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My husband and I are investors. While we were looking at this property earlier today to either flip or turn into a rental property, several people and their agents came and left in haste.
The place is not pretty to look at. It suffers from this thing called old age. But it has great bones and good layout. Plus it is in a very good area.
We were both chuckling everytime some people came by and left in a hurry.
Why in the world would people be visiting a place that's clearly labeled as needing a lot of work expecting a move in ready home? Some of the Realtors even said out loud they didn't expect to stay long.
Other investors out there. You guys run into the same thing?
People forget that the low-hanging fruit is often bruised and mottled. But investors know it tastes sweeter.
Hehe, yes. The place is a gold mine. If they accept the price we offered, we expect to make almost 100k in profit if we flip it. But again, as it stands it is definitely not "move in ready". It was quite hilarious to watch people come, make a face, and left in a hurry.
Who knows. People go to see homes and leave without wasting a lot of time for many reasons. If it makes you feel superior to think that they are all stupid while you're picturing yourself laughing all the way to the flipping bank with this house, all the power to you.
Every single person going to look at a house has a different expectation and skill set. For some people, the skill set may be limited to slapping paint on a wall. For others, it may involve full-scale construction skills. Don't assume everyone has the funds/time/experience to be an investor. While lots of people have made money on fix-and-flips, a lot of other people go into it unprepared and lose money.
MYOB and just be grateful all these people aren't putting in offers and forcing you into a multiple offer situation. :-)
Who knows. People go to see homes and leave without wasting a lot of time for many reasons. If it makes you feel superior to think that they are all stupid while you're picturing yourself laughing all the way to the flipping bank with this house, all the power to you.
You're taking this the wrong way. We don't feel superior. But the house is clearly listed as not move in ready and needing a lot of work. Why would people looking for move in ready houses come at all? That's the point. They came expecting something pretty then ran in terror.
Agent and buyers are in the general area viewing houses.
They see an Open House sign, and have time. And, the buyer asks to drop in.
Or, the buyer is just looking hard in the general area and considering options.
Like dBlack says, all different expectations and skills, and they may need to see a fixer to get an idea what they could be in for.
Many buyers just don't grasp the impacts and expense and difficulty of a heavy renovation, and visiting the house could help them learn.
You're taking this the wrong way. We don't feel superior. But the house is clearly listed as not move in ready and needing a lot of work. Why would people looking for move in ready houses come at all? That's the point. They came expecting something pretty then ran in terror.
Aw, go on and feel superior. You're looking at a great deal that no one else sees... that IS superior. So what if you're feeling good about a tidy potential profit no one else can see? I feel positively giddy when I find a squeaky $15 dresser at Goodwill that I know I can tighten up, clean and oil, put $20 in handles on, and sell for $200 on Craigslist the next day.
You're looking at it as an investment and from your personal context and needs. They're looking at it with needs that differ from yours.
I know from experience that buyers often will "hope" a property that seems to be a great deal will work for them. Sometimes it happens. Sometimes it doesn't.
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