The tail of two house flips in Bowie
To Sell in Bowie
To Buy in Bowie 301-613-2043
The real estate market is bouncing back very well in Bowie
and there are opportunities for savvy investors to make money while providing a
great house for a family. House flipping is just not what you watch on HGTV,
investors can lose money and do lose money. The motive behind doing a house
flipping should not just be to get a quick cash, but to truly enjoy what
you are doing , take pride in the project outcome and the money will follow.
As agents we come in contact with different types of investors, some that wants to do sub standard project and expect huge profits, some that are truly committed to the property and the end product speak for itself. It is our responsibility as agent to educate these investors that don't want to provide a great flip and sometimes as agent we can walk away from the listing if they refuse to listen, and at other times advise our buyers when is clearly visible the quality of work is sub standard.
Bowie just like many areas of the metro area has seen it's fair share of house flips. Some are just a delight to show and sell and some are just incredibly sub standard that is such a waste of time to show them . Such is the case last week when I showed my buyer client two properties on the same street in
The first property
just got on the market when we viewed it. As soon as we walked in the quality
of the workmanship is clearly visible, the finishing great. From the front door with new address
panel, the well installed flooring, the welcoming kitchen with everything ready
for the new buyer to the well done bathrooms this house is well done , and my client clearly like the house ,but was
hesitant because the price is about 20k higher than what she wants
to buy.
We proceed to view the second house which is just 3 houses down from the first one, also a flip. The house has been in the market for 22 days when we viewed it. As soon as we pulled up to the drive way, we can see torn screen in the front window and paint chips. Upon walking to the front porch there are some construction debris left there.
The front door was dirty, and still have the foreclosure sticker
on it. Upon entering the house the sub
standard and unfinished work is visible. The kitchen does not have a microwave
though the space for the it is right there, no refrigerator, there is an
unopened box of appliance in the kitchen floor, not sure what appliance that
was.
We went upstairs and more glaring unfinished work is visible in the bathroom. Right in the bathroom is the light switch hanging on the wall, open and look dangerous.
As a professional I will be ashamed to put such a house in the market especially being a flip.
The irony of it is both properties are priced at about the same price, exact
same style and square footage. I did not have to make any comment on the
condition of the house as it speaks for it self.
After the showing the property I gave my honest feedback to the listing agent
and the agent responded that his client understand the house is not completed
but wanted to see if he can get a contract from a buyer that has vision. I was
surprised that an agent will actually say that. I wish them both
good luck .
The next day my client submitted an offer on the first house and two days later we are under contract.
A few days later I met my client at the property to take measurements for her furniture, while driving away I saw a contractor working on the second house, I guess they can see the other house was now under contract.
Agents can provide valuable information and education to investors so they can do a great job on their house flips, and when an investor is unwilling to make adjustments and corrections agents should be willing to walk away. Sooner or later investors that are purposely doing sub standard house flips are going to get in trouble and whatever money they have made will not be worth it because it can get ugly with legal issues.
As an agent and also an investor that does a lot house flips I get excited to create a master piece from house that has not seen good days lately. It is such a joy for me to see a house come from a complete run down with mold to a great house with beautiful finishes. I get excited when I pick flooring, appliances and get on my contractors when they want to take short cuts.
It such a pleasure when the house gets in the market and get feedback on the
quality of the workmanship.
The bottom line of investors
is to make money but it is also very important that investors take pride in
there house flip projects and don't just focus on the money.
House flipping is a great way to build wealth and also a good
opportunity to give a new family a beautiful house knowing they will enjoy it for years to
come. Education is very important in
getting ahead in this business of house flips and ask every time will you or your family live in that house knowing
all the work done or not done in the house.
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and home
sellers in Bowie and surrounding areas on the best way to get more
and sell quickly. Keji & Associates of Fairfax Realty welcome you to
explore our services and see what differentiate us.
If you are thinking of investing in Real estate contact us for some great deals in short sale and foreclosure inBowie
If you are thinking of investing in Real estate contact us for some great deals in short sale and foreclosure in
Keji & Associates
of Fairfax Realty is a team of licensed agents working daily to get homes sold
for our clients in Bowie, Upper Marlboro, Fort Washington 301-613-2043 , email kejiyourrealtor@gmail.com
or visit our website . www.metrohomesrealty.com
