I’m not trying to get into your business or make a criticism here… but I’m confused on what the plan is: flip it, rent it or locate your wife’s business into it (or some combination of those?). I’m also a little confused about the post renovation valuation estimates. Where is the $300k valuation coming from on a 3/2 with 1600 sq. ft. if a 3/2 home with 1900 sq. ft. sold for $223k in a lower interest rate environment last year?

Like I said, I’m not trying to pick this apart. But one of my sidelines had been providing private money to house flippers and investors. Part of the initial exercise/meeting was what the end goal of the project was and how the projected valuations were arrived at.

No biggie. Just curious. Good luck with it either way you take it.

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Posted by Drizzt

Cimmeria

Member since Aug 2013

12971 posts

Posted on 1/6/24 at 7:07 pm to Jag_Warrior

Plan is definitely to get my wife’s shite out of taking over the house. There is decorating shite everywhere. If she stops doing her business then I could sell it.

My 1900 sq foot comp was for a similarly run down home on a worse lot (slopes into a valley near interstate). Also it was old wood while the one I’m looking at is brick. The $300k estimation of course assumes some renovation. I’m saying if I buy it right and renovate for a total investment under $250k then I’m confident I could sell for $300k. $190 a sq ft is typical for my neighborhood.

My contractor is very good and pretty cheap. He renovated my current home and another I just sold. I got him from the realtor I use for everything. She is an experienced flipper and buys at auctions regularly. She gave me this one as it’s next door to me and she prefers to flip outside of city limits as she thinks the code inspectors are ridiculous. She’ll handle the auction for me.

This post was edited on 1/6/24 at 7:15 pm

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