Updated over 8 years ago on . Most recent reply
Rehab in Apex, North Carolina
So spent the summer rehabbing a house here in Apex, which was made better still by being in my own neighborhood ! Here's the stats....
Bought for $225K (FSBO off Craigslist). Repair estimates $55K. Projected ARV $320K. Planned on about $10K of holding / closing costs paying a BA comp and listing it myself. Actual Repairs ended up at $60K ( including some sub floor issues, attic insulation that the buyers negotiated in the DD period with me and pet odor remediation which was harder than I expected it to be !!)
Went under contract in 4 days. Full asking price offer. Closed in 30 days.
Lessons learnt.....
- 1) If you're holding out for a 70% of ARV for purchase and rehab costs in Wake County, you'll be waiting a while. Inventory is very low right now, flipping homes is a hot craze and those that do it well do it on thin margins. This one turned out to be around 85% when all was said and done (and for me, the 70% is less important with more expensive properties anyways)
- 2) Staging pays dividends. Always stage and make sure you get a professional photographer to do it full justice once staged. My guy charges $100.....well worth it in my opinion.
- 3) Get your agent (or hold it yourself) to do a Neighborhood Open House when it first goes live.......the buyer was a family member from someone who lived a few doors away and had been looking to get into the neighborhood for the last 12 months.
Drop me a message if you'd like the before / after pics.....can't find a way to post them all on her without taking ages to upload !
On to the next one !!
Most Popular Reply
Congratulations, Kyle! Would love to see pics, if you are ok with that...I guess we're a visual lot!
Cary, Apex and Holly Springs are pretty nuts right now and you're right....deals are few and far in between.
Best of luck and keep at it!