BiggerPockets

A favorite phrase of realtors and sellers alike, isn't it?
I'd like to know if there is someone here that has ever seen an actual " paint and carpet" rehab?
I sure haven't. I've come to the conclusion that " just some paint and carpet" is actually just code for " somewhere short of a full gut rehab" .

HAHA :) Those are great. Thanks for sharing!

-Peter

" Close to transportation" . 100 yards off the end of the runway!

" Just needs a little TLC" . Time, Labor, Cash, actually a lot of each!

all cash

Great phrases! :D

Can a Realtor get in on the fun as well? ;-)

Here are some classic home buying phrases:

CHARMING - Tiny. Snow White might fit, but five of the dwarfs would have
to find their own place. See " Cute," " Enchanting," and " Good Starter Home."

MUCH POTENTIAL - Grim. Steer clear unless you have a lot of money and
believe your blind dates really did have nice personalities. See
" Ready to Rehab," and " Fixer Upper."

UNIQUE CITY HOME - Used to be a warehouse.

HI-TECH/CONTEMPORARY - Lots of steel shelving with little holes - the
kind your dad used to store tools on in the basement.

DARING DESIGN - Still a warehouse.

COMPLETELY UPDATED - Avocado dishwasher and harvest gold carpeting
or vice versa.

SOPHISTICATED - Black walls and no windows. See " Architect's Delight."

ONE-OF-A-KIND - Ugly as sin.

BRILLIANT CONCEPT - Do you really need a two-story live oak in your
30-foot sky dome? See " Makes Dramatic Statement."

UPPER BRACKET - If you have to ask . . .

YOU'LL LOVE IT - No, you won't.

MUST SEE TO BELIEVE - An absolutely accurate statement.

I had ONE a few years back. A Realtor with whom I did about 8 deals called me with one that she said I could do a quick flip for about $6K on as she had a buyer lined up. I told her to write up the offer and tell the listing agent we would bring it to her in 3 days, I was out of town.

When I got to her office she already had a purchase contract from her buyer for $60K and she was sure I could purchase it for $54 or $55K. I made a $46K offer and purchased it for $52K, and set the closing up for 2 weeks later, put my $500 earnest money in my pocket and went home.

4 days before closing she called and said the buyer got cold feet because her " friends" had told her that there was " no way she could buy a house for $2K down" (see any post for my normal deal) and that there must be something fishy.

Now I was PO'd because I was going to have to insure it, turn on utilities ($150-$125 of which is non-refundable) and PAY for an advert ($11). I had the advert scheduled for Friday's paper and had the electric transferred on Thursday (closing) and checked into my usual hotel room, this was not where I lived at the time.

After closing the agent and I were enjoying dinner and a few drinks and she brought up that as long as I wasn't going to have any lookers before the next afternoon or evening I should think about doing a few minor things to the house to amp my profit.

Since the house is on a dirt road, with white brick it was a bit dirty, had TURQUOISE SHUTTERS AND SCREEN DOOR, and had ugly curtains in addition to mini blinds. She suggested cleaning, paint and take down the curtains. In fact by the time dinner was over I had a nice list.

I got up the next morning and went to the local building supply, got a quart of paint, a bucket, some cleaner, a brush and a garden hose. Then I went by a local charity store and bought a pair of shorts and some old shoes. By 10:00 I was cleaning and painting. When I returned calls I told people enough information to pique their interest but not the exact location.

Once I had those three basics done I called people back to come view the house. By 2:00 PM I had a contract signed for $67K, $2K down at 9%. That was in April of '02, I just got paid off two weeks ago!

And I didn't even have to carpet!

all cash

Nice job! Um, and yes, I like cash. :D

I've got two homes for sale right now that have been on the market a little while longer than we are used to! Once they sell we will do okay on them. We are about to enter a partnership with a big website that are going to feature our house flipping dvds, so that could be huge. Then next Monday we are going to meet an investor friend of ours from Indianapolis and talk about buying the rights to a rehabbing manager system she designed. Lots of logs on the fire my friend!! So to answer your questions, no, no real good deals lately but plenty of possibilities right in front of us.