Rehab in Apex, North Carolina

[Kyle Williams]

So spent the summer rehabbing a house here in Apex, which was made better still by being in my own neighborhood ! Here's the stats....

Bought for $225K (FSBO off Craigslist). Repair estimates $55K. Projected ARV $320K. Planned on about $10K of holding / closing costs paying a BA comp and listing it myself. Actual Repairs ended up at $60K ( including some sub floor issues, attic insulation that the buyers negotiated in the DD period with me and pet odor remediation which was harder than I expected it to be !!)

Went under contract in 4 days.  Full asking price offer.  Closed in 30 days.

Lessons learnt.....

1. 1) If you're holding out for a 70% of ARV for purchase and rehab costs in Wake County, you'll be waiting a while. Inventory is very low right now, flipping homes is a hot craze and those that do it well do it on thin margins. This one turned out to be around 85% when all was said and done (and for me, the 70% is less important with more expensive properties anyways)
2. 2) Staging pays dividends.  Always stage and make sure you get a professional photographer to do it full justice once staged.  My guy charges $100.....well worth it in my opinion.
3. 3) Get your agent (or hold it yourself) to do a Neighborhood Open House when it first goes live.......the buyer was a family member from someone who lived a few doors away and had been looking to get into the neighborhood for the last 12 months.

Drop me a message if you'd like the before / after pics.....can't find a way to post them all on her without taking ages to upload !

On to the next one !!

[Kyle Williams]

Betty T. Thanks Betty; I'll send over the pics to your signature email

Art Allen Great points Art and brings out a bigger point that a broker/contractor/financed flipper can do this at a better margin that someone whose not. If you're not bringing at least 2 of those traits to the table then you can be sure someone else is !