One more Flip down, trying to Finish up next one & keep it going.

[Vijaianand Thirunageswaram]

Howdy folks

It's summer alright!! Houston is getting Hot and humid slow and steady. People say it's going to be one of the hot summer because winter was bad. Being said, what it gotta to do with Real estate. It is very much gotta to do with REI.

Market is already tightening up. Not many properties out there in the market in good areas. As per RE Center of Austin, Months inventory for single-unit residential housing declined from 3.6 to 3.5 months supply, and days to sell rose from 95 to 96. That's for the general market, how about investors market. Not many deals flowing in the pipeline but deals are coming though. If you want to be picky, you will be on the sidelines for long but if you want to work with some deals, you might make it happen. Just my 2 cents.

Anyway, going to my Flip projects. As some of you know, I closed one last Jan 2018 for 25% profit. I just closed another one just mid of this month for 22% profit. It's small project and short duration, able to get it done quickly. Here are the numbers,

Acquisition Cost - $105,100

Rehab Cost - $ 17,000

Sales Price - $152,500

Holding Cost - $1525

Sales Cost - $6250

Profit - $22,625 (19%)

It's 2 month project. Bought on Feb 23rd and sold on May 14th. I was lucky to get right contractor to get things done quickly and timely. All worked out but not always. 

Lessons Learned:

I know I will hit this hurdle. 90 day FHA rule. I had so many showing request and had to filter them through to send only conventional buyers. It was bit hard but got the right buyer and closed on time.

It had main sewage line problem and thought would cost me more but ended up fixing it with help of Trinity Foundation guys way much cheaper than I expected.  It only costed me half the charge by doing digging way instead of tunnel way. 

I was worried about the appraisal because I was shooting $10k higher than the comps and hoping it will get through. I did my part to send out the appraiser with full details on the feature list and upgrade list with cost. I got the appraisal right at $153k. Perfect for the lender to close.   If you are interested to see before and after pictures, do check out my company Facebook page at our website.

Now, moving on to our next one which is on the way already and hope to put in market by end of this month. Just last minute hurdles we need to get through and finish it. 

[Vijaianand Thirunageswaram]

@Mark S. Good luck! Happy to help anyway possible. We got 4 offers in few days immediately after we put in property in market. First one didn't go through and immediately put back in market and got another one few days and got it done. If the house WOW's the buyer, you will get offers in this market and don't have to worry even you have to go back in the market.