OfflineWe'll be closing tomorrow on the bank owned REO. 10 day escrow, with Thanksgiving right in the middle of it, kept everything working at top speed. Since the bank will do no repairs and no nothing... that part didn't hold us up at all. Today we had a little late afternoon scare when the Title company didn't finish doing the plotted easements, so the listing agent (REO agent) went crazy and threatened to cancel the escrow and keep our $5000 deposit because we'd already signed off on "any and all" contingencies.
Luckily, I got a title binder for the flip sale, so we'll be able to get the easements plotted out for our end user buyer. But, in the mean time... it was a stressful afternoon (Can she cancel without telling us????). It all comes down to "what hill do we want to die upon?"... and it's most certainly not that one!
This house is being purchased for about $93 per sq foot, and should have an easy sale value of $170 or so. It will cost about 50K to fix it up to BEAUTIFUL. We bought the new appliances and cabinetry at Home Depot today... taking advantage of the Black Friday sales (20% off of the cabinets, most of the appliances about half off!!), and, dig this.. no interest for 18 months!
Jill... the investor friendly REALTOR.
Due to spam... no email links!
congratulations on your deal, seems pretty good. How did you find this property? Are you planning to fix and flip or double close as you said you have an end buyer.
Your attitude determines your altitude!
can you share some more details about your deal? how many sqft does the property have? how are you financing it?
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
This is my husband and my first "flip". We have multiple rentals and other real estate, but never thought to tackle a flip. Then, gradually, the dim light grew brighter...hee hee... I've been seeing people make so much $$$, and, as a realtor, been frustrated to see deals come down the pike and have no buyers for them. I've helped investors find and sell houses with good mark ups, and I'm literally in the trenches every day seeing what sells, what sits, who's making a bundle, etc.
When I came across DG and friends, I thought, "hmmm, there's a whole nuther world out there". I've been nagging my husband for about a year, "let's just try it". We started writing offers about 4 months ago, had four or five accepted, but turned them down when the margins were just a bit too slim for comfort. Our market is still slightly declining overall. I see a lot of investor flips that sit on the market or need lots of price reductions. The ones that sell are in the 280-320 range and redone to be like new inside and out. So the margins have to be big enough to not hold back... granite, scraped hardwood floors, etc. The ones that don't completely re-do don't sell as fast.
Jill... the investor friendly REALTOR.
Due to spam... no email links!
Square footage: 2000
Financing: Private money
No end buyer till we redo the house.
When the time comes (hopefully Feb 1) I will put it on the MLS, hold a broker's open house, do Craigslist, and target our (wonderful) Marine families who are based at nearby Camp Pendleton.
Jill... the investor friendly REALTOR.
Due to spam... no email links!
for stepping out and taking action on a different strategy !! i am sure you will gain more and more CONFIDENCE as you learn new ideas and experiences.good job ...keep on learning and climbing !!
jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
I'm very happy for you that you're doing your first flip- you must be very excited! and as you say, using your realtor knowledge to learn what is selling and what is not in your area, and using DG strategies will help you get great deals!
Thank you for sharing the details of your deal for others to learn!
Wishing you great success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Congrats Jill! It sounds like a great deal. I have had the opportunity to do a lot of deals and something always comes up at the last minute! I love having to work through the trials. It makes the final victory so much better.