Let's revisit the topic of "fix and flips." We need to look at that with a broader vision. Ryan and I showed one yesterday, and everyone basically eliminated it. Well, I hate to throw a showing away, especially when I know the agent was not marketing the home properly. It was far from a cute doll house with potential!! It was more like a pig with lipstick on it that only made it look uglier!
This was a teardown that would not conform to the current zoning requirements to build a new home. However, it would qualify for a new home on the existing poured concrete crawl space.
There was a 25' section with no foundation abutting a room added to the main house. Here's the plan:
Dig a full foundation in that open area...
The result is a 40' x 25' first and second floor creating 2,000 s.f.
Adding a 2-car attached garage and finishing a master suite over that garage creates another 576 sf.. total is 2,576 sf colonial....
Build that colonial with a 10 pitch on the roof and put a stairway up to that 3rd floor to be finished in the future or make it an extra area to be finished by the builder.... the potential would be a 3,336' colonial on a half-acre lot.
All of that could be created from a 900 s.f. bungalow with 6'2" ceilings listed by an agent with no vision.
The moral of this "rambling" is to have vision with every resale property you show. You never know where your next big commission will come from, along with a new builder who works with you for life!!!!
Just another thought from a newly energized Broker!
Comments(10)