All Forum Posts by: Brandy Perez

Has anyone used the REIkit software yet? What are your thoughts?

@Ian Goff as for days on market it varies for each area. Anything over 45 days in my area is a negative. That means the house is either over priced, outdated or in an undesirable area. Most of my flips are under contract within 2 weeks in today’s market (slowly changing with the interest rate increase). I personally stay away from projects in undesirable areas. They are difficult to flip. Great for rentals but the revenue is not that great when you have to constantly renovate after a tenant leaves. As for a feature, at this price point you will use base materials for cabinets, fixtures and countertops in order to turn a profit. I pick one project- usually in the kitchen or bath and spend a little extra money to make it look and feel luxurious. Look at your competition and renovate your property a step up as long as it doesn’t eat too much of your budget. Light fixtures and certain tile can make a home look more expensive but not necessarily cost more.

@Ian Goff what’s the market like in the area? You stated that there are comparable homes for sale in the area. How long have they been on the market? That would be a big deciding factor. The numbers look good but depending on the market you may be sitting on this one for a while unless you do something that makes this property stand out from the competition. I typically stage my homes and add some sort of feature to entice buyers over the competition. Also, lowering the price seems counterproductive since you would barely generate a return after closing costs.

I was lucky on this particular property and found it the day it hit the MLS. There were multiple offers but I came in with all cash and a quick closing. That usually gets the win.

Investment Info:

Single-family residence fix & flip investment in Bay Saint Louis.

Purchase price: $75,000
Cash invested: $15,000
Sale price: $128,500

Foreclosure property in demand area.

How did you finance this deal?

Cash

How did you add value to the deal?

This was a cosmetic update

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No