Investor · Hercules, CA · Member since 2016 · 32 posts · 4 votes
Hello
So I have been looking for the next house to flip. As I go to auctions and houses for sale on mls for investors (cash only sales). I am seeing these houses sale for WAY more than they should sale for. I crunch the number and look at the work on the house that need to be done and theses house are selling for very little profit if any. I just started following these buys and sell to see if they make any money on the house. Example house in lower class area listed for $225k needed full rehab sales in area are $350k house sold for $325k! Where is there room for money in that? Guess it's more of a vent but is it time so sit on the sideline for a while and see if the market corrects? I always believed that being active is the way to go but seems like deals are harder to find and leaving investors at risk of over paying.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
9y
In SFBA there is always a lot of investors calling and look for homes to filp(with cash). I have stopped servicing them knowing the opportunities to profit is rare.
As recent as 2005 a flipper (builder actually) told me her track records was "hit and miss", she was looking for creative financing as the interest from hard money was too steep. A year later she went out business and went to get a real corp job.