Flipper/Rehabber · San Antonio, TX · Member since 2019 · 18 posts · 2 votes
Hi all! My house at 11847 Burning Bend in San Antonio TX is taking a bit longer than expected to sell! We are getting close to 6 months since acquisition. Bought with a hard money lender.
Our exit strategies are as follows:
1. Refi-rent out for a year then sell
2. We have a handful of investors who might be interested, as a rental property, but none have shown serious interest.
3. Sell at a much lower price, though we’ve cut it by 16k already. Bought it following the .70 rule minus repairs and other factors.
4. Not sure...any more suggestions?
Any insights as to what you do to sell a flip that’s been taking a while would be much appreciated.
Investor · San Antonio, TX · Member since 2017 · 344 posts · 268 votes
5y
A few thoughts...
1. It's overpriced.
2. Garden homes in that are seem to be more in the 170-180 range. I fear that it may have been comped and priced based on single family homes which would explain why it's off.
3. 70 percent deals don't really exist in San Antonio on the mls (and are hard to come by even if you are doing direct to seller marketing)
4. Anything priced well in San Antonio is selling right now, and I know several people selling flips right now that are getting several offers over ask.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
5y
Just doing a quick search, it appears that your competition in the same price range has you beat with more square footage even though yours appears to be more updated. Your 2 closest competitors are both pending so hopefully you are next
Investor · San Antonio, TX · Member since 2017 · 344 posts · 268 votes
5y
A few thoughts...
1. It's overpriced.
2. Garden homes in that are seem to be more in the 170-180 range. I fear that it may have been comped and priced based on single family homes which would explain why it's off.
3. 70 percent deals don't really exist in San Antonio on the mls (and are hard to come by even if you are doing direct to seller marketing)
4. Anything priced well in San Antonio is selling right now, and I know several people selling flips right now that are getting several offers over ask.
Real Estate Agent · San Antonio, TX · Member since 2018 · 32 posts · 33 votes
5y
I echo all of what Aaron says above.
1. From who I see bought it earlier last year off of MLS, it looks like you bought this from one of the "big-box" wholesale companies and quite possibly paid too much to begin with.
2. For just a bit more in price, there are a few newer build communities right in that area. Until they sell out buyers have a nice newer option close by.
3. Like Aaron said above, anything priced well and is somewhat attractive to buyers should fly off the market right now. And you're competing against detached homes vs. your townhome/duplex.
4. My constructive criticism, your rehab could be a bit more attractive. Not sure why you went with a green trim and garage combo for instance. It's not a bad job, don't take the wrong way please, I would have done a few things different.
5. I'd call the agent for 11831 Burning Bend (very nice rehab that they withdrew, priced $12k below yours) and find out what happened with that sale (your agent should have already done this imho). This one is almost identical to yours and you can get some insight on what they experienced.
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
5y
If it isn't selling, odds are you're overpriced as others have already spoken to. If you're not sure what to price at, get an appraisal and price it there.
Realtor · San Antonio, TX · Member since 2017 · 64 posts · 35 votes
5y
@Daniel Moscoso
Burning Bend is 5 miles from the Medical Center so maybe consider renting it out to traveling nurses/medical personnel. Im in San Antonio and have my place listed on Furnished Finders and Air BnB. I'm doing a talk on STRs for San Antonio on March 5th starting at 530pm at Hops & Hounds, 13838 Jones Maltsberger Rd, San Antonio, TX 78247
Feel free to join us if you'd like info on the short term rental possibility. In the meantime, I'm happy to share what I know. I'm also a real estate agent so if you need any assistance with comps or selling it, please feel free to reach out.
Flipper/Rehabber · San Antonio, TX · Member since 2019 · 18 posts · 2 votes
5y
@Aaron Bihl thanks for the insights. We did have it comped based on a townhome/attached single family. We’ve had 4 offers but people keep backing out. Will be talking to my partner about the price! Thank you
Flipper/Rehabber · San Antonio, TX · Member since 2019 · 18 posts · 2 votes
5y
@Ryan McLeaird thank you for the feedback! In hindsight we were looking for the color to help the house pop on that street, didn’t pan out as envisioned exactly. Would you mind if I send you a private message, I’d like to bounce some ideas off you?
Investor · IN (indiana) · Member since 2020 · 109 posts · 53 votes
5y
@Daniel Moscoso Is it on the MLS? I am assuming its not drastically over priced considering you cut the price already. The trick here is that a property gets almost all of its attention in the first 4 weeks. If you are past that the best trick you can do is to cancel the listing and relist it at its current price. And BOOM its popular again. Thats why pricing it right (or just under) is so important
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
5y
Wow, you had 4 offers already?? What happened?? Did it not appraise?? Did you get an inspection and lots of little issues?? If you and your realtor think it is priced right, maybe there are some other issues that we are not hearing about.
Inspection - is there something that is scaring off the potential buyer??
Rental Property Investor · San Antonio, TX · Member since 2011 · 512 posts · 290 votes
5y
@Daniel Moscoso
You already have great feedback here. Did you use their hard money company too? I’m just curious as I’ve seen a few stories like yours lately.
