All Forum Posts by: Cheryl C.

Ok. Gottcha. I like to stay in my backyard (Reston, Herndon, etc.) because I know the market cold and can act immediately. It's limiting but I don't want to work too hard (learning other markets). I'm seeing deals in DC and MD (PG CTY) but I'm staying in my comfort zone.

I'll check online re: staging. May give it a shot and see what happens. It will only be very "light".

Mind if I pm you re: contractors, to compare general pricing?

If you find something in Fairfax, contact me. I'd be happy to work with you. There are so many cash investors chasing deals here that it is hard to land anything with any "meat on the bone".

South of here (PWC, Stafford, S. Stafford, King George, etc.) still have alot of reo's and shorts with less competition.

Hi Ophelia,

Yes, looking at some of these places on-line makes me want my house staged! I could easily pick up some stuff on Craigs List and store it in my basement (If I like it enough it may find it's way into my house!). I was wondering what the staging companies charge?

Are you having trouble finding decent flips in MD?

Lesson learned: If you make a mistake and buy a loser, get rid of it! The numbers are not going to magically change, appreciation won't suddenly rescue you, oil won't be discovered in the back yard. Take your lumps (losses, if need be) and move on. I sat on a loser for over ten years thinking that people will see how undervalued the area was. Well they didn't and haven't.

Hi John,

Seems we are in the same neck of the woods. I've never staged before but haven't done many flips in the past 10 yrs. I wouldn't buy furniture (like J. Scott) unless I was doing a bunch of them. I agree with you and think the house will sell fast w/o staging. It's just that I see some nice looking staging going on...some of them make ME want to move!

I've reached my limit on the number of rentals that I want to own and have decided to do some flips to keep me occupied. It's not easy to find a decent deal around here.

Target buyer will be first time or move-up. This is a mid-level SFD at about 400K. My price is 310K. Light to mod rehab (kitchen, flooring, paint, light fixtures - baths are already updated and curb appeal is great) should be 20K+-. Quick sale at 400-410K.

I may be able to get 420+ depending when it hits the market. I've noticed many, many listings appear staged. As an investor, I like to see places vacant. Actually I've always liked things vacant.

I'm thinking a few "pottery barn" type rooms may push the right buttons. I'm already going hardwood, granite, stainless and two-tone paint.

I'm getting ready to start a rehab. I plan to price it agressively (low) to sell fast. What is the return on staging? For those of you that stage, how many rooms? I'm thinking LR, DR, MBR. Also, what is the approx. cost?

How about one who couldn't figure out how to light the gas fireplace? The instructions are on it! His report said "owner to instruct buyer on operation of fireplace". Once started, it turns on and off by a light switch. He also couldn't get the furnace on. I told the buyers to walk across the floor to the thermostat and switch it on. To top it off he demanded that I install a GFI on an outlet 10 feet from the kitchen sink or any other water source. At the closing I asked the buyer's agent why he would recommend such an idiot to his clients.

It's a little involved, so please bear with me. This TH co-op is at 160K, after much negotiation. No contract, but a verbal.

Here's the deal; my 22yr old and his best friend are looking for a place to rent for the next couple of years. This development is well down the road for a developer buyout expected within two years. The payout for this unit would be slightly over 220K. The monthly payments would be lower than any comparable rental. They both love it.

I would put up 30K and so would my son. We would split the profit 50/50. Although these sold for 350K at peak, there has not been a sale in over 2 yrs (130K). Everyone is hanging on for the payout.

This seller is elderly and wants to relocate near family. 30K is not much $$$ to me. It's sitting in the bank at zero. I have no need for it. My son has 70 in mutual funds and will cash in his share. Financing is no issue as I have a 25yr relationship with a commercial bank. We will pay 5.75% w/ a half pt for 5 adjustable money amort over 20.

Issues: Although 66%+ have signed letters of intent and the contracts are starting to be signed this month, there is a movement afoot to queer the deal based on rising land costs. It won't be firm until they 66 contracts signed.

IF the deal falls apart I am quite sure there will be others (higher) but these will take longer. The co-op does not permit rentals, so if things were delayed it might cause a problem. My kid may not be happy there, get transferred, etc.

I am not too concerned but don't know if I should just have him rent his own place. On the other hand cheap rent in a great location with a payday of 20k+ isn't bad.

The little old lady has replaced all major sytems and the place is spotless with an end-unit (plenty of yard for "cookouts, cornhole, trashcan,etc) Parking is plentifull and they can walk to restaurant and bars.

I think their rough payemt is 625 each *fairly cheap* as it includes all utilies and taxes.

Thoughts?

byw -he already has a solid rental and good tenants of two years. He has a good head on his shoulders.

Sorry about the length.

I've got a bid in now. It doesn't meet the reserve and the auction ends tomorrow. Who knows if someone will come in higher.

They put a hold on a credit card for a low amount to allow registration and bidding.

I'm just taking a flyer on it. For those who have dealt with them, how long do they take to decide on a below reserve bid? The LA is completely uncooperative (hasn't returned e-mails or phone calls).

I am going to the live chat tomorrow as I have a couple of questions. They never asked me for proof of funds (although I have it). I'll take 30% off last comp ( a hud foreclosure).