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To Flip Or Not To Flip? #4484536
08/10/17 10:19 AM
08/10/17 10:19 AM
Joined: Jul 2015
Posts: 3,772
MD
AirgunSavant Offline OP
AirgunSavant  Offline OP
Joined: Jul 2015
Posts: 3,772
MD
Anybody holding a property looking for a better payout?
It is a gamble.
This area was not hit so hard the last 10 years but still "hit"
House Inventory is down but the prices are still a bit soft.

I have a house I want to sell. Sits vacant. All redone.
Prices are okay but not where they should be presently because its price range is higher than
the local "sweet spot"

I figure it will cost me $9- $10K to keep it another 10-12 months.
That's electric, heating fuel, taxes, and insurance only.
I do the outside upkeep and I have no bank note on it.

Anybody else holding out?
The sale will fund my own house I'm going to build when this goes.
I'm going minimalist after this. Tired of the hassles....

Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484544
08/10/17 10:27 AM
08/10/17 10:27 AM
Joined: Feb 2003
Posts: 4,473
Arkansas
Win Offline
Win  Offline
Joined: Feb 2003
Posts: 4,473
Arkansas
Well, yeah. If you're talking speculation, I thought that was how it is done.

You form a judgment as to where property will be valuable at some point in the future, perhaps the far future, and buy it now while it is cheap. Sometimes you are spectacularly right, sometimes not.

Is there some other way of doing it?


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Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484549
08/10/17 10:35 AM
08/10/17 10:35 AM
Joined: Dec 2010
Posts: 944
MO
FirstNissan Offline
FirstNissan  Offline
Joined: Dec 2010
Posts: 944
MO
I have held onto property until the numbers just dont make sense. If holding it costs you $12K plus "time and effot" and your return will be right at that spot, time to sell. If there is something significant coming to the area (airport/train/new school/new industry) then holding on may make sense.


2017 Toyota Sienna (Hers)
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Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484562
08/10/17 10:49 AM
08/10/17 10:49 AM
Joined: Mar 2004
Posts: 20,747
Upstate NY
Donald Online content
Donald  Online Content
Joined: Mar 2004
Posts: 20,747
Upstate NY
Originally Posted By: AirgunSavant
Anybody holding a property looking for a better payout?
It is a gamble.
This area was not hit so hard the last 10 years but still "hit"
House Inventory is down but the prices are still a bit soft.

I have a house I want to sell. Sits vacant. All redone.
Prices are okay but not where they should be presently because its price range is higher than
the local "sweet spot"

I figure it will cost me $9- $10K to keep it another 10-12 months.
That's electric, heating fuel, taxes, and insurance only.
I do the outside upkeep and I have no bank note on it.

Anybody else holding out?
The sale will fund my own house I'm going to build when this goes.
I'm going minimalist after this. Tired of the hassles....


There are tax implications if it's now a true investment.


2015 Subaru Forester 2.5 engine/CVT
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Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484564
08/10/17 10:49 AM
08/10/17 10:49 AM
Joined: Sep 2003
Posts: 3,132
Austin, Texas
Brons2 Offline
Brons2  Offline
Joined: Sep 2003
Posts: 3,132
Austin, Texas
I am putting mine on the market very soon but I am unable to budge much off the asking price, otherwise I will be losing money. If it doesn't sell for what I need it to sell for, I will hold onto it. I live in the house now, so maybe my case is a little different than yours where you're holding onto a vacant property.


2012 Hyundai Sonata GLS 6MT 2.4GDI, ProDS 10w30, XG9688 filter, 2018 Mitsubishi Outlander SEL 2.4 CVT, Factory fill still.
Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484584
08/10/17 11:13 AM
08/10/17 11:13 AM
Joined: Dec 2006
Posts: 911
midwest
JamesBond Offline
JamesBond  Offline
Joined: Dec 2006
Posts: 911
midwest
Can you rent it? Something is better than nothing. If you can find a good tenant (someone you know, family, co-worker, not some schmo off Craigslist) give them a sweet deal, at least you can keep close to even every year.

Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484629
08/10/17 12:00 PM
08/10/17 12:00 PM
Joined: Jun 2009
Posts: 740
Hollister, CA
Sunnyinhollister Offline
Sunnyinhollister  Offline
Joined: Jun 2009
Posts: 740
Hollister, CA
I don't know how MD is compared to kalifornia, but around here a redone vacant house is an invitation for squatters. Once they're in it takes months to get rid of them. Sell it or rent it.


2017 Ram 1500 Regular Cab 4x2 5.7L 8spd
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Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484646
08/10/17 12:15 PM
08/10/17 12:15 PM
Joined: Apr 2012
Posts: 5,139
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,139
MA
Happens all the time here. It's funny when you say prices aren't where they should be. It should be at whatever the market is at. In the long run it will eventually go up, but in the long run we're all dead. Either rent it out and wait for the market to improve or just sell it now. Not sure how you think paying 10k now will net you more than 10k a year from now if the market is still soft. Means you just want more than the property is worth. That will probably be the same next year.

Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484692
08/10/17 12:56 PM
08/10/17 12:56 PM
Joined: Oct 2005
Posts: 7,094
Colorado
Kuato Offline
Kuato  Offline
Joined: Oct 2005
Posts: 7,094
Colorado
Own a house in southern Virginia, purchased 2007. Still down almost 20% from purchase price. It's rented.


Thick vs Thin test: 15k / 43k miles complete
Re: To Flip Or Not To Flip? [Re: Brons2] #4484725
08/10/17 01:24 PM
08/10/17 01:24 PM
Joined: Jul 2015
Posts: 3,772
MD
AirgunSavant Offline OP
AirgunSavant  Offline OP
Joined: Jul 2015
Posts: 3,772
MD
Originally Posted By: Brons2
I am putting mine on the market very soon but I am unable to budge much off the asking price, otherwise I will be losing money. If it doesn't sell for what I need it to sell for, I will hold onto it. I live in the house now, so maybe my case is a little different than yours where you're holding onto a vacant property.


I'll never get anywhere near what mine is worth as I put too much in it. That is a given.
I will never rent a house to anyone. Haven't done so and won't unless I was a slumlord. I seen too much of that action.
Good luck with yours. I'll pretty much wait until next year because of tax issues etc. Long story wink

Re: To Flip Or Not To Flip? [Re: Sunnyinhollister] #4484728
08/10/17 01:25 PM
08/10/17 01:25 PM
Joined: Jul 2015
Posts: 3,772
MD
AirgunSavant Offline OP
AirgunSavant  Offline OP
Joined: Jul 2015
Posts: 3,772
MD
Originally Posted By: Sunnyinhollister
I don't know how MD is compared to kalifornia, but around here a redone vacant house is an invitation for squatters. Once they're in it takes months to get rid of them. Sell it or rent it.


I'm sure that is true but I live next door to this one. Thankfully.

Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484762
08/10/17 01:51 PM
08/10/17 01:51 PM
Joined: Jun 2017
Posts: 208
NY
DdDd Offline
DdDd  Offline
Joined: Jun 2017
Posts: 208
NY
Whatever your outlook you have to consider the Millenials since they're going to be the biggest market moving forwards. Are they likely to move to your area? Move away? There's your future price point.

A good thing would be near a metro area that can catch the spillover either as a wekeend home or bedroom community. I'm assuming your aren't holding urban property. Because right now that's where the youngsters want to be.

Also people talk about being "down" from the 2000s. Down from when? From 2005-2008 there was this massive price bubble thanks to the banksters. Honestly I don't see those prices ever coming back outside of a few very in demand metro areas where supply and demand are out of whack. You can't expect a market to "correct" itself from a malignancy.

Re: To Flip Or Not To Flip? [Re: Sunnyinhollister] #4484832
08/10/17 02:43 PM
08/10/17 02:43 PM
Joined: Mar 2008
Posts: 5,839
South Florida
bubbatime Online shocked
bubbatime  Online Shocked
Joined: Mar 2008
Posts: 5,839
South Florida
Originally Posted By: Sunnyinhollister
I don't know how MD is compared to kalifornia, but around here a redone vacant house is an invitation for squatters. Once they're in it takes months to get rid of them. Sell it or rent it.


I dont know how anyone would put up with that. A squatter in my house??!! NOT HAPPENING. They will be gone within 24 hours. I know the cops are reluctant to do anything and will just tell you to evict them, a process that takes months. If that's the case, I'll move in with them. And make their life so bloody miserable they will be begging me to leave within a day. Its illegal for them to move into my house uninvited, but the cops wont do anything, then I will move my happy self right on in too. And we will have fun.

Last edited by wwillson; 08/11/17 09:11 AM. Reason: remove language
Re: To Flip Or Not To Flip? [Re: Brons2] #4484859
08/10/17 03:39 PM
08/10/17 03:39 PM
Joined: Sep 2004
Posts: 21,625
Orlando, FL
Mr Nice Offline
Mr Nice  Offline
Joined: Sep 2004
Posts: 21,625
Orlando, FL
Originally Posted By: Brons2
I am putting mine on the market very soon but I am unable to budge much off the asking price, otherwise I will be losing money. If it doesn't sell for what I need it to sell for, I will hold onto it. I live in the house now, so maybe my case is a little different than yours where you're holding onto a vacant property.


I thought the Austin, TX housing market was very hot ?

Re: To Flip Or Not To Flip? [Re: AirgunSavant] #4484867
08/10/17 03:50 PM
08/10/17 03:50 PM
Joined: Feb 2013
Posts: 3,226
Central Virginia
Silverado12 Offline
Silverado12  Offline
Joined: Feb 2013
Posts: 3,226
Central Virginia
My guess is that prices will stagnate in most areas. The great recession happened almost 10 years ago and we're due for another market "adjustment" if recent history repeats itself.


12 Chevy Silverado ext. cab LS, 2WD 4.3 auto
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