This is a house flip that we just sold the beginning of November. We bought it in July over a year ago! We have had projects that took this long before but it was usually because of a long rehab. In this case, the house took over a year to sell!
You can see our list of current fix and flip projects here: investfourmore.com/flips
We have 16 in progress at the moment.
I bought this house from the MLS back in July of 17 for $284,000. It was a country property with almost 2 acres. It did not need a lot of work but was on a very busy road. We still thought it would be worth close to $400,000 even with it being on the road. We are in Northern Colorado where it is almost impossible to find a nice country property for less than $400,000.
We repaired the house and stayed very close to budget. We listed it for $419,900 based on the comps in the area and considering the road. The house did not sell and we lowered the price twice. When we got below $400,000 we had a decent offer on the home, but the buyers had a house to sell. They could not sell their house and the deal fell apart. We had at least three more deals fall apart for similar reasons. There was nothing wrong with the house, but the buyers could not come through on their end.
Eventually, we got the home under contract again and we sold it for $361,000. Luckily one of the agents in my office was able to represent the buyers which saved me money and she sold the buyers house as well. It was actually her first two transactions as an agent.
We still made money on the property, but not much! It was a lot of work, and money to tie up for such a small profit. We go over all of the numbers in the video.
Here is the link to financing properties that I reference in the video: • What are the Best Loan...
Here is a link to my book on flipping houses: amzn.to/2JYQZDY
11 ноя 2018
