All Forum Posts by: Jonathan Yip

I get 6 hours, +/- an hour, seven days a week. I've been trying to get more because my wife and parents keep telling me it isn't healthy, but I can't sleep for more than that unless I'm sick or something. I probably cross the 8 hour mark maybe one or two times a year.

@Victor S. I wasn't sure if I could post the listing here. I'm happy to share it: https://goo.gl/c5JUKP

I'm going to discuss the price drop with my agent today. The good news (for now) is we just got a handful of inquiries/showings in the last day or two from people who sound really interested. Hopefully dropping the price will get them moving.

Definitely agree with what many have said here. Just started out flipping myself. 70% is a good benchmark, but depending on the market your bids will get written off until the cows come home. I threw out hundreds of offers and wouldn't even get the time of day until I got more aggressive with the numbers. Just do all your math and make sure the margins still make sense.

@Stefano Grottoli Most of the feedback my agent has gotten so far has been that they love the house, but not the neighborhood. Basically just as everyone here so far has mentioned. =/

@Sanjeev Advani @Christine Kankowski The house is on the MLS and major real estate sites (Zillow, Redfin, etc). It also went into the local newspaper. I've also joined the local Facebook real estate pages and posted the listing there as well.

Christine, my agent has worked with investors before and is an investor himself. I'll have to ask him about his connections though. As for Loopnet - is that only for commercial properties?

@Will Barnard Thanks for the really valuable insight.

My break even if I hold for another 45 days would be around $195K. This being my first flip, a big price reduction is scary because I don't have any personal experience for frame of reference as to what may happen. I'm going to have to think hard about this tonight...

@Will Barnard Haha yes, definitely not in Van Nuys. It's up in Bakersfield (near downtown).

For a little more detail...

When I say the house is nicer than its surroundings, I mean that the bones, floorplan, and layout were all originally GREAT, but the cosmetics were in bad shape. It's also larger in terms of square footage some of the other houses on the market.

Regarding the rehab, I feel like a cut every corner possible, haha. I used bargain materials, kept as much original material as possible (e.g., painting cabinets rather than replacing), and so forth. So when I say it looks GREAT, I mean it looks great for the amount I spent (or didn't spend) on it.

Most of the flips I've seen on the market in the area are on the same level as far as rehab goes. The comp down the street (also someone's flip) was similar in terms of size and rehab.

I'm inclined to agree with what all of you are saying though - if no one is biting, it's priced too high. I think a price drop is my next step. Just trying to get a feel for what everyone's protocol is for this kind of thing.

Thanks everyone for your input so far! Any additional suggestions or feedback would be welcome!

Great photos of the flips. Good advice on the foreclosures too, I'll have to ask my agent about that!

@Jason D. I can't remember exactly  because it was originally posted a while ago, but I want to say it was originally listed for $224K and eventually sold for $214K?

I'm just wondering like if I drop it by, say, $5K, if that would make a significant difference or if should just wait it out.

If you brought her the deal (like it wasn't on the MLS), I would think it was a little odd that she present it to her other clients. That said, realtors will always have other clients and it's their job to do their best for each one. If you have the most aggressive bid, you'll get the property, whether or not your competitors are with your agent or another one. Like others have said, just be easy to work with and they'll want to work with you.