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Our Next Flip

Painting

Its official we are under contract with our next flip property.

We are thrilled with our new property. As we go through all the steps I will update and supply pictures of the property. Last Sunday Tom and I made our final visit to the property before writing an offer to measure it, doing a inspection in the attic and in the crawl space. We also visited Home Depot to price the items that we will need to replace or repair. We wrote a competitive offer and submitted it to the listing agent. On Wednesday we got the good news- They accepted our offer!!

This coming week we will be requesting that the electricity be turned on we will be having our Well and Septic inspections. We will be finding out whether we will be using the Lenders Attorney or our own choice for an Attorney. And making our time line for repairs.

My next update will be on the results of the inspections.

Posted by Debbie in Raleigh Your Real Estate Advantage on 04/23/2008 05:09 PM

Comments (5)

flip property, debbie komlo, louisburg

Post is included in group: North Carolina Real Estate
Post is included in group: Realtors®
Post is included in group: FIX AND FLIP IT

5 Comments on Our Next Flip

One thing about flipping that I have learned the hard way is that, make sure the attorney on the first close records the transaction. I have gone to the closing on the flip and our prior transaction has yet to be recorded.

04/23/2008 05:24 PM

by David Spencer & Assoc., Broker & Lic. Instr. CE and Pre-Lic.

I have never been into flipping, I have only bought and held. I will keep an eye on your progress.

04/25/2008 12:35 AM

by Robert Machado, CPM MPM Sacramento Area Property Manager and Property Management (HomePointe Property Management, CRMC)

I'm on my first flip and have been blogging the progress. I'll try to repost it to this group for anyone who might like to check it out.

05/01/2008 11:32 PM

by Mike Wilmers & Co: Mike & Debbie Wilmers & Leah Woolsey (RE/MAX Heritage Homes)

excited for you and anxious to see the results. do you ever hold any?

05/02/2008 11:26 AM

by Ron Domke of Casa Latino--San Pedro (Casa Latino Southern California)

I did my first deal as an owner contract due to the lack of funding....I was very nervous, but took the plunge any way. I ended up using a partner to get all the down payment and repairs and now it is rented out for $1200.00 per month and up for sale for $184,900. Any one want to buy a home in Kelso, Washington?

06/27/2008 01:40 AM

by Suzanne Rose (Imperial Properties of Oregon, LLC)

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