All Forum Posts by: Cindy Veit

Eric -

Have you looked at the comps in the area.  If you want a quick sale in Fayetteville, it needs to be the best in the neighborhood - I am talking new kitchen and new baths.  I have never done a rehab in Fayetteville for less than $15,000.  Based on that square footage, I will be surprised if you can do repairs for less than $10K.  

Here is a recent flip of mine.  https://www.dropbox.com/sh/wa3io8wpadghjpj/AAAN1Vy...

This is an example of what buyers are looking for.  Good luck

@kirsten Osby Yes, I buy 90% of my homes through a broker. The deals are on the MLS. If you are not under contract with your current broker, let me know and I can refer my broker to you. I am also a licensed broker, but I let her do all the offers and the listings. I want to focus on finding the deals and managing the workers.

P.S.  NC is a broker only state.  So you are either a broker or a provisional broker.  There are no longer "real estate agents".   

@Kirsten Ostby That specific house was in Linden, NC - just outside of Fayetteville.  Most of my homes that I flip are in Fayetteville or Hope Mills.  Here are 2 other houses that I sold this year:  

http://www.zillow.com/homes/3863-Softwind-Ln,-Hope-Mills,-NC-28348_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false&fromHomePageTab=buy

http://www.zillow.com/homes/6651-Brookshire-St,-Fayetteville,-NC-28314_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false&fromHomePageTab=buy

Cedric -

I buy most of my homes through the MLS. To give you an idea..... My broker represents multiple investors. She submitted 8 different offers on 1 REO property this week. So one can only imagine the total number of offers that were submitted for that one property. Please keep me posted of your progress. Would love to have an additional source for deals besides the MLS.

I am an active "flipper" in Fayetteville, NC. Here is a property I did last year.

https://www.dropbox.com/sh/wa3io8wpadghjpj/AAAN1Vy...

Purchase Price: $45,000 Repairs: $35,000 Sale Price: $115,000 Profit: $23,500

Days of Ownership: 85

These are pretty typical of my "numbers" in Fayetteville. In a military town, most of the buyers are VA. They do not have money to put down on a property and they do not have money to do repairs. They are typically looking for 3-4% in concessions. Therefore, in order to be successful flipping, you have to make the house the best in the neighborhood and price it competitively, if you want it to sell. Hopefully, you will have some deals you need to wholesale!

In Fayetteville, I typically figure 3-4% in seller concessions.  I have heard that I should start planning for 4-5% since closing costs are going up.  Closings are also taking closer to 45 days vs the 30 day close which I have been enjoying.  I have done about 30 properties in Fayetteville over the last 5 years.  I am hoping to bump up my business in 2016.  

What I say to others when buying in Fayetteville...... take 10% off the top for concessions and fees.  This case is exact proof of that number.  

I pay upfront for my vacant insurance, but I usually get a refund because I do not hold them for that long.  Once you build up volume and loyalty, hopefully you can bring your commissions you pay out down.  

Here are some before and after pictures of a home I did earlier this year. This property is located right near Fayetteville, NC. I bought this deal off of a friend of mine who started on this project but never finished. https://www.dropbox.com/sh/wa3io8wpadghjpj/AAAN1Vy9jqTF6fsNOpYL-lIXa?dl=0 Purchase Price: $45,000
Repairs: $35,000
Sale Price: $115,000
Profit: $23,500 Days of Ownership: 85 Cindy Veit

Welcome.  I am an active investor that does flipping in Fayetteville. Best of luck to you.