2nd Flip ~ HUBZU purchase

Purchased my 2nd flip from HUBZU. Overall property was in pretty darn good condition. The MLS pics were TERRIBLE!!! Went to look at it in person, and it showed really well! Crazy! If the pics were better, there would have been way more interest I am sure of this! I'm real estate broker so I am able to see homes myself and represent myself. The platform Hubzu charges a 4.5% buyers premium but they also pay a 3% agent commission--so it helps!

Anyway, back to the property. Purchased for 225K, put about 18K into it, some minor pest work, paint inside and out, carpet, new appliances and granite counters. Bathrooms were already remodeled. Need a new hot water heater as well. But honestly the home was solid--I was lucky, no roof issues, new HVAC and overall well maintained. It has a HUGE backyard and location wise-was across from a medical complex and near 2 schools--so I new it would be no problem for resale and a back up of rent if need be. 

I got this one done MUCH faster. From acquisitions, rehab, listing and closing----> 90 days! Yep, much better than my first one of 6 months lol. We staged the home as well, and I took my own pics. Staging is HUGE. Not a lot of people do it in my area and it makes the whole house look SO much better. I stay kitchen, living, dining and bathrooms--not bedrooms. I also painted the garage interior including floor--made it look very clean. I resold it quickly but it did not appraise --so I had to lower my price by $7500 (bummer). I think I could have held out and resold it for my price but by the time you factor in carrying costs and time...not worth it, but I had a great VA buyer and I didn't feel it would be fair to cancel on him--it wasn't his fault. At the end of the day -- profit of $10,000. Not bad for 90 days in and out!

My husband and I had a lot of fun doing this one, we used a lot of the same vendors and again we acted as the contractor and subbed out everything. Our 4 year old daughter helped and enjoyed the process as well. 

On the hunt for the next one....