Is there anyone still flipping properties in this market? Looking to be inspired.
I have been reading a lot of posts about wholesaling on this forum, but haven’t seen many posts on fixing and flipping
Are the fixers selling to owner occupants buying them with 203k loans?
Or are landlords buying fixers to fix and rent out long term?
It seems the ‘easier’ fixer REOs that don’t need a ton of work are not being priced much lower than the non fixers.
There are still people flipping , but only the people that survived the crash. These people are experts and are not gambling like everyone else did. It is a market for professionals, not amatures. Most of the time these flippers are very very particular to the area they buy in and don’t entertain anything outside of it.
The flippers that I know are also offering a lot more owner financing, such as lease-options and rent-to-own programs because finding qualified buyers for their properties has become so difficult.
My market has been stable,not as good as 05-06.Lending guidelines have slowed it down a good bit.But at the same time,we’ve been buying really good due to there is’nt alot of lending,especially for rehabs.I’ve been partnering with others and using private money.
We are on track to finish and sell 15 to 20 homes this year.
We do not offer anything other than seller contributions to buyer and the odd appliance request of a contract.
We buy for less than $120k and sell in the less than $200k range, keeping us in the working buyer class of purchaser.
We average a net of 15 to 20% per transaction.
Next year we expect to do between 30 and 50 homes.
We finance our properties hard money 18% with 20% down and finance our own carrying and rehab costs.
I am primarily flipping in Phoenix and find no lack of qualified buyers provided the home is finished with quality and value appropriate for the price!
We sat out of the market 18 months waiting for home prices to fall most of the way to there total loss, so some stability would come back to the market.
We just sold one last weekend listed 36 hours, 13 showings, 4 written contract offers, bidding war, sold for 7.2% above asking price.
Way 2 go.I love hearing good news of those choosing not 2 participate in the recession,judging by the number of people in the mall this weekend we 2 chose not too.Keep it up!
Not into flipping cash deals, although I’m looking more into them.
Structuring a terms-type deal, then assigning is what I’ve been
No banks needed,
no large cash out lays, and
easy in, easy out.
Just my style. :cool
That’s great Gold River, sounds like you have been quite successful this year!
We are a Real Estate investment company working in Sacramento Market looking for Rehab deals. We look through the multiple Listing Services on a daily basis and finding the inventory is tight. If you have any wholesale deals that you think we may be interested in please contact us immediately. We have cash to close quickly and have had great success in the past with many transactions (Currently 7 in progress). Our criteria includes single family minimum 3 beds 2 baths over 1200 square feet and multifamily.