Need help. I don't know if I am working with the right agent.
Investment Info:
Townhouse fix & flip investment.
Purchase price: $22,500
Cash invested: $110,000
Distressed property needed a full gut renovation. First time investing out of state, first time dealing with untrustworthy contractor that cost me so much time and money, first time unsure how to turn this investment experience into a positive.
What made you interested in investing in this type of deal?
Finding a property even a distressed one for only $22k was unheard of for me since New Jersey RE can be pretty expensive so I jumped at the opportunity without due diligence/ doing my HW
How did you find this deal and how did you negotiate it?
Was on a road trip during the pandemic and stayed in Baltimore, drove around different areas and came across this property what was boarded up with a sign that it would be listed for auction on an auction website. I went on the website and placed a bid and was able to purchase the property. The paperwork took a couple months since it was during the pandemic.
How did you finance this deal?
Had the money and also collected some from friends and family
How did you add value to the deal?
Complete rehab the house and added central air.
What was the outcome?
The property value is now about $170k
Lessons learned? Challenges?
So many things may and will come up during a rehab project. Learn to budget accordingly, make sure to get quotes from various contractors, and ask for references. The contractor I used delayed the projected by over 8 months from the agreed deadline. Out of state investing can be costly without a trusted team.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Once the property was completed I hired an agent to sell the property has been listed for 7 months without any offers. Need help. I don't know if I am working with the right agent or if my property really just won't sell.
this is in Baltimore?
I would make a new post on BP and provide the listing and photos with the question up front rather than in the 'deal diary' format
you'll get comments from the community
Thanks for the tip, I'll do that now
Where is property located,,I may be able to assist.
Anthony @ Skyline
7 months is way too long cause you started it when everything was selling, I think you spend way too much for renovation, unless there was no roof in the house and you had to replace many joists.
Market was crazy and many houses sold in the same week where I would not even go pass 5pm.
You are too late on the letting that agent go but it might be also your renovation quality.
Hard to know without knowing the details.