First Time Live in Flip (House Hack); But It’s Not Selling!

Investor · Enterprise/Dothan AL · Member since 2018 · 6 posts · 1 vote

Hey All,

Long time member but first time poster. Currently active military and used a VA loan to live in and flip a property in Williamsburg, VA. Put a lot of sweat equity into property and had to move away on orders. House has been on market only 81 days so not too long but I'm currently in discussions with local contractors to do a few more flips at my new station and was hoping to roll the equity into these upcoming ventures.

Address is 200 Captain Newport Circle, 23185

Any advice on how to market the property better is much appreciated, not only will it help me here but also in future home sales.

Thanks, George

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Will BarnardPro Member

Moderator

Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes

Originally posted by @Clifford Paul:

It's always price, lower the price and it will sell. Good luck!

While I agree price can cure all objections, it’s not always price. In this example, it appears the ceilings are the same grey color as the walls. This is a mistake in my opinion and the ceilings should always be painted in flat white.

Secondly, the photos are horrible, they are small, not professional, and not in the best order of appearance.

Lastly, any kind of staging or at least light staging will dramatically improve the visual appeal of both photos and physical walkthroughs by potential buyers.

Last item could certainly be price and I will not speak on that as I am not familiar with your area to have an opinion on it.

Podcast Guest on Show #130

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
Originally posted by @George Smith:
Hey All,
Long time member but first time poster. Currently active military and used a VA loan to live in and flip a property in Williamsburg, VA. Put a lot of sweat equity into property and had to move away on orders. House has been on market only 81 days so not too long but I'm currently in discussions with local contractors to do a few more flips at my new station and was hoping to roll the equity into these upcoming ventures.
Address is 200 Captain Newport Circle, 23185
Any advice on how to market the property better is much appreciated, not only will it help me here but also in future home sales.
Thanks, George

Hello George,
First off, thank you for your service to our wonderful country! Secondly, welcome to the BP forums!
My advice would be to:
Get access to MLS (even if you don't hire a realtor); Get professional photos and videos of the property taken; post your photos and video on all RE sales platforms - Zillow, Trulia, Realtor.com, and any sites that are used locally. (NY has StreetEasy, NakedApartments, Roomi and other onlineplatforms) ; Run targeted Facebook ads to your ideal buyer.
My short answer and best advice is:
Hire a great Realtor!
The best house-flipper that our team works with here in our market has NEVER sold a home himself. He hires realtors so that he can get more $ for the deal, save a TON of time doing so AND use that saved time to find and negotiate more deals!
Best of luck to you moving forward!
Abel

REbuild Team - eXp Realty5234 Reviews
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Clifford Paul
Rental Property Investor · Member since 2018 · 483 posts · 956 votes
6y
It's always price, lower the price and it will sell. Good luck!
0 Reply
Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
6y
Originally posted by @Clifford Paul:
It's always price, lower the price and it will sell. Good luck!

While I agree price can cure all objections, it’s not always price. In this example, it appears the ceilings are the same grey color as the walls. This is a mistake in my opinion and the ceilings should always be painted in flat white.
Secondly, the photos are horrible, they are small, not professional, and not in the best order of appearance.
Lastly, any kind of staging or at least light staging will dramatically improve the visual appeal of both photos and physical walkthroughs by potential buyers.
Last item could certainly be price and I will not speak on that as I am not familiar with your area to have an opinion on it.

Podcast Guest on Show #130
2 Reply
Victor S.
WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
6y
What Will said. Pictures look too grey, imho. Need more lighting in there.
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Dena Wesley
Kansas City · Member since 2015 · 23 posts · 13 votes
6y
@George Smith

George,

Welcome to BP! These photos have that HDR appearance that I see a lot in my area when it comes to real estate photography. Quite frankly, I'm not a fan because because it gives the appearance of everything looking grungy and dark as some here have pointed out, especially if the decor is too homogeneous; that could be why the ceilings appear gray?

As @Will Barnard suggested, some creative staging is a start to improve the appearance. This would help potential buyers envision themselves living there. You'd be amazed at how a few furniture pieces, area rugs, accent pillows for sofas and wall art can make a difference. It doesn't have to be expansive. A little bit can go a long way.
And, thank you for your service!...keep us posted on what happens.
Dena

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Katie Neason
Flipper/Rehabber · Bryan, TX · Member since 2014 · 258 posts · 170 votes
6y
The house looks great. I agree with the previous comments that better pictures and light staging would help. I see there are several houses for sale in your neighborhood and it looks like they are slow to move and dropping their prices. By pics they all look like they are in similar condition. It may just take some time. This is a tough time of year to sell a house and in our market (which is a long way from yours), it has flipped to a buyers market.
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Brian Ellis
Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
6y
House looks great, good job!
My suggestion would be to stage it. Add some furniture/color in there. Part of the excitement in buying a home is to be able to make it "your" home. Help them out a little.
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David Pere
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
6y
Hire a realtor! FSBO is a pain, especially if you're new to the game...but AT MINIMUM get professional photos listed, and make it look nice!
1 Reply
George Smith
OP
Investor · Enterprise/Dothan AL · Member since 2018 · 6 posts · 1 vote
6y
Thank you all for the responses. Everything has been helpful and enlightening.
I am currently working on getting new pictures, staging, and listing the property for rent (6mo lease) through the winter months in Virginia. Again, thanks for the advice and I will be back with results once the flip is complete.
-George Smith
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JM Payne
Rental Property Investor · Member since 2018 · 207 posts · 225 votes
6y

@George Smith In addition to what others have said about the gray, staging, the pictures, and getting a great realtor, the comps in your area don't support your asking price. I hope that renting goes well for you and that it sells easier in the spring. There's a Williamsburg investor group now...we'd love to have more people join us. Please reach out if you are interested or if you need a referral for rental management.
Fair winds!
- jm
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Andrew Schmidt
Savannah GA · Member since 2019 · 21 posts · 12 votes
6y
The inside looks like a prison... Cinder block grey everywhere.
A home purchase should spark joy.
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