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He was confident he could flip it for a profit.
"Just flip it for a second," Mr. Rendell said.
I was heartened to see that he was putting so much energy into the place and was not a speculator intending to flip it for a profit.
"There aren't thousands of V.C.'s running around Silicon Valley to fund a company just to flip it for a quick payout," Mr. Anker said.
Speculators often got bank loans to put down 10percentt on a property that had not yet been built, only to flip it for a huge profit to another buyer, who would do the same thing, and on and on.
In 2008, as the financial crisis took hold, a buyer sold a penthouse in the building for $8 million, $500,000 less than he had paid, after trying to flip it for $12 million, said Jill Sloane of Halstead, a broker on the deal.
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Heiferman insists that Meetup is focusing on staying relatively small itself – it's 96 people today, and he wants it to continue to maintain its low profile as opposed to "flipping it" for a profit, or moving to an IPO.
I bought a Pearl Jam album for $75 and flipped it for $150.
Last July, six months later, they flipped it for $48.5 million, setting a co-op sale record.
Then, with Mr. Fastow's help, they bought that stake and flipped it for a profit.
Less than two months after closing on it for $4.86 million in early 2008, he flipped it for a $3.6 million profit.
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