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Started By
Message
Best bang for your buck when fixing up a property to sell
Posted on 3/14/19 at 7:54 pm
Posted on 3/14/19 at 7:54 pm
Couple business partners and I just bought our first flip. We paid $14k for house about a quarter mile from the water. Zillow has it for about $140k and we estimate it's worth $110 to $130k right now. Median house sales in the neighborhood are $200k.
House needs a good amount of work, including landscaping. What's the best bang for your buck work we can do? We're trying to flip it quickly and 1031 into other properties asap.
House needs a good amount of work, including landscaping. What's the best bang for your buck work we can do? We're trying to flip it quickly and 1031 into other properties asap.
This post was edited on 3/15/19 at 6:21 am
Posted on 3/14/19 at 7:56 pm to TheOcean
Make no improvements and flip it right now.
Posted on 3/14/19 at 8:41 pm to TheOcean
quote:Sounds like you almost stole it.
paid $14k for house about a quarter mile from the water in Florida.
Posted on 3/14/19 at 8:59 pm to LSURussian
Got to love being able to do all the legal work yourself
So no one would put any money into the house before flipping? House needs to be cleaned up and basic landscaping at a minimum.
So no one would put any money into the house before flipping? House needs to be cleaned up and basic landscaping at a minimum.
Posted on 3/14/19 at 10:01 pm to TheOcean
quote:
We paid $14k for house
quote:WTF how?
Zillow has it for about $140k and we estimate it's worth $110 to $130k right now.
Posted on 3/14/19 at 10:30 pm to TheOcean
Yea if you bought it for $14k and can sell it without another dime for $140k, don’t spend a dime and sell the shite out of it ASAP
Posted on 3/14/19 at 11:19 pm to TheOcean
Pls tell me how you did this. Thanks.
Posted on 3/14/19 at 11:22 pm to TheOcean
I would do as little as possible. most likely you're eating more into profits than increasing the value if you're already that far ahead.
Posted on 3/14/19 at 11:30 pm to oklahogjr
Also time is money.
You may be able to make a small additional profit as compared to just selling straight up but is that time (30, 60, 90 days) worth another $40-50k before expenses vs using the money to buy another flip property
You may be able to make a small additional profit as compared to just selling straight up but is that time (30, 60, 90 days) worth another $40-50k before expenses vs using the money to buy another flip property
Posted on 3/15/19 at 5:12 am to TigerTatorTots
Don't want to get into details on here, but completely legit. These properties require some serious legal work ($15-20k) that we can do for free -- eviction, quiet title, 1031.
Posted on 3/15/19 at 5:14 am to rowbear1922
Zillow has it for $140k. I don't think it is worth that given the current condition.
Here's a side question...how do we find flippers who would be willing to buy it at a pretty big discount?
Here's a side question...how do we find flippers who would be willing to buy it at a pretty big discount?
Posted on 3/15/19 at 6:59 am to TheOcean
Not gonna lie, this sounds shady as frick
Posted on 3/15/19 at 7:16 am to TheOcean
Never trust Zillow prices. Might be close, might be way off.
Posted on 3/15/19 at 7:19 am to TheOcean
quote:
We paid $14k for house about a quarter mile from the water. Zillow has it for about $140k and we estimate it's worth $110 to $130k right now.
How in God's name did this even happen? Something isn't adding up. Free 100k in equity doesn't just pop up
Posted on 3/15/19 at 7:41 am to TheOcean
quote:
Don't want to get into details on here, but completely legit. These properties require some serious legal work ($15-20k)
even then you're looking at a whopping $34k in cost
you may have found the steal of the century (and i would not expect many repeats) or there is something really bad beneath the surface
but assuming you found a needle in a haystack, do nothing. clear the title and sell it. if the houses sell for $200k max you'll need to put in $50k+ to get to that level and you're only gaining maybe $60k in value (so +$10k). add in the cost of time to do that and you're -EV bruv
This post was edited on 3/15/19 at 7:42 am
Posted on 3/15/19 at 8:54 am to Penn
quote:
Not gonna lie, this sounds shady as frick
Posted on 3/15/19 at 9:37 am to Penn
quote:
Not gonna lie, this sounds shady as frick
Nothing is shady. Deed was already recorded transferring ownership by the county. We already have a title company willing to write a title policy. My business partner has been doing real estate law for 10+ years.
Posted on 3/15/19 at 9:39 am to SlowFlowPro
Nah, not the steal of the century. These types of deals are pretty common if you know what you're doing.
But yeah we're just going to try and flip it asap. Just need to find some flippers.
But yeah we're just going to try and flip it asap. Just need to find some flippers.
Posted on 3/15/19 at 9:41 am to TheOcean
quote:
Nah, not the steal of the century. These types of deals are pretty common if you know what you're doing.
But yeah we're just going to try and flip it asap. Just need to find some flippers.
If you need a 3rd investor, I'll throw in $4k with you 2 for a 10x multiplier in a matter of moments
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