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Updated about 9 years ago on . Most recent reply
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First time flip - could use some feedback
I am a first time investor and seem to have found a great deal but I'm unsure on a few things and would like to get some feedback from those with experience.
House is currently back on the market as a short sale with an ask of 89. It was listed as a short sale for 8 months last year and went from a 129 ask price to 99 before it was pulled off the market. The house is structurally very sound but the people who have owned it for the last 8 years are very dirty so the house is filthy and smelly (I think that's why it didn't sell, it's hard to spend time looking at it in the stink). The town it is in is a very desirable place to live, lots of new developments with homes selling in the 500 and above range. This house is in the original part of town, in the downtown area, the house itself was built in the 1850's. Some revitalization happening downtown, in the last year 3 similar houses have been purchased under 100, fixed and flipped for over 170. On paper this appears to be a great opportunity. My concerns are 2 - the house has a galley kitchen and no way to take out walls to expand or restructure the kitchen (typical for the houses of this age in this area) and it has a shared driveway.
My questions are this:
1 - in your opinion how detrimental are the small kitchen and shared driveway
2 - this would be a live and flip, any advice or recommendations
Thanks for your feedback, I've read and studied and read and studied some more but am ready to get some real world experience.