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Updated almost 5 years ago on . Most recent reply

User Stats

17
Posts
6
Votes
Dilip Jeyram
  • Richmond, VA
6
Votes |
17
Posts

Buy and flip valuation

Dilip Jeyram
  • Richmond, VA
Posted

Hi,

I'm looking at my first buy and flip deal

I have a  experienced GC local to the area.and a experienced local realtor.

Property purchase cost = 139000

Rehab = 160000

Arv = 422000

Sqft going rate is 223 sqft.

Existing homes around have sold in the 250k range in 2019.

Is it advisable to take up this flip and put on market at 422K when all the neighborhood homes are in the 250k price range? 

Thanks in advance 

Out of state buy and hold investor here with relatives in the Leander area.

Anybody owning Office Condominiums in and around Leander? Is this in-demand commercial space  in the surrounding communities? Doctors, lawyers, PT, insurance agents etc that need about 1000 sqft of office space. This model is very popular in Virginia where I own a few. 

SFH/housing growth rate in Leander is very high. I'm wondering if I should invest in office condos here.

Appreciate the insight

Most Popular Reply

User Stats

283
Posts
253
Votes
Dave DeMarinis
  • Lender
  • Santa Rosa, CA
253
Votes |
283
Posts
Dave DeMarinis
  • Lender
  • Santa Rosa, CA
Replied

@Dilip Jeyram I voted for your post where you decided to backout. This is the deadly trifecta! @Patti Robertson laid it out very well!

1. Huge and extensive renovation (as a % of project/purchase) 
2. New/first time flipper
3. Don't know area

Any one of these things can be managed but all three is deadly.

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