All Forum Posts by: Becca Summers

i'd be interested, have we set anything up?

Once you talk to the person living in the home see if cash for keys would work. It's faster and when your flipping the timeline is very important.

Yes get an inspection to find out what fixes you need to do. Once you know about anything major you must fix it or disclose it to potential buyers. 

I would find out what the ARV is and what similar flips in the area are doing for finishes. This will give you a good idea of what you need to do for your budget.

A lot of custom builders will buy land and develop it but only sell the land with a build job. Some will sell lots off but many are not listed on the MLS and I don't know if they list them elsewhere. The only way I find out is word of mouth and driving the areas I'm looking.

Conditon is a big thing with FHA. Chipped paint and cracked windows are items that won't pass. Also mortgage insurance doesn't fall off at 80% equity no so you'll have to refinance to drop it.

Do you have a construction background at all? Flipping is a good way to get capital if you have the time and skills. However finding a good flip opportunity without cash in my market is rough.

Our market has done amazing things since 2010 it might be worth a lot more than what they paid for it, unless they've been doing cash out refinaces. 

The buyer for a large home that is dated would be a younger couple with 3+ kids looking for more space but needing a good deal to cover renovation costs. 

Another buyer who would be interested is someone looking to buy renovate and rent.

A wholesale deal is all about the numbers what the purchase price will be, what the after renovated value is and if there is enough between them to make since to a buyer.

A retail buyer would be someone buying off the MLS as an owner occupant. They are typically willing to pay the most. To put the home on the MLS you have to be the property owner and pay Realtor fees.

What is your goal and what is the sellers time frame? If you want to whole sale it is it a deep enough discount for a flipper? Or would you need an investor looking to buy and renovate? Or a retail buyer looking for a little renovation work? Or are you wanting to keep of yourself? There are tons of options with something that size.

@Henrietta M. as long as its not within a certain distance of Orem JR high it should be a good price and not a split entry. I have flipper who might be interested if the numbers make since. Send me more info on roughly the address.

I had my rental refinanced last year and after it was done I send a thank you note and gift card for the inconvenience to them. I try and treat my renters the way I would want to be treated.

I would take it to as many banks as you can until someone told you yes. Jeff Knight with Rock Canyon Bank might be able to help.