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Realtor's perspective on finding a good fix and flip property
- 2. • Introductions • How to Find and Evaluate a Good Fix and Flip Property. • How to develop a successful relationship with your realtor? • Q & A • Thank You
- 3. • Location , Location, Location Corner lot, busy intersection, near commercial, apartments • Know your Schools API (Academic Performance Index) Scores based on 1000 points. i.e Cupertino 900+ • What drives people to the community? Is it schools, charming downtown, community spirit, larger lots? • Know the style of the neighborhood and community. Are you planning a contemporary style home in a Mediterranean or traditional neighborhood?
- 4. • Tear Down – New construction potential to be best home on the block or are there other newly built homes within a ¼ mile radius? Time involved in building; what will the market be like when project is completed? • Remodel – Quick turnaround and better opportunity to time hot market or does project extend beyond completion date because of many unknowns that require more work and expense. • Vacant Land – How much additional costs involved vs. tear down or remodel, plus time?
- 5. 2431 Plummer Ave., San Jose $674,000.00 Sold 02/08/2012 2431 Plummer Ave., San Jose Work in progress!
- 6. 1931 Cabana Drive, San Jose Sold - $820,000.00 – 3/31/2012 1931 Cabana Drive, San Jose Sold - $1,650,000 – 8/23/2012
- 7. 2517 Gerald Way Sold $767,000.00 – 08/30/2011 2517 Gerald Way Sold $1,183,000.00 -05/17/2012
- 8. 2575 Richland Ave Willow Glen Sold - $757,000.00 5/31/2012 2575 Richland Ave Willow Glen Sold - $1,165,000 – 09/10/2012
- 9. 21216 Bank Mill Road, Saratoga Sold $885,000 – 12/21/2005 21216 Bank Mill Road, Saratoga Work in Progress! Approx $4M
- 11. Budget Goal Rental Remodel Sub-division San Mateo - Gilroy
- 12. 2498 Westgate, Willow Glen Purchased for $1,3M in 2007; sold for $1,835,000 in 2009. Originally on market for $2,975,000.00 1715 Willow Street , Willow Glen Purchased for $500,000 in 2005; sold for $1.600,000 in 2007. Originally on market for $2,095,000.
- 13. • Check recent sales for past 3-6 months within the same neighborhood and or comparable. Usually within a ¼ – ½ mile radius • Compare apples to apples.. Lot size is important as well as age of home. • Know the neighborhood and style. What type of materials are preferred. • Evaluate floor plan – Will it appeal to a majority of buyers or is it too specific. • Size of home and available yard. Again, know your neighborhood. Important in Willow Glen, maybe not in Mountain View • Select neighborhoods that are customized versus tract style housing. • Marketability – When will
- 14. RealtyTrac FlipComp Loopnet Future Coldwell Banker App
- 15. • Multiple Offers • Extensive Repairs • City and Building Restrictions
- 18. What is the Value Add? • Project Management Skills • Resources – Contacts within City/County Planning, Stagers, Designers, Networks with other Agents, trade recommendations such as contractors, painters, landscapers, etc. • Team Player –Communication from all parties. • Provides necessary information to client/investor such as comps, school scores, neighborhood pros and cons. • Honesty – Is this truly a good project with projected ROI. • Marketing – MLS, On-Line, Internet and Real Estate Sites.
- 19. Use your Realtor as a resource Understand the market .. Is it competitive? Will there be multiple offers? Has the property been on the market a while? Can you negotiate?
- 20. Long Escrows! How will market activity be when the project is complete and predicting exit value?
- 21. Cash Traditional Financing Private Lending Cash Auctions and Challenges
- 22. Ruby Foote Coldwell Banker 1712 Meridian Avenue San Jose, CA 95125 408-823-3234 Ruby.foote@cbnorcal.com http://rubyfoote.com Amy Paris 4 Square Development Co., Inc 1155 Memorex Drive Santa Clara, CA 95050 408-390-0343 info@4squaredevelpment.com http://4squaredevelpment.com