I just finished listening to Module 2 of Find It, Fix It, Flip It, or Keep It (www.ctreia.flywheelstaging.com) … and am working on “Farming” an area to wholesale. I am not sure what my priorities should be.
Right now I am looking at a particular neighborhood. I simply chose the area because it’s close to my house but still affordable. Here are the positives and negatives I see so far.
- Close to my house.
- The neighborhoods are set up in such a way that the houses are similar for easy comping.
- Houses range from $150 to $300 retail.
- Houses are fairly old. Between 50 and a 100 years old. Do flippers want to deal with old houses like this?
- Many of the houses are 3 bd 1 bath. I’ve heard flippers like houses with 2 or more baths.
- As I was driving the neighborhood I saw a sign up saying “We Buy Houses” so I know there’s competition.
Any input would really help.
Thanks so much.
Answer from Linda Baumgarten: You’re doing great!
Rehabbers have to like old houses – that is all we have here in CT … lol !
Yes, they much prefer 1.5 to 2 bathrooms… and often they figure out a way to create another bathroom if necessary.
Everything will be reflected in the price … (1.5+ baths will sell faster and for more money).
There is always going to be competition. HINT: Call the “We Buy Houses” signs. Find out what they are looking for… maybe you will find a house for them or maybe you can help them find a buyer for their property.
Talk to a Realtor – find out how long it takes to sell houses in this town (days on market), what is the median price, what style/size/etc is most popular. If houses are selling in this town, everything else you said sounds good!