Flip That House

Discussion in 'The Bar' started by Bubbleguts420, Nov 3, 2014.

  1. Bubbleguts420

    Bubbleguts420 2 word review, shit sandwich

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    I am about to put my Dad's house on the market. It's a tiny place in Covington Ga.
    Want to sell to an "investor" or a flipper for several reasons.

    Has anyone dealt with this type of sale before? Is anyone here a flipper? I am looking for pointers.
     
  2. BrulesRules

    BrulesRules Just grab 'em in the biscuits VIP

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    I saw a couple signs on the side of the road that said "We Will Buy your House". Sorry that's all I got.
     
  3. Bubbleguts420

    Bubbleguts420 2 word review, shit sandwich

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    Yeah. I'm sure these guys are worse than used car salesman. I'm trying to get as much ammo as possible.
     
  4. Sea Slob

    Sea Slob Well-Known Member

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    Price it really low or contact a Realtor that works with Investors. Selling to a flipper just means you are giving up some of the profits but you can sell it quick for cash if you don't think it will qualify for financing
     
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  5. Johnnykstaint

    Johnnykstaint VIP Extreme Gold

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    A "flipper" will typically have cash and you can close in a day or so from the handshake. The downside is they will probably not pay quite market value vs. what you could get if some homeowner were going to buy it and live there...
     
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  6. BrulesRules

    BrulesRules Just grab 'em in the biscuits VIP

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    Oh yeah, That one guy's wife was pretty cute too.

    [​IMG]
     
  7. Bubbleguts420

    Bubbleguts420 2 word review, shit sandwich

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    I am willing to take a hit on it, but not trying to get fleeced.

    The always ask what is owed on it, I don't like telling them that since it's a cash buy..My answer should just be "less than what I am asking for it". Its none of their business what I am going to clear on the deal.
     
  8. Bababoey31

    Bababoey31 Well-Known Member

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    I'm a real estate agent. Find out what the market value is. Call 3 Realtors, and have them give you estimates on what they'd list it at. That way you'll know a starting point. Then list it with one of them, or at least you'll have a price it's worth and stick it on Craigslist.
     
  9. Bubbleguts420

    Bubbleguts420 2 word review, shit sandwich

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    Yeah. Good call. Get a realtor in there as a jump off point.
     
  10. Sea Slob

    Sea Slob Well-Known Member

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    Be prepared for lowball offers, investors are looking to make money. I have completed about 60 fix and flips over the past 10 years and I always err on the side of caution. If market value is $200K if it had $10K in repairs, be prepared for offers $150K or below. The investor has to look at financing cost (hard money loan @12% to pay the cash), carrying costs, repairs including the unknows, selling costs (realtor fee's, title fee's, inspector repairs, seller concessions, etc). The investor may only clear $20K or less when it's all said and done even with such a lowball offer, so I don't think selling to an investor is in the cards for you if you're not looking to get fleeced.
     
  11. Bubbleguts420

    Bubbleguts420 2 word review, shit sandwich

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    The numbers are so small. Houses in the area only going for like 60/70k. He only owes 22k on it. It needs new flooring and a new master bath. Hoping to get like 40k Is that unreasonable?
     
  12. Sea Slob

    Sea Slob Well-Known Member

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    Why not let a Realtor list it for $59K and give it 2 weeks, if no offers after several showings, reduce to $55K, etc, etc. It sounds like it would qualify for financing because it has a kitchen and at least one working bathroom (as long as there aren't major safety concerns). A Realtor in your area will be able to tell you what you need to disclose in your state. Disclose that you never occupied the property and you are unaware of any issues and that the sale is As-Is no repairs so they should price their offers accordingly. Going to an investor will give you $30K offers.
     
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  13. Lemmy

    Lemmy Douchebag Extraordinaire Gold

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    Insure it for market price then invest in five gallons of gas and a matchbook. :toptip:
     
  14. Bubbleguts420

    Bubbleguts420 2 word review, shit sandwich

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    Ahhhh yes. "Jewish lightning" as the old man used to call it. He would be proud.
     
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