All Forum Posts by: T Chu

Thanks! Yes, they have a mortgage, 250K. And they absolutely overvalued it originally, and were trying to sell it at 475K. I told them they werent going to sell it at that price, but they were adament....now, a year later, its down to $380k, but, again, no "serious" offer.

I guess, the thing is, its not in bad condition. Theyve done alot of cosmetic fixes, and it is move-in condition....but, in a neighborhood of 3bed 2bath, or bigger, with horse corrals on all the properties, and comps of $500K-$599K in the immediate neighborhood....you can see why rehabbers are itching to get it. But, they said that they would rather one of us kids profit off it then these "greedy flippers" (their words, not mine).

They moved to AZ, so they wouldnt even be around when I rehabbed it (if I chose to), so thank God that wouldnt be an issue....but, again, Im still leaning toward selling it outright and washing everyone's hands of the mess. So thanks for the wisdom!

Hi everyone,

Just introducing myself, and, I guess, asking for advice... Ive been wanting to get into REI for awhile (which ya'll have heard a billion times), but am now being almost handed an opportunity on a silver platter...

My parents have been trying to sell their house for almost a year, with two deals that fell through, and a steady stream of offers from would-be rehabers. My parents dont want to sell the place at the price that the flippers are offering (which seems to be around $150-200K less than other properties in the area), so, thus, it hasnt sold.

Finally, being worn down from having to pay rent on an empty house, they said they would sell the place to me to flip, and obviously alot cheaper than they were hoping.

Obviously Im very familiar with the house, and know its many faults. Its a 2 bed 1 bath, 720 sqft house on 2 acres in a suburb of Los Angeles. To compete in this horrible market, I know Ill need to add a third bedroom, another bathroom, redo all the plumbing (it was built in '57) and electrical, and since its zoned for horses, do something with that. My husband is, obviously, leery about the whole thing, hes not sure if we can make at least a good enough profit, if any at all in this market.

Im a real estate agent (tho I dont hang my license anywhere currently), so Im obviously not foreign to all of this.....just hesitant.

Any tips on where to start the research for this would be much appreciated! Oh...and hello :D