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Jeffrey Carusotto
  • Wholesaler
  • Keansburg, NJ
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41
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Short I list or should I even try and flip a pretty house?

Jeffrey Carusotto
  • Wholesaler
  • Keansburg, NJ
Posted Aug 12 2017, 08:58

I have been doing shortsale assignments as well as taking them down as  rehabs for a little while and I was wondering if anyone could answer my question. So I am getting alot of leads and alot of the are houses in good condition like ones that can get an fha mortgage or need very little in work. So my question is is it a waste of my time trying to come up with contractor estimates, appraisal reports and inspection reports for my offer if ultimately the banks are going to come back with a BPO that doesn't make sense to me to buy as an investor? I guess my logic is the BPO agent or appraiser is going to pull comps that are similiar to the house that I am trying to buy, if the house I am going to buy needs work and can't get a mortgage the comps the appraiser uses couldn't get a mortgage either and that means the buyer pool will be limited and will be investors and  will sell at a price I need it at, to flip because the comps will sell at a  low value. But if the house is in great condition the comps will come back with houses that where bought by mortgage buyers not investors (aka alot larger pool of buyers)  and will be to high to purchase as a flip because the comps will reflect a high value. I would love to hear anyone's thoughts on my logic and anyone experience with this situation, especially if people has success flipping pretty houses, or if they didn't and I should just not waste my time with those. thanks!

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