Flipper/Rehabber · Washington, DC · Member since 2018 · 1 post · 0 votes
Hello All,
So my mother and I️ just purchased our very first flip located in Philadelphia Pa. Also, we welcome advice on flipping and the do’s and don’ts of the business.
Investor · Detroit, MI · Member since 2016 · 211 posts · 144 votes
8y
If this is your first Rodeo I would suggest you do not much more than making your flip marketable and livable but forget any and all bells and whistles. I have seen too many first time flippers overimprove and never be able to get their money out of their first deal. You just cannot count on comps because like anything in real estate comps are just one indicator but do not necessarily mean buyers will want to pay top dollar for your property especially if it is a fellow investor wanting to buy from you.
Absolutely nothing in real estate is written in stone and even if you are basing your figures on the house next door still buyers are individuals and your deal has to stand alone individually. Stick to basics and be content with an ok product to market . Do not try to be the very best thing available because that may require a holding time you cannot afford. There are few art aficionados in real estate and most buyers will be looking for something affordable that makes economic sense more than aesthetics.
Personally I am quite the contrary and look for extra bells and whistles but that is not the average buyer willing to fork over the extra money like someone like me for example would be.
You want to get in an out safely and economically so you can move on to your next one and your next one after that. Maybe when you feel you have made enough money you can try to go for the gusto but not on your first deal.
Just like 10% of one billion dollars is more than 100% of one million dollars 100% of $20,000.00 is more than 0% of $100,000.00, keep it real.