All Forum Posts by: Daniel Moscoso

Thank you all so much for sharing insights, opinions and giving feedback!

All in all, loan and repairs I paid 155k for the home. I also calculated holding costs and closing costs as well. I don’t think that was buying it overpriced...!? But maybe someone could comment on that.

Two things came up:

From the first offer the inspection came riddled with items to address. Both the buyers agent and our agent thought he went over board. It is what it is. We fixed 95% of the items he highlighted, things we could do without costing us tons of extra cash.

Second, the foundation had been previously fixed but we had no paper work or certification it was done well. We got an engineering report and it certified foundation is good. However we’ve tried to contact previous foundation repair company, but with no avail in getting a warranty issued.

All offers received were at asking price. However due to vendors not responding and other timing issues things have taken longer to resolve and buyers got in patient for us to get things resolved and ready.

In hindsight our design and pictures could improve. We will work on that for the next one! I totally agree that some small extra items could have been done to make the house more attractive, but knowing we got 4 offers at least let’s me know we did something right I think. I also think that you can over spend on a flip, I can make it look super fancy and nice, but the market may not pay for it, at least for this type of home. It’s a careful balance that needs to be looked at carefully. At least that’s what I’ve been learning.

We will be reevaluating the price with our agent today and hopefully get one more offer this week and sell this baby!!

Thank you all for the time take in sharing your thoughts!! 🙏🏽👍🏽

@Rick Pozos good to hear from ya again. Yes, the inspector was super picky “deal killer” type of comments, however we got our contractor to fix 95% of the issues and house is “perfect” now. Buyers just got in-patient while we did the extra repairs, all out of good will. And before we got the home, someone had done foundation work, but we have no paper work to certify that it was done correctly, the engineering report was given to them, certifying the foundation supports the home, but people wanted a full warranty for the repairs, of which we still don’t have.

Thanks!

@Will Pritchett we did use their hard money company as well. But we can still make a decent profit. This was an off market deal when we got

It at a decent price, it wasn’t on the mls when we got it.

We will be slashing the price this coming week. Thank you!

@Charlotte Chew thanks! Sent you a PM!

@Ryan McLeaird thank you for the feedback! In hindsight we were looking for the color to help the house pop on that street, didn’t pan out as envisioned exactly. Would you mind if I send you a private message, I’d like to bounce some ideas off you?

@Aaron Bihl thanks for the insights. We did have it comped based on a townhome/attached single family. We’ve had 4 offers but people keep backing out. Will be talking to my partner about the price! Thank you

@Greg H.

Hi Greg, thanks for the honest feedback and for even doing some leg work on your end. I will be chatting with my partner about the price. Thank you!!

Hi all! My house at 11847 Burning Bend in San Antonio TX is taking a bit longer than expected to sell! We are getting close to 6 months since acquisition. Bought with a hard money lender.

Our exit strategies are as follows:

1. Refi-rent out for a year then sell

2. We have a handful of investors who might be interested, as a rental property, but none have shown serious interest.

3. Sell at a much lower price, though we’ve cut it by 16k already. Bought it following the .70 rule minus repairs and other factors.

4. Not sure...any more suggestions?

Any insights as to what you do to sell a flip that’s been taking a while would be much appreciated.

Thanks!

Thank you @Mitch Messer and @Marian Smith for the detailed response. I know a few years back the trend was gray floors with white kitchen cabinets. From the research I have done these past few days, in San Antonio at least, the trend seems to be heading back to the natural wood colors for both cabinets and flooring. The counter tops are also lighting in color, instead of darker countertops.

Again, thank you!!

Hi all,

I am starting a remodel on my first flip and I am not entirely sure what I should focus on. I know the kitchen, master bedroom and bathroom, along with stairs are always good areas to focus on. The kitchen has basic natural wood cabinets with white appliances, tiled floor and carpet throughout the home. 

What websites can I look at for trends? What is the best method for figuring out what to remodel? Are there other resources out there I can utilize to help me remodel to what the market is asking for? 

Any help is much appreciated! Thank you.