Posted by roger on September 11, 2003 at 15:10:02:
i agree with Harold sounds like he is planning to live there, his way is a losing deal, minor fix and flip to make a profit is your best bet to success, has he read cre, have him check archives on fix/flip maybe it will open his eyes, GOOD LUCK
Fix and Flip and Want to sell fast - Posted by R.
Posted by R. on September 10, 2003 at 22:31:15:
We just purchased our first fix and flip. My husband wants to fix it up as if was his own, and I am trying to explain to him that we just need to do the basic repairs. I just want to put a fresh coat of paint to interior, exterior, a new front door and do basic landscape. The house is in a town in the east coast not far from NYC. They recently put in a direct train line into the city. I believe we can fix and flip right away and wont have a problem selling it. However, my husband wants to take his time. From what I read and I read a lot they say you should have an exit plan. I want to hurry up and make the minor cosmetic updates and market right away. Can anyone share their experience so that I can show my husband? This is really frustrating me because this is our first deal and I feel I am on my way on becoming a REI. However, my husband has no clue.
Re: Fix and Flip and Want to sell fast - Posted by Tom L.
Posted by Tom L. on September 11, 2003 at 16:49:36:
Sometimes there is a fine line between too much and not enough. Maybe you and your husband are both right (perfect for each other). May I suggest doing a special job using “good stuff” and be “smart” about it. e.g. adding a $2500 refrigeration unit to a home that has water cooling only may seem like a big expense, but it can make that baby sell much faster and appraise better. I suggest you weigh your options carefully. Sometimes a big expense is not an expense at all. I believe that considering what’s best for the new homeowner to be is always the best policy, without going overboard and without being a chincy cheapskate either. Hope that helps. It’s pretty fundamental really
but so any folks miss it.
Re: Fix and Flip and Want to sell fast - Posted by Harold
Posted by Harold on September 11, 2003 at 10:05:05:
Dear R. You are correct. If you want to become a real estate investor you must not fall in love with a piece of property. Look at them on as money making vehicles. You fix in order to sell not to live. When doing a rehab it’s safer to just put standard things in them becuse not everyone has the same taste. No disrespect but it sounds like your husband will be putting more in than he is getting out. Also remember that there are certain things that are key to getting a favorable appraisal. I would contact my appraiser and get some suggestions.