Hi BP’s community! The deal pencils out, numbers work, checked out property and estimated rehab costs. My question is, how active is the market in PS? How long should I expect to hold before it sells?
I want to be conservative on holding costs. Would 60 days be reasonable?
I know it depends on so many factors. Quick overview. Paying $300k for condo in a nice medium size condo complex. Comps at $420-$450k. Spending $20-25k on rehab and going to market at $415k
HOA highest holding cost at $650
This is my first flip ever. Did some buy and hold apt complexes back in 2009 and want to get back investing in RE.
How long did the comps take to sell?
Palm Springs has a unique fluctuation in population each year. The snowbirds leave by April / May and don’t return until Oct / Nov. Trying to fix & flip in the summer months could be challenging with the heat as there is less economic activity. Check comps for # of days on the market even as far back as this time last year. Plan on extra hold time or you may experience a reduced sale price.
I would presume the condo complex has a pool? This is almost an expectation in the desert.