All Forum Posts by: Ian Tuttle

@Garry C. I tried clicking the link to your Rental agreement but it is empty.  Do you mind sharing again?

one solution that I have come up with so far is to look at the other homes that are for sale in the area and see what's been done.

Is that a legitimate way to see what the market is doing?

When flipping a home to sell how do you determine how much reno to do?

Examples: granite countertops or formica?

Hardwood floors or laminate?

Stainless steel appliances or black/white?

Redo the kitchen? Redo the master bathroom?

Update windows...i could use some advice on windows

Etc..

Thank you for your feedback

I would be okay with a $5,000 profit.  But like you said there are so many unknowns  and the risk  of burning through 5K for things unseen is highly likely.

I think 20k is a decent buffer for the unknowns and the possibility of the sale not napping ad quickly ad o would have hoped for. 

Thank you everyone.  A 20k profit sounds like that is a good place to be.  Since something could arise that was not foreseen.

What I have found for my area is the quality of the homes on Auction.com are D- to an F-.  They are in bad shape.  I've taken a vow to stay away but maybe the 3 homes I went to look at where the worst of the worst for my area.

What type of Experiences are you all having with Auction.com 

The reply to my offer was This

the bank verbally said no. The appraisal value of the home is what they have listed it for. Which is 150k. Looks like it's time to find another flip

@Doug W.@Rob Beardsley

Thank you for the replies.  

I'm not looking for how much I should offer for the property.  Rather I'm asking is making 20k on a property that sells for 170k to much profit?  

I am looking at a house that will comp for $165-$175k.  The reno is about $33,000.  I placed a bid today for $110,000.  When I sell the home for $170k  I will make 20k.  The sale is a short sale.  The bank has pre-approved a sale for 150k.

Here is my question.  Is 20k to much?  I don't mind making 10k or even 5k.  Its more than what I had when I started.  I'd hate making any money because my offer is to low and won't be considered by the bank.  Part of the reason for 20k is in case I make a 10k mistake (something I didn't see was going to be a problem).