Admin

Unexpected Outcome

By
Real Estate Agent with RE/MAX Prime Properties
As I have posted before, my husband and I are working on our first flip.  In order to save money we are doing most of the work ourselves.  However, something has started to happen that I never expected.  As my husband and I have been at the property working, people have been stopping to chat, commenting on how good the place is starting to look and asking questions about the house and what we plan to do with it.  My husband even had a member of the city council who lives near by to stop and thank him for helping to improve the community.  After a brief chat, my husband gave him one of my business cards.  Since then, we have had several other people to stop and ask us about the house.  Some are looking to rent, but others are looking to buy.  As a result, I have gained some new potential clients.  I tell them that if this is not what they are looking for, then maybe I can help them find something that better suits them.  I have even had a couple of calls as a result.  Wow!  I don't know why, but this never crossed my minds as we would stop working to talk to people in the neighborhood who were out for a stroll.  This has been an investment that seems to be paying off in more ways than one.

Comments(4)

Show All Comments Sort:
Tim Gilmour
Exit Realty - Watertown, SD
Good for you.  It's true, you never know when or where you will meet a potential client.
Apr 10, 2008 04:00 PM
Lisa Lambert
Asset Preservation - Bakersfield, CA
ESQ. (1031 Exchange Expert)

Laura:

Congratulations on a great job.

You may want to consider renting the property, especially if the market rents would cover your expenses (cash flow). Currently, your plan to flip the property would disqualify you from a 1031 exchange,however, if you rent it, the property would meet the definition of investment property under section 1031 (property held for productive use in a trade or business or for investment).

Lisa

Apr 10, 2008 04:04 PM
Melody Botting
Broker Associate PenFed Realty - San Antonio, TX
You Deserve The Best
That's encouraging!  I have been replacing the floor in my master bath and very pleased with the result.  Doing most of the work yourself saves money and apparently 'earns' you money!
Apr 11, 2008 10:29 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.
It's great when the neighbors take an interest in what is happening.  Could make it easier to sell!
Apr 12, 2008 10:30 AM