All Forum Posts by: Caitlin Caldwell

My husband and I are looking for our first flip property. We've found a place in Elizabeth we really like, but it's a raised ranch (front door opens right into stairs up or down). A couple questions:

1) Are raised ranches really that much harder to resell that we shouldn't bother? I noticed there are several bilevels like this in the general area.

2) There's a home down the road that sold a few months back after being flipped, but it has a more traditional layout. If I want to use it as a comp, how should I adjust the price to make it more comparable to this one? Is there a rule of thumb like "bilevels sell for 10% less" or anything?

Appreciate any insights you folks can give!

Thanks ,

Caitlin

@Aaron K. and @Craig Curelop thanks, this is exactly what I was looking for!

@Andrew Faukner I hadn't thought about the carport idea. Will definitely keep that in mind going forward.

@Matt M. asking price is $350k. ARV is tough because comps are few and far between (another issue with this place). You either have new construction (this house was built in the 80's) or kinda a little bit similar homes but far enough away to make calling it a comp a stretch. I'd estimate around $430k ARV though.

Hey folks! My husband and I are starting the search for our first fix n flip property. I've found a promising place near us that we're interested in. However, it only has a one car garage and I'm concerned if that could affect resale. Need to verify, but there's only a very small chance there's enough room to convert it to a two-car, so current garage situation is likely as good as it gets. More info: 4/3, 2000 sq ft home near Denver, CO (so hail is a major issue; having had a car and a roof totaled within the last year I'm a tad paranoid!). It does have a storage shed in the backyard. Neighborhood is a fairly even mix of 1 and 2 car garages. 

In your experience, are one car garage homes harder to resell? In general for future knowledge, have you had any experience with whether or not converting a one car to a two car is worth it for a flip, or is it too dependent on neighborhood/price point to make any generalizations? 

I really appreciate any insights anyone can give. Thanks in advance!

-Caitlin

Thanks everyone for the suggestions; really appreciate all of this! Between liquid assets and HELOC we've got around $80k available in reserve, so hoping that's enough to get started. I'd been putting off talking to a HML until we were closer to purchasing, but sounds like I should get moving on that part soon. Thanks again!

Hello all!

My husband and I are just getting started on our real estate journey. We're heavy into research mode and looking to buy our first property in the next few months. Right now we're leaning SFH BRRRR method but also debating starting with a few flips to build our cash reserves. Either way, we'll probably take out a hard money loan for purchase/repairs and then either sell or refinance to a conventional loan. We're also looking to invest in our local Denver area, so definitely not in the cheapest market.

Since we'll do hard money loan to start, how do we decide how much house we should be looking for? If we're planning on BRRRRing, is it just a matter of what our personal DTI can afford on the conventional loan when we refinance at 75% LTV? If we know we'll just flip it, how much is too much? Is it just a matter of finding a HML and seeing how much they'd be willing to give us?

I certainly don't want to get in over our heads, but with the Denver market I also realize it's pretty slim pickings for sub 300k homes. Any advice you can give would be greatly appreciated!

Thanks all,

Caitlin