Landscaping a flip house?
txjenny
16 years ago
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bahia
16 years agoRelated Discussions
House Flipping
Comments (49)Flipping works still if you know your area and your limits. If you haven't done it before, starting small is not a bad way to begin, you'll learn a lot and yes, maybe even make a small amount. Conversely, if you don't know the local RE market, you can get skunked real fast, really hard. A friend who has an LLC with his 2 kids and their spouses, have been flipping houses for 4 years now. They agree with me that right now is the bottom of the local RE market and (barring any really bad global news) prices will start to turn up again for SFH (single family homes) - IN OUR AREA. Why? There are no big developers building 3,000 SFH nearby. There's not enough cheap buildable land within 20 miles of the Pacific Ocean. There's land, but it's expensive. A 25x100' empty lot in the city/county of San Francisco will cost you $400,000. The bad news is in the condo market; around here it went gangbusters for a few years but the big developers did their usual let's-go-overboard and built huge projects with several thousand overpriced lofts each. Out here condos cost more than SFH but have worse resale history, so combined with the developers' ability to cut their profit margins from 100% down to 20%, the big price declines are happening to condos and unimproved, poorly maintained SFHs. It makes the average selling prices here look like they're taking a big hit, when actually, well maintained SFHs have gone down very little, percentage-wise. I view this recent craze into the "you can never lose money on RE" the same way I view the typical stock market investor who ends up buying high and selling low. In both cases people get stampeded by media stories on fads that have already passed their peak. Buying low and selling high takes discipline, and the research to catch trends as they start, not when they expire....See MoreQuestion on house flipping
Comments (9)I think we are confused about what you are really saying, that you can buy a house for example for 50k that as is may be worth 75k? that you can fix in your spare time, invest 20k (anything less than that for a major rehab even if you did it all is impossible) and then sell for 100k? Or are you saying that you will buy the same house for 70-75k and make it nice and sell it for 100k? The reality is that most buyers would prefer a house that is done to one as is assuming both were comparable in size and amenities. However, many buyers would take a larger as is house (although perhaps not one that fails inspection due to having mice and peeling walls!) that has not been updated but is sound over one that is smaller but has been updated. For a variety of reasons, buyers figure they can paint too and its easier to replace cabinets than to add on a room. The other thing is just because you updated it does not mean it will appeal to all buyers. I looked in the early 90s right after mauve was popular. You would be amazed at how many kitchens I saw that just made me shudder but were almost new Assuming its neutral, updates may not make a house sell for the cost of the upgrade, it just makes the house more likely to sell faster Pam is right, its really got to be about numbers Purchase Price is _________ Appraisal Price is __________ Cost of repairs is _________ then double it or at least add 30%, factor in cost of appliances, counters, cabinets, flooring, sheetrock and whatever other products you need plus the cost of any profefessional work such as plumbing Then cost of permits, transfer taxes, mortgage fees and closing costs, realtor costs, carrying costs such as interest, electrical and real property tax and double whatever timetable you have_________ Net Sale price________________...See MoreWhat should we do if the seller of a Flip home did not get permits?
Comments (30)California requires sellers to complete and provide to a buyer, long before escrow closes, a standardized Transfer Disclosure Statement. A comprehensive list of questions must be answered concerning the home and its condition, based on the sellers' best knowledge - an investigation to answer particular questions is not required. One of the questions asked is if any work was performed for which a building permit would be required but was not obtained. It's true that certain types of projects, typically simple ones, may commonly be done without permits but what's required at sale is the disclosure of that fact. The buyer has a "take it or leave it" choice to make if such a disclosure is made and the seller is unwilling to pay to get into compliance.. A false answer to the question constitutes fraud and if discovered after the close, legal action typically will require the seller to pay for all remediation and permits, no matter what is required to do so. Including demolition and rebuilding areas not accessible without doing so, like for example removing wall board to see the framing of walls and or what's in them, like wiring, if applicable....See MoreOur flip house really needs curb appeal!
Comments (18)maifleur03, she presented the project as a flip for the sole purpose of netting a profit and therefore my questions are relevant. If there was no profit, or so low to not justify the venture it was a flop and a failure regardless how nice it looked. If it's a capital venture I'm not about to give out a participation attaboy without the facts. It is my business if I choose to ask, she can refuse to answer and her choice. In retrospect my activity here certainly isn't any of your business and I respectfully decline to comply with your request. A guy once told me I could take a part time job and earn more money and just go out and buy the vegetables I grow. I told him I do it as a hobby and not to make money, but if it was to make money I would of went broke the first year, so was the flip a hobby or to make money?...See Moretxjenny
16 years agorachel_z6
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16 years agocalliope
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16 years ago
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