2nd Flip... Follow along!
Well, I am in escrow again... YES! I finished my first flip in March. Sold quick, great $, paid off all my CC debt and cleaned house. Now I have been looking for 6 months for another project! Dear wife is PRETTY restrictive on my house profile for projects. Since we are using our HELOC for down and rehab and holding costs... she isnt down to risk too much... so we have waited for a sure thing.
I have a great buying agent... who was really cool about walking lots of houses... we offered on a few flip targets... offered on a few BRRR targets both singles and MF, and nada... spring is brutal in Nor Cal. Anything that is public gets hammered with offers in the first week. Well, patience paid off. My agent calls me and says... "we have a winner... estate house, they dont want to do ANYTHING, and want out quick.... we have it in house, you get first crack"
Usually in Norcal that means that the kids have watched flip or flop 20x and went on zillow to get a value and they are HIGH. well this time... I about fainted. they were right on, if not low, even for my idea of a price. I toured it with both agents... then they say oh there are NINE kids that have to sign off, and one is a realtor. I am CRUSHED. think this will likely derail any offer I put together... but the realtors say no... that they have walked them through what they are asking for. I walk the house... it is grandma... needs everything... but 90% cosmetic... no major issues so far..
I offer them exactly what they wanted at first meeting... but kind of figured if they got an offer day 1, we would get bumped a bit... well, they came back from my 600 offer, that they wanted to NET 630k after realtors. I said no... did my usual song and dance on issues, asbestos popcorn etc. etc. and we countered back at 620k, they countered back at 629 with 45 day escrow. we took it.... I am walking it with my contractor and selling agent friday....
I will have pics and all as we go along!