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re: Flippers out there - where are you seeing deals?
Posted on 8/22/23 at 6:56 pm to Im4datigers
Posted on 8/22/23 at 6:56 pm to Im4datigers
There are still deals out there, but some sellers still think it’s 2021. We looked at a 3/2 1550 sf house today that needs a full kitchen and 2 baths (cabinets, fixtures, floor/subfloor), floors throughout, new drywall in roughly half the house, has active honey bees in 1 bedroom wall, needs a new A/C & windows, has an undiagnosed gas leak, and the entire back yard is 4-5 feet tall in weed and crap. He’s still asking $62/sf for a house that’s roughly $120-125 sf when completed.
1
Posted on 8/22/23 at 9:31 pm to LSUGUMBO
Lsugumbo- let me know if you guys are ever looking to JV something. Or if you need financing for it.
Posted on 8/23/23 at 1:40 pm to Im4datigers
If only they were passive. I'd love to be in a project and be the dumbest person there just learning
Posted on 8/23/23 at 6:49 pm to Im4datigers
It's gotten a little harder around here. We get told "no" a little more often but we are still able to find a few deals. The biggest issue for me is the influx of "new" flippers. If something hits the MLS - there's a 0% chance of landing it or it being a decent deal after it gets bid up over asking.
Posted on 8/23/23 at 6:53 pm to EsquireReb
quote:
The biggest issue for me is the influx of "new" flippers. If something hits the MLS - there's a 0% chance of landing it or it being a decent deal after it gets bid up over asking.
Same in this market too. But are these guys actually making money or spinning their wheels saying they’re flippers making money. I just don’t see how they’re making the numbers work on some of these.
This post was edited on 8/23/23 at 9:10 pm
Posted on 8/23/23 at 7:12 pm to EsquireReb
quote:
If something hits the MLS - there's a 0% chance of landing it or it being a decent deal after it gets bid up over asking.
I just always assume that anything hitting MLS has been passed over by all the people who actually know what they are doing.
Maybe I’m wrong in that assumption.
Posted on 8/24/23 at 7:17 am to JohnnyKilroy
I’ve always had a difficult time getting plugged into being early to real estate deals. Maybe an agent gives me a heads up once on an overpriced item, I balk, and he never calls me again. Have dealt with it on land multiple times.
Posted on 8/24/23 at 8:03 am to turkish
quote:
I’ve always had a difficult time getting plugged into being early to real estate deals. Maybe an agent gives me a heads up once on an overpriced item, I balk, and he never calls me again. Have dealt with it on land multiple times.
That's mostly on the realtor, partially on you. Most realtors have no idea what #s should look like on investment properties and just think everyone is interested in cute kitchens and spacious living rooms. If the realtor brings you a weak prospect than take it as an opportunity to give them the #s or info of what you are looking for. For example(nearly impossible deal in real life), "I'm looking for 4-8 door multifamily that is not in a floodzone, < 20 years old, and is renting for 1.5% of the asking price"
I've had realtors bring me prospective rental properties and not have any of the #'s that the property is currently working with. They now have a checklist from me for all of the items I want before they bring me a property.
Buyer's are in control in most markets now, properties are cobwebbing on the market, don't be afraid to demand what you want.
Posted on 8/24/23 at 9:08 am to southside
I’ve got one better than that - was looking at a new listing multi family deal in New Orleans. Emailed and asked for two simple things - rent roll and a T12. Most basic of information.
Didn’t have it. This is a commercial broker not a residential person trying to do commercial. I would think those two things, at a minimum, would be what you ask for when you take the listing. Unreal.
Didn’t have it. This is a commercial broker not a residential person trying to do commercial. I would think those two things, at a minimum, would be what you ask for when you take the listing. Unreal.
Posted on 8/25/23 at 9:56 pm to Im4datigers
What is a T 12 ?
Posted on 8/25/23 at 10:39 pm to JohnnyKilroy
quote:
I just always assume that anything hitting MLS has been passed over by all the people who actually know what they are doing.
Maybe I’m wrong in that assumption.
Usually, there's always a few horrific and or new agents out there who do not know what the have. (The hoffific do and under sell it and the rookies don't know what they have.)
Posted on 8/26/23 at 8:15 am to KCkid
quote:
What is a T 12 ?
Aka TTM. The most recent 12 months of operations financials. Trailing twelve months.
Aka the most basic thing a seller should be able to produce on a property.
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