Posted by lukeNC on April 24, 2006 at 06:57:28:
calling all the builders is a great idea…
marketing advice, waterfront flip - Posted by adam Oh
Posted by adam Oh on April 22, 2006 at 14:30:32:
hey guys, i just got a property under contract, i have just over a month to find a buyer. it is a lakefront lot. it has a structure but needs to be torn down and rebuilt. there are multimillion dollar mansions on either side. i bought this property at good size discount. this is my first flip so im not sure how to market it. i think i am going to call some builders in the area, ad in newspaper. if you guys have any ideas id love to hear em, i need to move this fast!
Front doors, back doors and no time - Posted by DaveD (WI)
Posted by DaveD (WI) on April 24, 2006 at 11:39:03:
Adam,
You said “i have just over a month to find a buyer.”
If you have a thirty day closing in your contract, you have JUST OVER A COUPLE OF DAYS to find your buyer… so you better get cracking. They need time to close as well. I’m assuming you intend to flip your contract.
There is this old RE saying… “don’t go through the front door until you know where your back door is.” In other words don’t do the deal unless you are clear about your exit strategy. Granted, it sounds like you kinda fell into this one and are looking for a quick out. Builders and others with deep pockets can easily wait out your contract unless you give them a reason to get involved sooner. Like leaving a few dollars on the table to make it worth their while.
Incidentally, a tear down situation isn’t as attractive as a clean lot… you need to factor in the tear-down costs, as well as a healthy contingency factor for unknowns… like environmental. You might not have the deal you think you have. HTH.
Re: marketing advice, waterfront flip - Posted by Jaga
Posted by Jaga on April 22, 2006 at 21:47:35:
Dude – didn’t you post this sort of gig about two weeks ago? You should have been figuring out what to do with it while puttering around for a contract.
Nice ad. (But CREonline doesn’t allow adds. go Figuer.)
Re: Front doors, back doors and no time - Posted by adam
Posted by adam on April 24, 2006 at 14:21:52:
thanks for the info, your absolutely right. i was just driving by that one and called, after 2 hr meeting with seller, i had her down $210,000 on price. i just saw an opportunity. im trying to take action. i am still learning. one day i will actually get all the pieces and put the puzzle together.
Re: marketing advice, waterfront flip - Posted by adam
Posted by adam on April 23, 2006 at 12:06:48:
ok, first off, i dont think you know what your talking about. second, i dont putt around, this was one of the more complex deals ive looked at, and it happens to be my first deal. third, while “puttering” ive had to craft a creative solution to meet the different needs of all 6 of the heirs to this estate. while doing that, i have negotiated well over 6 figure discount on this prime piece of real estate. how many flips have you done this year providing six figure return? now if anyone has anything actually insightful to say, id love to hear it.
Re: marketing advice, waterfront flip - Posted by Joe Kaiser
Posted by Joe Kaiser on April 23, 2006 at 13:14:09:
What are the numbers?
Re: marketing advice, waterfront flip - Posted by adam
Posted by adam on April 23, 2006 at 14:18:50:
the property was originally listed as fsbo for 699k. i have it under contract for 490k. there are two other lots in area that are almost comparable. one is downt the street, similar size, not as good of view, asking 750k. this is only lot in the city that has its own cove, and only one with a private beach. i could sell this for 550k and make a really nice profit. im just not sure which route to go to sell this, i think tomorrow i will call all builders in town. maybe an ad in newspaper. ive never done auction before maybe that would be a good route. this is my first deal so im really not sure.