Back to flippin' ?
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Back to flippin' ? (by S i d [MO]) Apr 29, 2021 8:09 AM
       Back to flippin' ? (by NE [PA]) Apr 29, 2021 8:31 AM
       Back to flippin' ? (by WMH [NC]) Apr 29, 2021 9:00 AM
       Back to flippin' ? (by Ken [NY]) Apr 29, 2021 9:49 AM
       Back to flippin' ? (by Vee [OH]) Apr 29, 2021 12:19 PM
       Back to flippin' ? (by Dave [MO]) Apr 29, 2021 2:25 PM
       Back to flippin' ? (by S i d [MO]) Apr 29, 2021 2:50 PM
       Back to flippin' ? (by Tex [TX]) Apr 29, 2021 3:45 PM
       Back to flippin' ? (by Kim [TX]) Apr 29, 2021 4:54 PM
       Back to flippin' ? (by Hoosier [IN]) Apr 29, 2021 5:20 PM
       Back to flippin' ? (by Ken [NY]) Apr 29, 2021 6:08 PM
       Back to flippin' ? (by Nicole [PA]) Apr 30, 2021 9:38 AM
       Back to flippin' ? (by Scott [NC]) May 2, 2021 2:07 AM

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Back to flippin' ? (by S i d [MO]) Posted on: Apr 29, 2021 8:09 AM

I've had a unique-to-me opportunity fall into my lap recently. A long-time LL is selling several of his properties (retiring) at what I consider very reasonable prices, especially considering the current market conditions. Here's the basics of the deal:

1) Three SFHs.

2) Each house has 4 bedrooms. 2 have 2 baths. The other has 1 bath.

3) Dates of construction: 1980, 1963, 1920.

4) Ave square footage 1,300.

Possibly very good "starter" homes. All three are located in "not bad to decent " neighborhoods. Crime rate is "Low to Lowest".

None of this is the new opportunity, but this is the plan. Buy them all as a package, spruce up, then sell in this hot, hot, hot market.

The "For Sale" metrics for 4-bed houses in this area:

24 properties listed for sale. 2 cheapies at $90,000 and $95,000 respectively. The rest are $140,000 - $160,000. DOM range from 1 day to 26 days.

I've got the package of 3 under contract for $210,000. Unless they are absolute disasters, this should work out nicely for me and my equity partners as flips. The plan is to let the current tenant leases run out, non-renew, fix up, and sell. Or if tenant wants to buy, perhaps a Lease/Option if they are well-qualified.

Inspection time!

Back to flippin' ? (by NE [PA]) Posted on: Apr 29, 2021 8:31 AM

In my area, I would pursue hard any deal right now that I can find that makes money. I haven't seen a deal worth pursuing in so long that I'm starting to forget what they look like. I'm finding myself doing crazy things like spending time with my wife and mowing the yard and cleaning the truck. If you have a deal in the works, Go get it!

Back to flippin' ? (by WMH [NC]) Posted on: Apr 29, 2021 9:00 AM

Got a call from my insurance agent's assistant. Their parents recently passed away, want to sell their house. Doublewide on own lot in nice neighborhood, and potentially an ADU as well ( have to go check.) They don't want to use an agent - I don't know why. Asking $150k. I would list for $250k without doing anything...we'll see. We don't usually flip but this might the time.

Back to flippin' ? (by Ken [NY]) Posted on: Apr 29, 2021 9:49 AM

WMH,go get that contract signed.Dont steal in slow motion

Back to flippin' ? (by Vee [OH]) Posted on: Apr 29, 2021 12:19 PM

With the mortgage foreclosures stalled over 12 months there will soon be a market of beat down places out there. Oil your air compressors and if plywood is on the windows hide it indoors to fix the floors.

Back to flippin' ? (by Dave [MO]) Posted on: Apr 29, 2021 2:25 PM

Nice job, Sid. Make some $$$$

At this market and those prices I would defiantly flip. Pass on the lease options and head to the bank!

Back to flippin' ? (by S i d [MO]) Posted on: Apr 29, 2021 2:50 PM

Dave & Vee, you both make a good point. There's no guarantee this hot market will last another year or two. Best to take the profit while I can.

That said, even if the market slows I really don't think the prices are going to fall much. 3+ bed houses have been on the rise for the past 8-10 years in my town. No one is building "starter" homes for less than $150,000, and they are tiny (under 1100 sq ft) and/or further out of town.

Back to flippin' ? (by Tex [TX]) Posted on: Apr 29, 2021 3:45 PM

Owner Carry....I recently did one and working out nicely considering the rate that property tazes are going up i am planing on doing maybe 10 properties.....

Back to flippin' ? (by Kim [TX]) Posted on: Apr 29, 2021 4:54 PM

We had planned on picking up a couple more properties this year- either to rent or flip. My concern is, how do I fix up a property for a reasonable price when the cost of material has suddenly doubled? We're not sure what to do right now.

Back to flippin' ? (by Hoosier [IN]) Posted on: Apr 29, 2021 5:20 PM

Make sure to check for any liens, including tax liens.

Back to flippin' ? (by Ken [NY]) Posted on: Apr 29, 2021 6:08 PM

KIM,the rents and sale prices have gone up a lot also so dont stop buying for that reason.

Back to flippin' ? (by Nicole [PA]) Posted on: Apr 30, 2021 9:38 AM

Sounds like a good deal. I'd move quickly before someone convinces him he can do better in today's market.

Naturally dependent on how long those current leases run, due to materials pricing, I'd do VERY basic fix up before reselling. A nice starter home in a 'not bad to decent' area doesn't require a lot of bells and whistles if it looks nice.

Due to the market, I'd start to move the folks out of the 'best' flip right away and get it sold. Then, I'd do the next one and finally the one that you would most likely keep as a rental should the market turn quickly.

Back to flippin' ? (by Scott [NC]) Posted on: May 2, 2021 2:07 AM

Is fixing up, cash out refinance them, rent them out an option?

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