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.
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.
Beyond the over-priced issue is there anything major coming up from buyers in terms of concern? Your agent should have a lot of feedback by now. Try not to be defensive, if so. Sellers often struggle to listen especially when they are an investor. If the same concerns come up from at least 2-3 people than I’d address it. Sometimes flippers don’t want to continue the rehab at this point but 1-2 more things could help it sell.
Thank you all so much for sharing insights, opinions and giving feedback!
All in all, loan and repairs I paid 155k for the home. I also calculated holding costs and closing costs as well. I don’t think that was buying it overpriced...!? But maybe someone could comment on that.
Two things came up:
From the first offer the inspection came riddled with items to address. Both the buyers agent and our agent thought he went over board. It is what it is. We fixed 95% of the items he highlighted, things we could do without costing us tons of extra cash.
Second, the foundation had been previously fixed but we had no paper work or certification it was done well. We got an engineering report and it certified foundation is good. However we’ve tried to contact previous foundation repair company, but with no avail in getting a warranty issued.
All offers received were at asking price. However due to vendors not responding and other timing issues things have taken longer to resolve and buyers got in patient for us to get things resolved and ready.
In hindsight our design and pictures could improve. We will work on that for the next one! I totally agree that some small extra items could have been done to make the house more attractive, but knowing we got 4 offers at least let’s me know we did something right I think. I also think that you can over spend on a flip, I can make it look super fancy and nice, but the market may not pay for it, at least for this type of home. It’s a careful balance that needs to be looked at carefully. At least that’s what I’ve been learning.
We will be reevaluating the price with our agent today and hopefully get one more offer this week and sell this baby!!
Thank you all for the time take in sharing your thoughts!! 🙏🏽👍🏽