It depends on how much fixing he does. It is well-maintained, but original 1977 condition. It really needs carpet, paint, ceilings, kitchen and baths. The yard also needs to be re-sodded, and probably misc other fixes. The roof is good, and it's a decent location, but I can't see it re-selling for much over $475K.
After deducting the selling costs, I don't think it's that good of a return on investment for $403K cash.
The guy in the hooded sweatshirt is a regular there (keeps a cell phone in each ear, and has lots of charts and papers with him at all times.) He bids on several properties every day for a group of flippers investors. I saw him pay too much for a Newport Beach property about a year ago. I cringed when I saw them pay $812K for a house, and after holding it 8 months, they sold it for $850K. After sales & fixup costs they lost on that one. They now concentrate on the lower price ranges where they can do quick flips.
We have so many auctions here, the County is looking for a different place to hold them since it is disrupting County business. We have the regulars too, buying and flipping.
Vicki we happen to be downtown Dallas other day WOW number of people Believe it is 1/2 through entire year, have a great week. 
Very good reporting to show what goes on during the "sale"! Glad an investor got it and hopefully they will sell for top dollar.
The investor who bought it had to spend money to evict the prior owner as well as catch up the unpaid property taxes of $5K, then he spent about $50K to remodel & re-landscape it. It went back on the market in about a month at $519,000 and sold within a week. It just closed at $510,000 so after all costs, the investor did ok (I'm guessing about $23K in 90 days.)
Comments (6)Subscribe to CommentsComment