Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago, 02/13/2020
I have a good problem and need advice!
We bought our first flip! We’ve had it 2 weeks and 2 people have stopped by to stay they are interested in buying the house. My husband is meeting with a potential buyer this weekend. We are 90% done with demo and are about to order cabinets.
How do we approach the (premature) sale of the house. Do they buy it at ARV and pick the finishings? What if they want upgrades outside our Reno budget? Do we finish the house and hopefully multiple offers?
Purchase price $220k
Reno budget $80k
ARV $395
(ARV could go up to $425k *if we're working off of price per sqft comps. No house has sold for $425k, but we have more sqft than the other comps).
Help!