Pre-flip jitters

June 19, 2007

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Just two weeks after selling my last flip, I found another one (thank God).  It’s a repo.  Thinking there would be other offers, I intended to go up to $6K over asking price (unusual in Bumfuck, Illinois, not so much elsewhere).  When the selling agent said I was the only offer, I happily offered asking price (it had been on the market all of one day) and they accepted (woo hoo).

This is an easy flip (knock on wood); not a lot of work for me, not much square footage to deal with.  I still do get nervous about it. There are always unexpected problems that crop up.  I’ve learned to budget what I think I’ll need and then add another 50% onto that.

I’m closing the end of June and I’m going to document my progress here.  Stay tuned for all the excitement, if you can stand it.

Addendum: Sometimes I feel sorry for the people who have lost their home to foreclosure.  These people, not so much. You can barely walk into the house without gagging from the stench (both human and animal; tearing up the carpet will be sooooooo much fun).  To top it off, they punched holes in walls randomly throughout the house in a weird sort of revenge against the mortgagee.

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4 Responses to “Pre-flip jitters”

  1. QuakerJono Says:

    So, um, do you know how to install laminate flooring? Particularly molding and stuff?

  2. John in IL Says:

    You and that damn laminate flooring.

    I don’t know how to install it. I wouldn’t even try. I’m picky about the end product. I probably could learn how to do it but I’d much rather leave it to the (hot)professionals and be happy with how it looks.

    In the past, I’ve tried doing projects like this myself and I’m never satisfied with the results. I drive myself crazy focusing on all of my mistakes. For my mental health, paying a professional is money well spent.

  3. QuakerJono Says:

    While helpful, this is, of course, not the answer I was exactly looking for.

  4. John in IL Says:

    Quaker Yoda, what answer were you looking for? Maybe I can find it.


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