Forget the hipster. In La La Land, the “flipster” is all the rage these days, according to the Los Angeles Times.
Millennial house flippers are making a mark in the real estate market by catering to a new generation of millennial home buyers. Their neighborhood of choice? East L.A. mainstays such as Echo Park, Silver Lake, and Atwater Village, as well as still-gentrifying spots around town, such as Vermont Knolls.
Their signature look? Fences with horizontal panels, and anything else on Pinterest DIY boards, according to the Times.
Flipster Sheena Schwartz, 36, put up horizontal fences at three out of the five homes she has flipped. Her latest one, a 1920s-era Jefferson Park residence, just sold for $940,000. She bought it for $490,000 and put $200,000 into fixing it up.
“That immediately identifies a house — OK, someone has come in and hipsterized this,” David Raposa, who heads Los Angeles-based City Living Realty, said of the fencing.
All three flipsters interviewed by the paper said they borrowed money from family to kick off their businesses. [LAT]