All Forum Posts by: Mike B.

@Account Closed

UPDATE: 15 days on market, I accepted a strong verbal offer of $270K (no seller assist, buyer putting down 30% deposit, 60 day close), awaiting paperwork this afternoon.  I won't make a lot on this project (**I'll reveal numbers AFTER we've officially closed), but I'm happy to get it under contract (staying in the black), especially during the holidays when it can be difficult to sell.  I'll get all my money back by Feb 1st to move onto bigger projects I'm looking at already.

This was my first true 'flip', it was a great experience, I learned a lot, and now I can apply the knowledge to my next projects I'm focusing on.

thanks @Kate Gagnon and @Candace Ellison!

What area of the city?  I would recommend GAB construction.  Licensed/Insured.  

They tore down and rebuilt my 2 car garage in the city.  Fantastic job, great group of guys (and subs) they used.. they know what they're doing.  Competitive pricing too! Can't say enough about them.  PM me if you want their contact info. 

@Chinmay J. sorry missed that. I found this on the MLS. I actually searched around for a bit (I'm always searching) and the house was originally listed at $170K initially, price dropped to $150K.. had only been on the market 30 days total. Place was trashed, need a total gut, but was a nice neighborhood. I made an all cash offer at $115K, found out I was the same with 10 other people, so I increased the offer to $125K and it went from there. had to submit 4 other counter-offers (all were 30 day, cash only, as-is deals) before winning the final bid (and offering that I would fully cleanout the property.. it just had to be delivered empty). I think in the end, adjusting my offer to specifically note I would do my own cleanout.. property just needs to be vacant, is what won the bid. I later found out a family squabble led to the sale of the parent's house I was buying and a brother lived there with a gambling problem. The sisters (co-owners) wanted to just dump the place, but at the highest possible price, with the least amount of work. In the end, it was an extra $1,000 to just cleanout all the old garbage/crap in the place (furniture, mattresses, you name it.. it was there). That doesn't include the demo, etc I also had to do.

Chinmay J. Yes I have a full time w2 job. I hired out, acted as GC for the job. I utilized private lenders for down payment then had a commercial private lender for remainder of purchase and construction. The lenders I used have slightly better rates then traditional HML

Tim Butters I did consider it but profit margin was dwindling and it was the nicest home in the area so I figured I would risk it for a little and if there was no activity, then I would stage and re-list after the holidays. Thankfully it looks like I’ll have an offer by end of week

As a semi-update.. House has been on the market since 11/16/17 (nearly 2 weeks).. have had 15 showings, with 3 more this week.  (2) verbal offers.. will see where this goes. 

Curious for those out there flipping whats the avg days on market (DOM) you've found in hot cities with a high quality rehab?  Philly has been nuts lately (in case you haven't read other posts about it).  Listing prior to and during Thanksgiving I expected it to be dead, but surprisingly I've had some great showings and positive feedback from agents.   Fingers crossed, say a prayer, good karma I'm ready for ya!

Eric Dedovesh my experience in philly with row homes has been: (1) general / basic cosmetic refresh: <30 days (2) more advanced cosmetic update, maybe some electrical or secondary advanced updates: <60 days (3) full gut and finish basement.. 3-4 months. I just did one in 11 weeks and it was tight!

Cozy.co is what I use. Free, and can build tenants credit up too

Interesting write up. I agree with some of your remarks but there are small corners of Point breeze (closer to Washington) that has a good coffee shop, bar etc. Not plentiful like other neighborhoods but still. However for the pure ‘saturation’ point of how many flippers etc are there, I don’t invest there. Would be curious what areas others look at. I like the 20s close to Snyder ave (and below of course). Also there’s nice pockets in south philly where you can get a place for 150K range and shows more potential for growth. Would rather get those and buy/hold then bidding war everyone in point breeze.