It’s been a great couple of weeks in the REO property world, at least for me. After working with Brad on a deal, which I posted about previously, I took a class on turning REO properties into true assets. Basically the premise was to acquire property from a bank, fix and flip it for a large profit, all the while working with another real estate agent to get a buyer lined up right away for the sale after the property is completely gutted and re-finished. I actually told my neighbor about this, and he said that he is interested in doing this asap. It’s absolutely amazing how as a Real Estate agent, you can meet people who are very interested in investment properties when you thought that you would have to have the help of an outside agent to find the deal. The win of this for me is to avoid paying another real estate agent the fee that I would get if I flip the property to a buyer that I am working with. I still get the commission of the deal from the sale, and also reap the rewards of the upgraded sale price of the fix and flipped home.
Check out the new awning that my contractor just put on a home I recently bought and flipped. Pretty cool I’d say.
Before this was done, the awning was not there, and the roof was in shambles. We put a brand new aluminum roof on the house as well, which added a ton of value, and it was what I wanted versus traditional shingling.
With the awning, we figured that a simple automatic retractable awning would be good because there are no posts or things in the way of walking around the deck. The sightlines are great, making for sitting or standing looking out the back deck on the backyard is a great way to enjoy the quiet afternoons and evenings without getting sun-drenched.
Next week, we have a couple meetings with contractors who say they can fix up houses and have them ready to flip in less than a month. Some jobs won’t take that long, and some will, but when we have a few contractors that we can call on to overhaul a home, it makes for the job to get done quickly if one of our contractors is too busy to take on the work, which happens a lot with contractors.
We’re all about progressing and giving homebuyers nice, inexpensive properties to buy, and it’s our goal to increase our inventory while the Real Estate market is hot.