How long should my flip property sit on market before I worry

69 Replies

Dallas Texas Market
Purchase Price: 84k
Estimated ARV: 149k
Renovation: 30k
Current Days On Market: 55
Original Listing Price: 149.9k
Current Listing Price: 146k
Current Net Profit Potential: 10k


This is my first flip and I expected a week or two on market (maybe this is naive?).

Most of the feedback is they don't like the neighborhood. I've gotten a couple people who didnt like the layout of the home and a couple people who didnt like the W/D hookups were in the kitchen. I'm trying to determine if I need to just be patient, keep dropping the price, or make improvements to the home.

Im listing with an agent and we had a lot of showings our first week and a few showings a week since then. Moving the W/D is about a 2-3k (which is why I didnt do it to begin with) but if it sells the house I'll do it. I'll accept getting a pretty measly profit margin since its my "throw away" first flip. I do want to insure it sells and I dont lose money on the deal. Looking for advice! 

Im not sure if Im allowed to link to the property here so I'll avoid doing so to make sure the post doesnt get flagged.

If you get a potential buyer and that's a deal breaker for them just offer to take care of it at that point.  There's no guarantee that will make it sell and more than likely that's not the only issue the people who have looked at it had.  Be patient and hopefully the right buyer comes along.  Best of luck!

I'd be worried starting Now. 🔥 market in Dallas I hear. 8 weeks is an eternity in a sizzler market. 

Most people say its the neighborhood it's probably the Hood. 

Time to lower the price. 

@Jim Welch . If a number of people say they don't like the neighborhood - it's probably the Neighborhood. Being the best house in a Bad Neighborhood usually doesn't make it sell.

I don't know the DFW Market - but 55 Days is long for most Texas markets. probably time to cut Bait (Price) eat the loss and move on! 

@Jim Welch . Sorry for the add-on, but don't Nickel & Dime a Price cut - Make it Dramatic - so someone interested in the area / house - says WOW - I better grab this NOW!

I’m consider doing a 2-5k reduction. I could go as high as 9k and just break even but that might be too dramatic of a response. 

@Abel Teklu it’s in south dallas. 7850 woodshire Drive. 

@Jim Welch the things that stand out to me are why have black appliances? Especially these days where SS appliances are the same price, there’s no microwave and appears to be no room for one, all doors are flat panel, for a few dollars I would have liked to see them switched out for 6 panel doors, there’s no recessed lighting in the house which is essential IMO when trying to sell a remodeled house, there seems to be wood paneling in the house that was painted over, the bathroom is very bland, and perhaps one of the most important things I noticed is the paint job, there is absolutely no appeal, no color, no anything. Different grey tones throughout the home would’ve modernized the space very well. Sorry if this comes off strong.
@Mayer M I love your rehab suggestions, Mayer! I’ll be sure to put 6 panel doors, recessed lighting, vibrant gray colors, SS appliances, and a microwave in my next flip. Do you have any other must-haves? Thank you!
@Jim Welch I think you're priced too high. Although in TX you cant see sold properties, the competition around you is priced lower. There is a larger 4 bed around the corner priced at $142k that has been on the market 60 days. There is a pending listing (14 days on market) a few blocks away that is, in my opinion, more updated than yours that was listed at $130k. I think you're about $15k too high. If I'm looking for things that I would have done differently.... The big thing for me is that the bathroom looks "builder grade" and not recently renovated. I would have done a microwave over a vent hood. I also agree with another poster that some paint color would make a big difference.
@Cheryl Vargas Can’t tell if you’re being sarcastic or not. These are my opinions and some of the things I always do in my flips. They obviously work as I am on under contract to buy my 16th flip in less than two years
Originally posted by @Cheryl Vargas :
@Mayer M I love your rehab suggestions, Mayer! I’ll be sure to put 6 panel doors, recessed lighting, vibrant gray colors, SS appliances, and a microwave in my next flip. Do you have any other must-haves? Thank you!

