Investor · Cape Coral, FL · Member since 2016 · 24 posts · 26 votes
Just wanted to share my first flip with you guys.
I bought this property in Riverview, FL for $140,000.00. It was a complete gut. New Flooring, Pool finish, T111 Siding, new doors, new knockdown texture throughout the house, new facia and so on.
The property cost me with all expenses throughout the renovation and including all materials $45.000
Sold for 250.000,00. Had multiple offers within 5 days of listing. Im so excited and encouraged to move forward onto my next project. WHO wants to invest with me? :D
Here are some before and after pictures. Any thoughts would be highly appreciated
Wholesaler · Bogota, NJ · Member since 2016 · 128 posts · 64 votes
10y
Place looks good. But, since you asked...
I'd say that if you got multiple offers within 5 days of listing, you probably left a little money on the table. Everyone has different goals and time frames, but speaking generally the industry considers a 'quick sale' to be 30 days. Meaning, *some* buyers SHOULD walk out of your property saying "this is a bit on the high side, lets look at some other houses". IE, the deal hunters and price sensitive.
This doesn't mean put the property on at $325K and wait 6 months, but the trick is to find the happy medium where 12 people come through the 1st two weeks on market, and one or two are interested.
But as mentioned, there are absolutely unquestionably times/situations where you want to underprice and have it U/C the 1st week on market. IE, to create a bidding war, headed into the late fall/winter months, your financial situation, etc.