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Thursday, October 30th, 2008 at 6:52 AM

Back Gate Flipper

Posted on Thursday, October 30th, 2008 at 6:52 AM in Uncategorized | 9 Comments » | Email Email | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 9 Responses

  1. Considering what else is available in Oside for 300,000, I don’t think they have much chance with this one.

    keith l | October 30th, 2008 at 7:09 am

  2. F A I L !

    Tyrone | October 30th, 2008 at 9:06 am

  3. Jim

    What are the rents for a place like this? I am thinking if the rent is high enough, the option you mention of holding and renting may be a good one since they would likely have one of the better rentals.

    But flipping for 100k profit — I’ll be amazed. I could see a gross profit of 25k maybe 50k but not 100k.

    Bob | October 30th, 2008 at 9:55 am

  4. Nice crack in the walkway to the back yard. I wonder what the foundation looks like under the new tile and carpet.

    Rob Dawg | October 30th, 2008 at 10:47 am

  5. good luck on this one.100k profit in these times is going to be difficult.I thin there is some money to be made but don’t get greedy.

    arizonadude | October 30th, 2008 at 2:25 pm

  6. July is a very odd time to jump in, knowing you will be selling during the slow season… Did these guys have a history of flipping?

    JC | October 30th, 2008 at 2:40 pm

  7. Zillow is showing mostly from $220’s to 250’s on this street. I’d guess that they would get better interest with a more “wow” (read: lower) price.

    I suspect most readers of your blog are fairly sophisticated when it comes to buying and selling. But don’t write off the power of that staging–most people cannot “imagine” how the home really works without furniture. And even more hate to go through the process of upgrading/working with contractors/living in the dust/etc. Making it attractive can be a powerful lure.

    shoppingaround | October 30th, 2008 at 9:13 pm

  8. Considering the neighborhood and the other comps in the area you’ve shown, that place looks great. Very livable. $295K is a fishing expedition. No nibbles after a month? So put $239 on it, take $224 and RUN, don’t walk away.

    So you’re totalling up how much you think they spent – maybe $15K? I’d also wonder how much *time* is invested in getting a house into this
    kind of showable condition. I’d like to know your time estimate. If I was pro flipper I’d have to be doing 8-10 of these a year to put bread on the table. It would help to have a brother that does kitchens/baths and a cousin who’s a painter. That’s a 1/2 day landscaping job (including sprinkler). How many man-hours of phone time does it take to do this flip? Assuming 3-5 of these in the pipeline at any given point in time, you could probably keep yourself busy 30-40 hours a week, right? (includes hunting to keep your pipeline loaded)

    RBRenter | October 30th, 2008 at 10:45 pm

  9. Like I’ve said before, the bubble mentality is alive and well.

    While it’s entirely possible for them to sell it for $220K-230K, it would be very “unusual” if they got their current asking price.

    Thanks for showcasing these homes, Jim! :)

    CA renter | October 31st, 2008 at 12:18 am

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