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Updated about 10 years ago on . Most recent reply

User Stats

68
Posts
63
Votes
Peter Hanson
  • Flipper/Rehabber
  • Orange, CA
63
Votes |
68
Posts

what should I do?

Peter Hanson
  • Flipper/Rehabber
  • Orange, CA
Posted

Hi all,

I bought a house 64380 Thumb Dr, Palm Springs, CA as an REO for $75,000. My goal is to resell the house, I don't want this as a rental. I put in new flooring, new windows, new kitchen, new bathrooms, new paint, cleaned up the landscaping, all in about $21,000 spent on repairs. I listed it for $139,900 and it's been on the market for a little over 2 weeks. I only got 2 calls on the first day, no showings or calls since. I think I might be a little over priced but it's totally remodeled and I think the price is fair, perfect for an fha buyer who has no money to fix up a house, it's turn key.

My question is do I just reduce the price until it sells, or is there something a little more creative I can do to get my $140,000 sales price?

I have a loan on it currently for $60,000, payments $600/month

Any advise from seasoned guys would be the best. What's the best way to maximize my return? what options do I have?

thank you for your time,

Peter Hanson

Most Popular Reply

User Stats

33
Posts
4
Votes
Rick Schneck
  • Real Estate Investor
  • Encinitas, CA
4
Votes |
33
Posts
Rick Schneck
  • Real Estate Investor
  • Encinitas, CA
Replied

Greetings Peter. In addition to Margo's marketing suggestions you may want to consider offering "Rent or Lease to Own." The property itself is going to appeal to a demographic atypical for the area. There are lots of BP blogs and podcasts relating to this topic. I wish you the best. Rick

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