I’m not going to watch dancing with the stars.

Investor · OK · Member since 2019 · 62 posts · 23 votes

Hello BP friends,

I will make this a long story short.

I bought a house from a motivate seller in cash.

I used private money to buy it. ( I know, I know, I should of did an assignment contract but we couldn’t in this situation)

The house isn’t selling. We have some interest but no takers.

I hired an agent. We have more interest but no takers.

I’m considering taking it off the market and getting a hard money loan to flip it myself.

Has anyone done something like this before?

0 Reply

12 views

Most Popular Reply

Mindy JensenPro Member

BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

If no one is buying, it's priced too high. Drop the price significantly and relist.

[email protected]Podcast Guest on Show #261

2 Reply

See this reply in the discussion

11 Replies

Jump to latestLatest

Sort by

Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
6y
If no one is buying, it's priced too high. Drop the price significantly and relist.
[email protected]Podcast Guest on Show #261
2 Reply
Todd Fullerlove
OP
Investor · OK · Member since 2019 · 62 posts · 23 votes
6y
@Mindy Jensen
Alrighty, thanks
0 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
6y
@Todd Fullerlove Also ask your realtor what the problem is.
0 Reply
Colby Hager
Flipper/Rehabber · San Antonio, TX · Member since 2017 · 101 posts · 73 votes
6y
@Todd Fullerlove curious...if you lower the price, to sell quickly, are you still going to make money?
0 Reply
Todd Fullerlove
OP
Investor · OK · Member since 2019 · 62 posts · 23 votes
6y
@Colby Hage
Yes I will make money. Profit isn’t my top priority right now. This is my first deal and I just want a competed deal underneath my belt. I bought this well below market value. I have a bit of wiggle room to lower the price.
0 Reply
Todd Fullerlove
OP
Investor · OK · Member since 2019 · 62 posts · 23 votes
6y
@Theresa Harris
You’re right I should. I haven’t yet because I figured he got it.
0 Reply
Colby Hager
Flipper/Rehabber · San Antonio, TX · Member since 2017 · 101 posts · 73 votes
6y
@Todd Fullerlove if you can lower the price and still make money it’s a win.
You can take your money off the table and move on to the next one.
You should be proud of yourself for getting your first one done. You’ll always remember the first one.
On the other hand, if you got such a good deal, it might be the time to knock out your first flip. The same wiggle room you have to make money on the wholetale is wiggle room you will have for the mistakes you will likely make on your first flip.
This is honestly a really good way to start your first flip. You have some “learning” room without as much risk of losing money.
Keep us updated if that’s what you decide
0 Reply
Todd Fullerlove
OP
Investor · OK · Member since 2019 · 62 posts · 23 votes
6y
@Colby Hager
Wow Thanks, Colby! I will keep you updated.
0 Reply
Colby Hager
Flipper/Rehabber · San Antonio, TX · Member since 2017 · 101 posts · 73 votes
6y
@Todd Fullerlove is it a heavy rehab?
0 Reply
Todd Fullerlove
OP
Investor · OK · Member since 2019 · 62 posts · 23 votes
6y
@Colby Hager
Yes, It will be a full tear down. The seller pretty much took everything from the house before she got foreclosed on. The house is a little over 500sq and it’s a 2bed 1bath with a 600sq detach garage. After running the numbers it will be more cost effective to just demo the house and rebuild a new one. Which is still possible for a nice profit.
0 Reply
Colby Hager
Flipper/Rehabber · San Antonio, TX · Member since 2017 · 101 posts · 73 votes
6y
@Todd Fullerlove haha ya that’s heavy all right. Keep us posted man and good luck either way!
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.