Not getting offers on my flip property.

Rental Property Investor · DFW · Member since 2016 · 20 posts · 17 votes

Hi, Ive been struggling to sell my property that I recently rehabbed. I bought it in Oct. And finished the rehab in the beginning of January. Winter time was slow but once spring hit I've had multiple people view the house but no offers.

I've been making my realtor push for more feedback from people who view it and most of it is that it was nice and priced around average price. No real tanagble feedback I could use.

I'm thinking about doing something to the landscape to add cub more curb appeal. But I need to get this sold asap.

I bought it with hard money so sitting on high interest. Also considering trying to refinance but not sure if I will be able to without havigg tenants in it first. Any suggestions are welcome. Thanks

7603 woodshire dr dallas TX.

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Lynn McGeein

Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes

Just my opinion, but the pictures don't match the "fully renovated" language in the listing, and curb appeal needs work. The windows are a problem -- not sure what's going on there, but they detract from both interior and exterior views. The roof looks older in the photos, the dark exterior color doesn't help, driveway needs cleaning. The pictures could use some work as well -- not level, dark, odd angles, move the garbage cans out of the shot. I'd eliminate most of the exterior shots, keep the distant whole-house ones, remove the interior photos that emphasize the weird windows and add more photos of the kitchen and bath renovations. For feedback, some agents just use the standard questions about buyer interest, price too high, low, just right, etc., so you may not be getting the full picture. Ask your agent if he can speak to or email showing agents directly to see if they can add some constructive comments to their feedback.

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Jeff Garrett
Attorney · Roanoke, TX · Member since 2010 · 29 posts · 13 votes
7y
@Joe Alford Agree on DISD.
1 Reply
Darius Kellar
Real Estate Coach · Member since 2018 · 246 posts · 216 votes
7y
The pictures suck.
0 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
This is a blessing in disguise. What you have is a rehabbed rental.
Save yourself thousands in transaction costs and thousands more in taxes (if there's a profit) and hold it as a rental.
Figure out how to refi out of the HML and keep it!
BTW, my pro photographer is like $100. After she gets done, my FSBO traffic jumps 4x. Find a photographer.
3 Reply
Phil Dodd
Real Estate Agent · Keller, TX · Member since 2016 · 65 posts · 40 votes
7y
No matter what the selling price your realtor should pay a 100 bucks and get professional pics. I would rip those shrubs out. Paint house-you can do yourself for a few hundred bucks or pay someone a grand to do. Power wash driveway and sidewalk. and then lower price.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Steve Vaughan:

This is a blessing in disguise. What you have is a rehabbed rental.
Save yourself thousands in transaction costs and thousands more in taxes (if there's a profit) and hold it as a rental.
Figure out how to refi out of the HML and keep it!
Yup having a little experience in the funding of rentals this is a very typical turn key product or rental product.. not a retail product..
especially in Texas were yo can buy brand new homes for 200k..
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2 Reply
Xavier Stanish
Real Estate Agent · Philadelphia, PA · Member since 2019 · 14 posts · 6 votes
7y
Lot of good comments that I agree with. My 2 cents, put yourself in a buyer`s shoes from the moment they pull up to each time they enter a room (be critical with yourself in those areas) and you might find some feedback first hand
2 Reply
Peter Faulkner
Rental Property Investor · New York City, NY · Member since 2017 · 38 posts · 22 votes
7y
Looks like median rents for a 3 bedroom house in that area around $1395. I'd turn it into a rental and refinance out. Probably be a nice rental too.
0 Reply
Austin Works
Investor · West Monroe, LA · Member since 2015 · 196 posts · 70 votes
7y
@Kris Russell, I would recommend painting the exterior a medium shade of gray and painting trim/doors white - this should also increase the value, so you should recoup the cost. There's just nothing very exciting about the property at the moment, you always need a wow factor somewhere in the property for a quick sale.
0 Reply
Victor S.
WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
7y
Some comps that sold in the last year (all backing up to that main street):
https://www.redfin.com/TX/Dallas/7815-Woodshire-Dr...
https://www.redfin.com/TX/Dallas/7809-Woodshire-Dr...
https://www.redfin.com/TX/Dallas/7665-Woodshire-Dr...
Judging by the sale price, I wouldn't say you're terribly over-priced, but, definitely, get better pictures taken as you need to start driving the traffic to this house. Spruce up the exterior if your budget allows as well.
0 Reply
Cassi Justiz
Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
7y
I agree with the rest of the comments that your pictures are a huge part of the problem.
Another thing to consider is the wording on your listing. I don't know the stats of people that are buying as owner occupants vs investors in that area, but right now your listing doesn't attract owner occupants.
An investor doesn't need a listing description to tell them if a house is good for an investor. Investor's dream does sounds scammy. Get pro pics and cater to emotions. Emphasize the work that has been done in the house rather than just "it's great for an investor." "Brand new heating and AC to keep you comfortable year round. Freshly painted with a modern color scheme to match any decor. Hardwood flooring throughout home. Brand new upgraded light fixtures throughout the house. Custom tile surround with designer accent in the bathtub. And on and on.
3 Reply
Andrew Monaghan
Glendale, AZ · Member since 2018 · 32 posts · 11 votes
7y
@Kris Russell when you are on the market and no showings its price, when you get showings and no offers there is usually something in the home that is putting the buyers off, condition, location, finishes, smells etc
1 Reply
Gary L Wallman
Rental Property Investor · Beavercreek OH · Member since 2018 · 422 posts · 970 votes
7y
Sorry to be a downer, but IMHO the best photographer on the planet isn't going to fix your problem. Kitchens and bathrooms sell houses. If I was looking at your house I'd be of the opinion that they both need a full demo. The kitchen cabinets are awful, drawers hanging loose and layout is weird. Is the refrigerator supposed to fit in that hole? I've attached a couple of pics from a recent flip in OH priced under 200k for 1600 sq. feet to give you an idea of how we do our kitchens and baths. Faucet has been added to tub, of course.
1 Reply
Account Closed
Eastern Michigan · Member since 2018 · 83 posts · 144 votes
7y
pretty much what everyone else said I'll just add
The windows aren't just odd (why do they all have black bottoms?) But they are sooo dirty.
The cabinets are flat panel doors, this makes them look like something in a cheap apartment.
There is no dishwasher.
The Bush in the front yard literally blocks the front door.
The front door looks like a cheap apartment door.
No one wants to own an "Investor's dream." An investors dream is a dump that can be flipped.
The school's are TERRIBLE.
Says appraised above list price but Zillow shows zestimate of 2k below your price. Say what you will about zestimate but people use them to make a quick judgement.
2 Reply
Maugno M.
Flipper / Landlord · Tyler, TX · Member since 2016 · 255 posts · 126 votes
7y
Looks over priced. You are asking for about 124 dollars per square foot, which is what brand new homes are going for. I think you need to be closer to 80 or 90 a square foot.

