MY FLIP HOUSE WONT SELL. HOW DO I GUARNTEE IT BEFORE INVESTING.

Atchison, KS · Member since 2017 · 13 posts · 6 votes

I'm more novice than getting checkmated in four moves when it comes to REI. Don't get me wrong I've read my fair share of real estate informatives and listened to podcasts. I've been an active student in the Real Estate community for years now. The only thing is I have no hands on experience whatsoever. My interests in buying fixer-uppers and flipping them. I'm itching to take the first step in Real Estate Investing. I'm confident in my knowledge of everything within REI all the way up too selling the house. So what I'm asking is how can I make sure the house will sale before I put a single dime into the property.?

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Russell BrazilBusiness Member

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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

One of the biggest mistakes newbie flippers make is hiring a real estate after the property is renovated to sell the house. Instead hire a real estate agent before, preferably one who has flipped themselves or works with flippers. They can help guide you on appropriate upgrades, finishes, paint colors etc to both maximize your value, make sure you don't over improve the property and give you a sense of how long it will take to sell.

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Anthony GaydenPro Member
Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
9y
Almost all properties will sell for the right price. A more important question is how do you not lose money on your first flip. I think there is a book on Flipping houses by J Scott. That would be a good start.
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Jeff Keller
Palo Alto, CA · Member since 2017 · 226 posts · 95 votes
9y
The best way is to build up your own knowledge of what sells and how much it sells for. You need that in order to know what improvements to make. Not all improvements that are commonly done by homeowners are worth doing.
Visit homes and think very seriously how much you would offer for the property. Find out what it did sell for and if you were way off, try to understand why. Get your emotions involved so it is something you will learn from.
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Dalton Dyer
OP
Atchison, KS · Member since 2017 · 13 posts · 6 votes
9y
Thank you Jeff for the advice it is very helpful and I will look more within my community's market and research what sells and how much for. With Anthony letting me know almost any property will sell for the right price I'll be sure sure to crunch the numbers just right so I can sell the property for a fair price and still make a profit. So thank you both and this might just be what I needed to take the first step in Real Estate Investing.
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Mike McCarthy
Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
9y
Your first flip WILL take longer, cost more, be on the market longer, and sell lower than you plan for. It's a learning experience and despite how much you read, research, and plan, it will still happen. Make sure your profit margin is reasonable enough so you will still make a bit of money on it even if all of the above happens. Worst case if you plan well is you break even and get some good lessons. I don't say this to dissuade you, I just want you to be realistic. The second flip will be easier, but will still have its unexpected issues. But isn't that all part of the fun?! :)
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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
9y
One of the biggest mistakes newbie flippers make is hiring a real estate after the property is renovated to sell the house. Instead hire a real estate agent before, preferably one who has flipped themselves or works with flippers. They can help guide you on appropriate upgrades, finishes, paint colors etc to both maximize your value, make sure you don't over improve the property and give you a sense of how long it will take to sell.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group545 Reviews
Website View Page
4 Reply
Dalton Dyer
OP
Atchison, KS · Member since 2017 · 13 posts · 6 votes
9y
Thank you Russell, that is an extremely wonderful tip and I will be sure to keep that in mind when I begin investing. Your absolutely right Mike, I'm dying to just get this first flip out of the way and gain some type of experience even if I'm breaking even on the investment. I know the lesson learned is more valuable than anything else. You've all been more helpful than you can imagine, thank you so much.
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Brandon L.
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
9y
@Dalton Dyer the only way to guarantee you house sell in a reasonable amount of time is to price it right. To price it right, you need an agent who is good at pricing properties.
If you have 6 hours to cut down a tree spend the first 5 1/2 sharpening the ax.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
9y
If you are looking for guarantees of success you are in the wrong business. Real estate is Risky!
The great thing about real estate is your risk is proportional to your knowledge. Like @Jeff Keller said learn you market. You do that by looking at LOTS of deals; all kinds like listed properties, public auctions, FSBO, wholesalers deals etc.
Gradually you will come to understand values and costs better and will be come confident in what you are doing.
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Dalton Dyer
OP
Atchison, KS · Member since 2017 · 13 posts · 6 votes
9y
@Brandon L. Thank you for the advice. This seems to be one of the major factors in selling a home, so I will be sure to get the home for the right price and keep my expenses low then have the room to sale the house for a fair price and be able to adjust it if need be. Thanks again!
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Dalton Dyer
OP
Atchison, KS · Member since 2017 · 13 posts · 6 votes
9y
@Ned Carey you are absolutely right! I could of phrased the subject better and said the closest thing to a guarantee, even though you still understood me. You couldn't of explained it any better and really help me see that the true investment is in your mind which in turn unfolds on the physical aspect of Real Estate. Your feedback has been more than helpful and I'm very thankful. I can't wait to go learn more about my market and see where it's at right now. Thank you again!
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