All Forum Posts by: Elizabeth Moore

Jason Bott - I am interested in your insurance program for flipping. Will be starting a new project in a few weeks! Please pm me! Thanks!

@Account Closed - I'm hoping that maybe if the seller thinks about it some then he will come back down to his original offer.  This house has been on the market for quite a while. 

@Michael P. - thanks for reply Michael.  My money backer is the one who won't budge off of $69k.  I do know that the other offer was a very lowball offer and that they wanted to negotiate with me and not the other buyer.  The deal did make sense which is why I jumped on the offer.  After all fees for buying and selling, the profit would be between $25 to $30k.  I suppose you are right about emotions as I was ready to go!  I'm back to looking for the next one!  

Hey all

I have put in an offer for my first piece of property to flip. The initial listing price was $79,900 and I offered $62,000. I walked the property with my contractor twice and his estimate came out to $35,000 with a four week timeline. ARV is approximately $150,000. The seller came back with a counter offer of $69,000 and I countered that at $65,000. The same day, the seller came back and said he had another offer on the table that had just come in. He wanted us to give his best and final by 12 o'clock the next day. So, I give my best and final at $69,000. He then comes back with a $72,000 offer and I stayed with my $69,000 offer as that's what he had countered with me the first time. He then came back to me with an offer of $70,900 and I told my agent that I was staying with $69,000. She heard back from him and he said he was not going to budge off the 70,900. The person who would be funding the 10% down and the closing costs (my business partner) won't budge either off the $69,000. We would be getting a HML. As a newbie (not to real estate but to flipping), I have no other choice but to let this property go. It is just sucks because a lot of work went into trying to get this property. My question to you, so that I can understand from the financial end of this, is whether or not his decision to not play the game with the seller was a correct one and why it would not be the right thing to do by going up $70,900. I know it would affect our profit but I feel it would be a great property to sink my teeth into. What am I missing here?

Thanks!.

I am looking for suggestions for General Contractors for in and around the Durham area ( an hour or so radius). I have moved back to North Carolina and would like help with finding good Contractors that I can get to know. I am living in Chapel Hill. There are several houses in Durham and Burlington/Graham that I will be viewing in the coming days. Any help is truly appreciated. Thank You! Elizabeth Moore

Can you tell me where the meeting is held? Thanks!

Welcome to BP!

I am looking for a Real estate broker in and around the Durham area ( an hour or so radius). I will be in North Carolina soon and would like to possibly meet with someone when I get there. I will be staying around the Pittsboro area. There are several houses in Durham that I'm interested in viewing and would also like your input as to other investment possibilities. I will be flipping homes in North Carolina. Any help is truly appreciated. Thank You! Elizabeth Moore

Welcome to BP!

Welcome to BP!