LP too low?

bushleagueOctober 8, 2008

We just finished a remodel of a 3/2 Cape on Cape Cod which was an REO that we purchased 30 July. The two Realtors (one Broker) who viewed it thought that it was great, right down to the choice of colors. The other tried to get me to work for her remodeling. I'm torn between renting it (I have a Section 8 in place for November, and HUD paying $1502/mo) or flipping it and buying two more. With the help of Craigslist, I'm into the house for 202-203K. I mention Craigslist since where else can you find new kitchens and appliances for short $? The house is assessed

by the town for $273K, I threw it up on Craigslist for $249,900 and got one tire kicker. I pulled the ad for two days, then relisted at $264,900 and have two showings Saturday. I've done this with cars, boats, and antiques literally doubling the price and you get a whole new croud. Will it work with houses?

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lucy

Do you really think this is a time to be trying to flip anything? For heaven's sake pay attention to what's going on out there, especially with real estate.

    Bookmark   October 8, 2008 at 10:43PM
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dreamgarden

"lucy-Do you really think this is a time to be trying to flip anything? For heaven's sake pay attention to what's going on out there, especially with real estate."

Hey Lucy, your house was on the market for a looong time. Did it ever sell? Have you ever flipped a house? If not, why don't you comment on something you have experience with, instead of raining on someone else's parade.

bushleague. If you've done this successfully with cars, boats, and antiques then I think its worth a shot to keep trying with Craigslist. I've sold plenty of stuff on Craigslist that didn't move in the newspapers. Nice that it doesn't cost anything to advertise either!
Good luck!

    Bookmark   October 9, 2008 at 12:51AM
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patser

The neighbors behind us just moved out of and closed on their house. Their only advertising was Craigslist and they were on for 4 months. It can work. However, I really have to wonder about someone who's going to try and flip in this market. Good luck.

    Bookmark   October 9, 2008 at 8:27AM
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xamsx

I'm curious as to where bushleague is trying to sell. Unlike so many on this forum I do not live in a buyer's market (it is slowly moving from a seller's market to neutral), and, afaik, some flipping is still taking place. Remember, "this market" does not mean buyer's market all over the US. It may mean that in your market (or many markets), but it is does not mean that in all markets.

    Bookmark   October 9, 2008 at 1:05PM
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ladynimue

Like xamsx said, it really depends on the market conditions. It's getting tiring to read about "this market" when it doesn't apply to most of the US. I just sold in a sellers market and I wouldn't hesitate to flip in that area if it was something I wanted to do. My sis, in another part of the country, is in the process of flipping two houses right now and is already advertising on Craigslist. Interesting idea to raise the price in order to get a different type of buyer interested. Let us know how that turns out!

    Bookmark   October 9, 2008 at 1:33PM
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graywings123

I'm curious as to where bushleague is trying to sell.

He says it is on Cape Cod, Massachusetts.

    Bookmark   October 10, 2008 at 8:10AM
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western_pa_luann

"For heaven's sake pay attention to what's going on out there, especially with real estate."

I'm paying attention!
And in my area, sales and new construction are chugging along as usual.
We never had the bubble... so we never went through the downturn either.

Flipping is still working here, too.

Good luck, bushleague!

    Bookmark   October 10, 2008 at 9:21AM
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trilobite

I live on Cape Cod. It's not prime flipping territory at the moment, but the price range listed is more likely than anything much higher.

This isn't a low end home, but a "lower end" end home. Homes on the lower end of the market tend to stay pretty hot here.

I would be more interested in knowing exactly where the home is to put in context. It's a much more interesting price for a home located on Lower Cape (and some parts of Upper Cape) then it is for a home Mid-Cape.

I think a bigger problem may be inherent to Cape Cod's Craig's list. A lot of people here are still kind of afraid of computers and the interwebs, so you're just not proportionally reaching as many people as you are in some other places.

I can't tell how much you've researched being a landlord or how realistic you are about it. If this house is your "baby" and a renter's "convenient place to live", there could be problems. I mean no offense here, but I think it's difficult for a private landlord to maintain the necessary emotional distance.

Fundamentally, where do you want to end up? Do you WANT to be a landlord? Do you WANT money in your pocket? Do you have the resources to hold onto properties and maintain them when things look grisly and no one's buying?

    Bookmark   October 10, 2008 at 11:17AM
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lucy

Dreemgarden... MY house was on the market for a long time? What? It was on a very rural listing for a few wks, but I decided to pull it because the agent was messing up with the actual listing (cut sheet). Then I went FSBO and the first people to show up (that week) bought it.

    Bookmark   October 10, 2008 at 8:02PM
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