Hi Pros! I'm hoping to pick your more experienced brains here. My husband and I are wrapping up our first flip and searching for the next one. The Myrtle Beach market has improved drastically in the last few months- great for sellers, not so great for investors! I am currently checking out a bank approved short sale that has sat empty on the market for over a year. It is a 1900 sq ft 3 BR, 2BA listed at $132,000. Comps in the community have been selling for around $170,000. The home needs paint, appliances, granite and flooring- cosmetic only so far as we can tell, and my husband can easily do the labor himself. We're thinking a 4 - 6 week flip, $10-12,000 budget and an offer to the bank of $120,000-125,000. I will get into the home and check for obvious issues with electric, plumbing, roofing etc before the offer. Since we are Realtors we only have to worry about a 3% commission on the purchase and resale. Is there anything we aren't considering here? Is there enough potential profit to make this worth it? Should we fear the short sale?
