted cost FFS
      that sounds like a Shinner tax plan
      not A blueshurt one

      either way, its unfair on the tax payer

  3. Yowzah

    fair dues. Needs funding, skills, management, time, vision and risk – flippers should get rewarded by the market, and they do.

  4. Happy Molloy

    I think if I won a few mill in the lottery and wasn’t going te be a wage earner anymore that I would buy and renovate houses just like this

    1. Brother Barnabas

      Harry, if you’re genuinely harboring some entrepreneurial ambitions, I’d be prepared to invest in you. You strike me as a spunky kid who’ll do well. PM me.

      1. Happy Molloy

        Are you serious!? Oh man, I’ve got a lot of good ideas, a lot!

        Have you ever considered ice cream that doesn’t melt? Or an ice cream glove so prevent your hands from getting sticky from ice cream that DOES melt?

  5. edalicious

    Two story extension, removed internal walls and moved stairs? He can’t have made that much of a profit off this.

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