Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
15y
Originally posted by Ibrahim S:
I would look to cut down on the Realtor/marketing cost by becoming a Realtor and going with a broker who does (at least) 70/30 your favor.?
I would go one step further and suggest staying away from the big firms that take a big percentage of your commission.
As an example, a 30% split on this $200K sale would equate to about $1800. You can probably find many smaller brokerages who would take a flat couple hundred dollars (or less). Over a few transactions per year, the savings adds up!
Residential Real Estate Agent · Mt. Pleasant, SC · Member since 2010 · 257 posts · 130 votes
15y
Originally posted by Ophelia Nicholson:
I see something I like and text the realtor and we go from there.what kept happening was I'd see a property I like we go visit- its on the market 6 months no offers and as soon as I like it and make an offer, they got an offer day before- felt like someone was watching me.
Ophelia, I see this all the time. I think so many of these deals fall through that the realtors keep the listings active as long as possible, then they forget to change them until someone else looks.
Great job with the rehab, and very nice staging! Assuming you're priced right, this should sell quickly in the DC market. I lived in PG County (Laurel) for 12 years, before I was in real estate. Looking back, it seems like a good area for investment, especially with the relatively strong government based economy. I think unemployment is still around 5%. There are also a lot of older, but still desirable neighborhoods. Good luck with this one and future flips!
Involved In Real Estate · Hyattsville , MD · Member since 2011 · 298 posts · 256 votes
15y
So wanted to give an update- We listed the day before the hurricane the friday- Not so smart if I should say so myself.
I was probably impatient- anyway no damage to the property and the monday after when everything was back to normal we started having visits to the property.
We got a total of 4 offers in the 7 days after the hurricane and accepted one. Whats funny is that there is a house cheaper by about 6k with an extra bedroom on the market in our subdivision that has been on there for 60days. Does staging really work? Who knows!
To answer the questions.
Brian- Whenever the funds are available to start the next one- I'd love to do today but don't have the funds till this sells. Unfortunately I'm not lucky enough to know any private investors.
Keith- Thanks so much for the comments
Chris- Thanks for the wonderful comments. Yes there is alot of government jobs here so its really good for the economy- I'm about 10 minutes outside of DC so you can live here and working in the Capital.
Real Estate Investor · MA, CT,VT, NV · Member since 2009 · 9 posts · 0 votes
15y
Congrats!!!!!!!!!!!! yes, staging does work...people like to have some idea of how a property could look. Funny actually as they usually have such different furniture themselves. However, along with a new home many purchase new furniture so you could also offer furniture packages and even get a deal going with a furniture dealer....get a little % if the buyers want the whole package.
Private Financing Consultant · Honolulu, HI · Member since 2010 · 132 posts · 27 votes
15y
You kept the rehab cost well considering you had to rebuild the house. Did you have to install new plumbing, AC, electric, and roof within that price too? Buyers can appreciate newer structures and amenities considering the other one in your neighborhood is not a new construction.
Involved In Real Estate · Hyattsville , MD · Member since 2011 · 298 posts · 256 votes
15y
April- thanks - I guess we could do furniture packages once we get to that point but nothing I hate than when I get a contract at work that includes furniture.
Celine- No we didn't install new plumbing line- yes toilets and vanity, mirrors. We added some recess lighting but original electrical was there. Bank had already replaced the roof and yes we added an outside AC unit that had been stolen but the inside unit was new.
Hi Don thats funny- Does that make me the preacher in the scenerio, the choir or the person who was just got saved?
David- thanks for the comment- yes someone will get a very nice property.
Anne thanks for the comments- Maybe I can stage for some investors in Maryland but I don't know any.
Real Estate Consultant · Fredericksburg, VA · Member since 2011 · 11 posts · 1 vote
15y
Ophelia ~ (and all others)
Staging absolutely works! When I was an active realtor I provided that service for FREE! (couldn't charge for it anyway) and my listings always received tons of traffic and all but 2 in 7 yrs sold!
I consult for sellers now. Feel free to visit my blog for tips, techniques and example photos to follow when listing a property.