I am looking to do my first flip. I have made a few offers on older, outdated properties I found on MLS. They have mostly been part of an estate sale and I have felt they were over priced for the amount of work to update so have made low offers and they keep getting rejected. I am starting to wonder if I am out of touch with what I am expecting get these homes for. Anyone have experience in Kelowna they can share?
I am looking for a 3+ bed, close to 2000 sqft in either south Rutland or Glenmore. I want one that is not on a busy road, has two levels with suite potential. I am hoping to get it for $525k spend 100k to update, add suite, etc (including carrying and sales fees) and sell for $650. So a profit around $25k. Depending on the ARV, the purchase price can vary slightly but this is the spread I am looking for.
My issue is my offers keep getting rejected. Should I not be looking at MLS and working with a realtor to find deals? Are there other areas I should look in? Thoughts?
Thanks in advance.
Hi Saskia, have you looked at Glenrosa? There are homes, typically on 0.25 acre lots that have legal suites already in place selling for $450-$500k. Everything in Glenrosa has been getting snatched up based on proximity to parks, schools and it's one of the few places left that is still "affordable".
It might be tough to try and get your investment back in Rutland. Sure, homes are cheaper there, but by might be tough getting mid $600k for homes.
Glenmore is a great area; however, builders have been picking up all the good deals quickly.
Sorry, wish I could be more help.