All Forum Posts by: Brandon Grissom

Long story short...........

I have successfully flipped my first house that I haven't lived in.  All in, I am about 97K invested.  I have it listed and an offer on the table for the asking price of $129,900.  I stand to make about 15K on the deal.  The offer came in less than 24 hours on the market.  Multiple showings are set with an open house this Saturday.

How do you know when to hold out for other offers, how to ask for more money on the counter offer, or just decline the offer?

I believe I can get a better offer, but I also worry about additional carrying costs if the next offer doesn't come for a while.

Thanks in advance!

@David M.

This is kinda what I’ve come to realize as well. It will for sure be a non occupied investment. I appreciate the advice.

@Dane Fitch I’ve owned two homes in the last three years. Sorry, forgot to include that.

@Dane Fitch

I live in Illinois. I have purchased and rehabbed homes while living in them. (Missouri, Mississippi, and now IL). I’ve always sold and made profit. Primarily because I do all work myself.

The home is listed with the bank at $79K. I believe with $20K rehab budget, I should be good. I over estimated and added 10% to final figure.

I will be performing nearly 100% of the work myself. I hope that answers your question.

I am looking to purchase my first investment property for a quick flip. It is bank owned. I need some advice on my loan options. Key points below:

. - plan to have the investment house on the market within two months. The house needs some upgrades and minor repairs.

- Checked with a private lender but they want me to carry the loan for 6 months. This isn’t something I want to do.

- I do qualify for a VA loan. However, I currently own and live in a VA loan house.

I could pull from my invested funds, but don’t want to be taxed on pulling them.

What other options do I have?