New to this flipping

5 Replies

Hi, I'm Samad I currently live in NJ but I purchased a REO in Rocky Mount NC I completed the work using my personal funds from windows floors HVAC etc... but the Market is dragging or is that I lack the knowledge to sell I listed with realtor the house have been on the market for almost 1year now and currently renting but my plan was cash out and buy more but it seems its not working is there anything that I missed or am I doing something wrong?

Tell us more information on the house. Size, purchase price, renovation cost, listing price, rental rate. What are the COMP's in the area selling for?

@Samad Rainey welcome to bp. Be sure to also post a new member intro. As Tony mentioned, knowing more about the house and comps is needed. I grew up about 20 mins from there. Without knowing specifics but just knowing that market, if it is a lower priced property then its probably better suited as a rental than for OO. Give as much info as you can and I know the community will chime in.

The home is 1700 sq ft 3bd 1bth the realtor I was using Im no longer using at this time I purchased it for 10,500 renovation cost was 9k the wasn't in bad shape at all just minor cosmetic work the comp on the area last I checked were 45 to 65k but I only listed it at 30k at this point I'm confused on it all and stuck between a rock and a hard place

Samad,

What's the latest on your house in Rocky Mt? Did it sell? If so, for how much. I am considering the Rocky Mt. Area for buy and hold.

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