I dont think the doors are that big of a deal, especially if they were the original ones.

I don't like the black appliances, absolutely would have gone with the stainless.  And I hate the washer and dryer being in the kitchen, I definitely wouldn't mention it in the listing.

I know in that area its common to fill in the garage, I suppose its the thing to do by investors with flips, but its not something I particularly care for.

The bathroom does look a little bland and builders grade.  I think on your next one I would look around for a few items that would look like higher finishes.

And while you are in a tough area of town, I am somewhat surprised you aren't able to sell it.  Have you thought about renting it out?

I agree with others who suggest the overall look is a little bland.  Have you thought about staging it?  Staging could bring in a lot more color to the property.

IF that didn't work, get the price cut and get it sold., the first loss is your best loss.

You need to get it sold in Aug, school is about to start and your pool of buyers will drop off really quick after the summer. 

Best of luck to you

@Mayer M. No, I wasn’t being sarcastic at all!! I’m sincerely looking for tips for my next flip and I thought that you had some great insights and wanted to get more tips from you on how to remodel for a flip Thank you for your help!
@Cheryl Vargas Anytime! Good luck with the flips PM if you’re looking to brainstorm

It is long enough not worth listing anymore. Suggest you take it off or rent it out until there is enough margin to make it worth awhile.


Originally posted by @Cheryl Vargas :
@Mayer M I love your rehab suggestions, Mayer! I’ll be sure to put 6 panel doors, recessed lighting, vibrant gray colors, SS appliances, and a microwave in my next flip. Do you have any other must-haves? Thank you!

 Agreed those are all go to updates for flips and/or remodel rentals 

appreciate all the feedback! Some of the reno suggestions were left off due to not wanting to overimprove the property but many of these ideas I will have to try next time. I’m skeptical at this point if some of these changes would get the property sold but if they would I’d be open to investing more in the Reno. At this point any creative ideas to salvage what’s looking to be a dud of a deal into something solid? Renting it out is an idea though I never considered doing buy and hold so I really have no idea how to evaluate if the property makes financial sense to do so with. I also considered refinancing the home and living in it myself for a couple years but on such a small margin I don’t know if that really makes sense either.
@Jim Welch Sometimes it’s best to take a loss and move on. Not saying this is it as you have to make that determination. One thing I will say is DO NOT throw good money after bad.
@Jim Welch Can you reach out to some TK providers in Dallas who could sell it to rental investors and make a marketing fee from you Also if you place a tenant, you could use Roofstock to sell it as a rental property Just a couple of tips
Originally posted by @AJ Singh :
@Jim Welch Can you reach out to some TK providers in Dallas who could sell it to rental investors and make a marketing fee from you Also if you place a tenant, you could use Roofstock to sell it as a rental property Just a couple of tips

 I'm sure quite a lot of 👦 S n 👧 S here.would bail you out.

You are brilliant Air. 

I would spend a few hours painting the bathroom pale gray, paint the vanity darker gray and an inexpensive all chrome handle,  add some towels in turquoise or yellow and a shower curtain to match (but leave it open) or something. Stage the rooms with the paneling in "farmhouse" type stuff, even a few pieces or artwork propped up will help. 

And you probably need to drop the price. 

Just to add a few more ideas, you could consider selling it with security system if the area is not ideal, the basic package for simplysafe is like $200 and from my experience people really love it (at least in my rental property).  You could also consider selling the house with a home warranty, that usually runs for about $500 for a year.  Try to think like the "home buyer" in this scenario, try to see it from their perspective and maybe you can come up with a relatively cheap solution to the problem.  Good luck!!!

@Jim Welch I believe your problem is going to be location & price. I live in Dallas & I know this neighborhood. This area is considered Oakcliff & although there are some good parts of Oakcliff this part is a bit rougher. Your buyer will probably be someone looking to turn it into a rental, not sure how many houses have sold lately in that area but I would bet not any near that price. Maybe your realtor can give you some recent comps & days on the market. Best Wishes!

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