Fliperati

I can hardly believe it, but barely a week after seeing this fliptastic house and I am already on my way to owning it at $50,000 below the asking price.  While this sounds amazing, the truth is that the asking price was almost entirely unrealistic given the shape the house is in and I’ll still have to work extremely hard to fix it up and resell it at a decent price to make any sort of profit.  BUT, it took the sellers more than 4 months to come around to this conclusion, so I feel extremely lucky to have been at the right place at the right time on this deal.  I was further comforted to learn from the listing agent that two other investors had made verbal offers at $5,000 less than my original offer during the first week the house was on the market, but apparently the written offers never really materialized because the sellers were indignant and hadn’t yet come to terms with the likely market value of the property.  This is reassuring because it indicates that I am buying the house in the right price range for what will hopefully be a very successful first flip. 

I have to keep a lid on my excitement for a few more weeks, though.  Anything could happen over the course of attorney review and the inspection, so I don’t want to get ahead of myself in planning for a project that could still fall through – although everything is looking good so far…