Good Luck !
0 Reply
Joshua ChristensenPro Member
Real Estate Broker · Albuquerque, NM · Member since 2015 · 285 posts · 232 votes
7y
For a minimal cost, you can hire a Professional Photographer (maybe $125 bucks). the first photo is 1/3 dead grass. It's spring, get those photos updated. No pictures of the entire front view. Your photos don't give me a tour of the home. No photos of Trash cans on the side of the driveway.
Your Realtor is doing you a disservice if this is the marketing you're paying for. Additionally, depending on your budget, you may not have room for more making any additional changes, but do some light staging to add some color. Trim the bushes.
As for refinancing it, if you have room in equity, go to Corevest.com, Limaonecapital.com, or FinanceofAmerica.com and check out their investor friendly refinance options for rentals.
Market Lease to own or owner financing if TX will allow it. I highly recommend you find a Realtor that knows how to market properties. Some will even provide you with FREE staging and cover the cost of a professional photographer.
0 Reply
Matt Tobler
Minneapolis, MN · Member since 2017 · 37 posts · 13 votes
7y
Those look like cell phone pictures. Pics are very important cuz everyone "shops" online
0 Reply
Jacques Herve
Real Estate Agent · Member since 2019 · 67 posts · 33 votes
7y
Agree about the pics but one thing no one mentions is the price history (zestimate). Shows below $50k as recently as 2015.
200% appreciation in 4 years and the deal is marketed as an "investor's dream". Seriously?
0 Reply
James De Stefano
Real Estate Agent · Houston, TX · Member since 2017 · 292 posts · 233 votes
7y
This thread is pretty great proof that Bigger P is just an incredible resource. 1 day old thread, and you have over 40 messages telling you, from experience, what should be done ASAP to get your house sold/rented.
Good luck OP, but you need to get aggressive and make the recommended changes quickly.
1 Reply
James Canoy
Kingston, NY · Member since 2017 · 252 posts · 138 votes
7y
@Kris Russell
Consider staging
1 Reply
James Canoy
Kingston, NY · Member since 2017 · 252 posts · 138 votes
7y
@Bart H.
I can second this. Shell out for a professional photographer and consider staging especially for weird spaces.
1 Reply
Atchut Neelam
Real Estate Investor · Reading, Reading · Member since 2016 · 18 posts · 1 vote
7y
@Kris Russell making a list of cash buyers in the last 12 months may help. This list can be obtained from list broker or one can make a list them self searching public records records at the county clerk website.
0 Reply
Matthew Phelps
Flipper/Rehabber · Tyler, TX · Member since 2019 · 13 posts · 4 votes
7y
The exterior and price is what is more than likely pushing people away. The inside/rehab doesn't look back at all bout the outside still feels dated. Like people have already mentioned there are little things you can do to help. Power wash that driveway and exterior of the house to get all the old grime off. Hire a better photographer. The goal is to have someone look at the house and feel like they are at home.
1 Reply
Matthew Phelps
Flipper/Rehabber · Tyler, TX · Member since 2019 · 13 posts · 4 votes
7y
Also, have you considered painting the outside brick a different color. I recently saw a rehab in my area where someone painted the exterior brick white and it looked awesome.
1 Reply
Lucia Rushton
Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
7y
@Kris Russell it's been over 2 weeks, what were you able to accomplish? do share.
1 Reply
Luis Vaca
Specialist · Oxnard, CA · Member since 2018 · 92 posts · 32 votes
7y
@Lucia Rushton did he update the photos? They look pretty good, I don't know what everyone is talking about! Lol
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