Longer comment on "flipping": https://news.ycombinator.com/item?id=13835150.

> Also, I guess I don't understand where they actually make money.

Sorry for not being more clear on that. When we make an offer on a home, we present a headline price ("we think your home is worth $X"), and an upfront fee for our service (6-12% depending on our estimation of the risk, where traditional real estate fees are 6%).

We try to make the fee as transparent to our sellers as possible, so they can make a fully informed decision.