Also, at your price do you still stand to make a profit? Can you slash the price and break even and chalk it up to “tuition”?
While the outcome may not be what you planned, you took action. Don’t let one deal deter you. Lots of people will talk about real estate but never get started.
Real Estate Broker · Charlotte, NC · Member since 2020 · 114 posts · 64 votes
5y
One thing that I’ve seen work lately is to offer partial seller financing. Offering to finance 15% in the form of a note would allow a broader audience to buy it without much $ down. It would give you a steady stream of income after the sale as well.
San Antonio, TX · Member since 2016 · 240 posts · 163 votes
5y
@Daniel Moscoso. As @Will Pritchett said, I applaud you for getting out there. Also you did the right thing reaching out to this community and I applaud all those who have replied with some sound advice. I’m very proud of my fellow San Antonians who spent time to help you in constructive ways, especially some of those who did some research on it as well.
Since your profile is devoid of any info, I can’t tell what your background is or if you have any experience, but I’m assuming you may just be getting started. Hang in there and keep asking questions and taking action!
Flipper/Rehabber · San Antonio, TX · Member since 2019 · 18 posts · 2 votes
5y
@Rick Pozos good to hear from ya again. Yes, the inspector was super picky “deal killer” type of comments, however we got our contractor to fix 95% of the issues and house is “perfect” now. Buyers just got in-patient while we did the extra repairs, all out of good will. And before we got the home, someone had done foundation work, but we have no paper work to certify that it was done correctly, the engineering report was given to them, certifying the foundation supports the home, but people wanted a full warranty for the repairs, of which we still don’t have.
WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
5y
you should've taken it off the mls and relisted a lot sooner. price slashes will only make you look desperate. the pictures are making the house look too cold and not bright enough, imho. not a fan of tile in the living area. it just blends with the hole house. also, your bathroom counters look cheap. granite would've made it look better and cost marginally more.
you already got enough feedback as is, so I can only wish you to sell this asap, even if you have to break-even or take a small loss.
Bryn Mawr PA · Member since 2018 · 11 posts · 6 votes
5y
Start at the beginning to compare what other sold homes have in them.
This one is not engaging, and needs to be inviting so people want to stay in it, imagining themselves in the spaces. Staging proves to sell homes at a higher price, adds warmth and purpose to nooks and underutilized rooms, and camouflages a less than stellar rehab material list. virtual staging can be a let down for buyer expectations
Take it off market, repair the sidewalk crack, plant colorful flowers where the small circular stepping stones are, Place potted mixed colorful plants at driveway corners and to the right of sidewalk at pillar, paint garage white and front door Red, it never disappoints! Paint the wood trim over fireplace the closest beige to blend with the brick color, remove dated fireplace screen and stage inside the fireplace with staggered candles, or photograph while fire is roaring inside. Add a nice art piece on the wooden section to enhance staged decor. A coffee/tea tray in the kitchen nook with cups and pretty napkins will warm the space, as well as setting a dining table. Place new white towels in bath, add small succulent vase on the bathroom vanity and next to kitchen sink. Clean everything again so it smells great then take new PROFESSIONAL photos WITHOUT the fisheye lens. You may be able to ask more :-) for it then - GOOD luck !
Hi all! My house at 11847 Burning Bend in San Antonio TX is taking a bit longer than expected to sell! We are getting close to 6 months since acquisition. Bought with a hard money lender.
Our exit strategies are as follows:
1. Refi-rent out for a year then sell
2. We have a handful of investors who might be interested, as a rental property, but none have shown serious interest.
3. Sell at a much lower price, though we’ve cut it by 16k already. Bought it following the .70 rule minus repairs and other factors.
4. Not sure...any more suggestions?
Any insights as to what you do to sell a flip that’s been taking a while would be much appreciated.
Thanks!
Daniel,
Your home is very nice. Unfortunately they're are a couple of concerns I would have if this were my home/flip. First the tile presents as being very cold. I would get 3 or 4 large area rugs with some warmer colors and drop them in the larger spaces.
Second, and a more costly fix, is the fireplace. It is, IMHO, awful. Outdated everything. I would seriously consider shrinking the width and elongating it by going to the ceiling. Reface it in a warm gray ceramic and your sure to attract more buyers.
Specialist · Los Angeles, CA · Member since 2018 · 291 posts · 231 votes
5y
@Daniel Moscoso your first line of your description is your company name. That’s a waste of a chance to draw people in. the first line is the most important I didn’t even first reading the description it was so boring. The pictures don’t pop or stand out. Stages with lots of colors would have made a big difference the house is very bland and everyone (at least me) is thinking about the fact that it’s a bland flip not an amazing colorful piece of art that I simple must buy and raise a family in. Plus the pictures are not great if you want top dollar it must be great.
Also it makes since people are backing out because you are screaming in your description this is a Flip and then there and lots of problems and everyone has heard of cheap flipper. Now everyone that sees your property sees it’s been on the market for to long and it’s screaming flipping company on the first line of the description. Above average time on market flipping company boring pictures wanting top dollar = hard to sell.
I’m sorry if this is harsh but I see flippers in my market all the time that leave tens of thousands of dollars on in the deals because of simple mistakes.