Should I Flip Or Fix?
Hello, I have found a seller with 3 homes all 3/2/2 approx. 1700 sf ea. Can buy for 89k, 92K and 105k. ARV is 150k, 150k and 180k. Will cost approx 10k ea to repair and fix up. Got them under contract - now not sure what to do., fix or flip. I live in Florida. properties are in Atlanta. Suggestions would be greatly appreciated as I have been a birddog before but this is my first deal for myself and I am frozen with uncertainty.
thanks, ed
One thing you might want to take under consideration, is just how difficult it is to do a rehab long distance. Now, multiply that times 3...
Also, can you get financing for that much? Consider closing costs X 3.
You could flip a couple, and consider closing on one, maybe?
Just a few thoughts....
flipping would be fine with me but not sure how to proceed. I had these deals working before I moved to Florida and now I have them and need to move them!
thanks, ed
[ Edited by eleisure on Date 08/10/2006 ]
[ Edited by eleisure on Date 08/10/2006 ]
[ Edited by eleisure on Date 08/10/2006 ]
At the moment I have a regular contract with the seller but I could change the terms as she owns all the houses free and clear and has other property and lots she wants me to sell or move for her as well. What would be a good way to structure a deal for her using the same purchase numbers I already used?
thanks, ed
[ Edited by eleisure on Date 08/10/2006 ]
[ Edited by eleisure on Date 08/10/2006 ]
Thanks for the ideas!! I will put them in action tomorrow.