South Bend 90 Day Flip Challenge

[Stephen Sokolow]

Ok South Bend investors. I know that seasoned investors in this market do not like talking about flipping but I would like to try an adaptation on Brand Turners 90 day challenge. I would like to flip a home in South Bend in the next 90 days. Based on some quick research on the MLS and ListSource these are the most popular zipcodes in South Bend over the past 90 days.

46613	57			--12345678910
46614	223			--12345678910
46619	97			--12345678910
46628	186

So, I would love to start a discussion that focuses on 1. The best target area 2. Market timing. Do you think now is a good time to flip a home in South Bend. 3. Experience - tell me about any recent experiences you had flipping homes in South Bend. What type of financing did you use? Did you find the deal on market or off? What type of finishes work well in this market? I know we have a lot of experience in this forum so lets talk. 

[Stephen Fryer]

Hey Stephen. Happy to talk flipping. 

I have an SFR that will be hitting the market this week in zip 46628. This is the second fix and flip that I've done in that area this year. It's a good market for first time home buyers.

I don't really have any specific preferences for market timing to be honest. My goal this year was to do 1 flip/quarter. I got a little behind and will have three. I guess I'll have to boost the marketing to get things rolling for the new year. 

I used private money to fund the flip. I have had some good success networking with local investors here in Ottawa to find people interested in partnering with me. The market here is really expensive and cap rates for SFRs are between 4-5%. I can still find affordable homes and great returns in South Bend.

I found the first property from an inheritance list and the second while driving for dollars. A wholesaler had placed a sign on the street and I followed up.

This is a working class neighborhood so I don't over rehab. Nice clean finishes so that people have a great place to call home.

Would love to hear other people's experiences.

Stephen