Watching HGTV makes house flipping look so easy right?
I mean if Tarek and Christina can do it and make it look easy, than we all can do it right?
Its like watching the Crossfit Games. The professionals make it look easy, because they have put the reps in.
Not saying that not everyone and anyone can make it in this biz.. Just know that it is a business and just like any business, there are many moving parts.
There is no part time success in this business.
To property buy a rehab home, coordinate all of the rehab up to code, choose finishes, prepare for the unexpected, break-ins, termites, foundation issues…Its like Murphys Law: anything that can go wrong, will go wrong”
And you should expect it all to go wrong.. If it doesn’t, then that is a pleasant surprise.
As it relates to house flipping, we just had a case where a property was passed from the mother to her daughter. Sadly, the mother died of a heart attack.
She left the property to her sole heir, her daughter.
So we will call the seller Susie (not her real name). Susie decided to rehab the property and resell it.
Susie saw dollar signs in her head and was watching a lot of HGTV and thought she could handle the rehab and sale of her mothers property.
It started out well. She had a foundation issue (17,000 later 🙁 which she addressed. The house was in good shape overall, but her mother lived there for over 30 years with minor upgrades.
And the buyers these days, they are flocking to buy properties…but they want all new upgrades throughout.
Susie’s plan was to rehab and upgrade the kitchen, bathrooms, add flooring, paint the entire house, add trim, update the electrical and plumbing. That was all before the foundation issue.
That set her back and ate away most of the funds she had saved for the rehab of the rest of the home.
She realized she was in over her head and decided she wanted to do a quick cash sale to an investor.
She looked online to see her home value and wanted an as is sale cash deal. A quick cash sale was her best route as she wanted to move on with her life.
She inquired on this site and left her info. We reached out and had a discussion on what it would take to put a deal together that was a win win.
We agreed on price. Cash as is, quick closing and closed within 3 weeks. Susie was happy.
This seems like a unique situation, but often times older properties have many surprises when it relates to rehab costs.
So, if you’re looking to rehab a property that was inherited, or given to you in probate, or any reason at all, and you feel you are in over your head, contact us today!
We can help