Real Life Flip this House and financing

Monday, February 26, 2007


The Townsend property finally sold. We were asking 2o9k and sold for 206k, not bad.
Slightly over budget but still an nice profit. One thing we learned on this one is that homes over 200k in a soft market can be tricky. buyers have more options and will use thier inspection reports for bargaining power at the end. This one cost us an extra 2k for misc repairs. Watch for minor roof repairs and electrical. It may be worth a the money to hire your own inspector near the end of your rehab to head off potential deal killers. Give the buyer as a clean of an inspection as possible to show your workmanship and also save you time and money on last minute repairs.

Try to highlight something about your house that others on the market may not have. I feel our strengths on this were large yard with electric gate, stainless countertop and appliances, 8 foot cedar fence and 3rd bathroom for guests.

stay tuned, we have one more to go and our group is currently shopping for new flips as we speak. Again, i'm looking for things that will cause slow sale or things I can highlight for a fast sale. The property with the biggest equity spread may not be the best if factors cause a longer than usual hold time.