Is it taboo to ask what someone purchased a house for?

Is it taboo to ask what someone purchased a house for?

St Petersburg, FL · Member since 2016 · 28 posts · 3 votes

So I met someone in my degree program today and asked if he managed to find a place as we have all moved here from out of state. This is kind of a standard question among all the newcomers. He mentioned to me that he had purchased a house to flip. Now, I have been really trying to get my feet under me with purchasing a rental and I really am not interested in flipping houses where we are. I said that I was trying to purchasing a rental and I asked him what he purchased it for and what was he trying to sell it for. He was pretty taken aback by the question and it seemed to really offend him.

I personally don't have any issue with sharing this information with someone since its something people can look up on most sites and I don't ask any really specific questions but I felt bad that it offended someone. Did I make a faux pas by asking about this? I would have thought from one real estate investor to another that it would have been fine but it seemed to really bother him and I don't want to offend anyone in the future.

Alternatively, if it is offensive, should I just not ask anyone this in the real estate community about the projects they are working on?

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New to Real Estate · Las Vegas, NV · Member since 2016 · 105 posts · 31 votes
10y

I don't have in problem with it myself...kinda a badge of honor to say $265,000.00, you see I told you. =p

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  • Investor · Raleigh, NC · Member since 2016 · 36 posts · 12 votes
    10y

    As you said, once the deal closes, purchase price becomes public.  If the individual is an investor, they not only know that but *expect* that others will look as well.  Sharing the information in a conversation shouldn't cause so much surprise if it is in the the context you describe.  

  • New to Real Estate · Las Vegas, NV · Member since 2016 · 105 posts · 31 votes
    10y

    I don't have in problem with it myself...kinda a badge of honor to say $265,000.00, you see I told you. =p

  • St Petersburg, FL · Member since 2016 · 28 posts · 3 votes
    10y

    Thanks Greg and Alex. 

  • Investor · Woodbridge, VA · Member since 2015 · 476 posts · 197 votes
    10y

    This is an awkward question for people who are not investors because most don't realize that its public knowledge anyway. While he may have said he was "flipping the home" it is probably just some jargon he learned from TV and he is not really an "investor" per say. Investors are all about the numbers and as @Alex Yost said we expect it. People just hear those words on tv and use them because they think it makes them sound cool.  

    I don't think you meant to be rude and for the future just be sure that people are really investors before you go asking the question. When im not sure I usually say something like "Do you mind if I ask how much it was?" and this way it makes you seem like you understand that this can be a touchy area for some people.

    I wouldn't sweat it too much though. Just don't bring the subject back up and it should pass in a couple of days.

  • Point Roberts, WA · Member since 2015 · 102 posts · 18 votes
    10y

    I find that people are happy to discuss finances in general but are guarded about the specifics on their own finances - whether business or personal.  I don't discuss my numbers with anyone except my advisors.

  • Rental Property Investor · Gwinnett Co., GA · Member since 2016 · 34 posts · 6 votes
    10y

    Since the information is public soon and depending on the scenario, I'd ask what someone purchased on a property.

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