Q: I am ready to sell a flip that I’ve rehabbed – a three-bedroom one and ½ bathroom home in Morrell Park. It has a finished basement and central air. I updated the kitchen and both baths and refinished the hardwood floors. I plan to list it for $225,000 but what do you think I can get really for it?
A: Some investors make money by buying and holding their investment and selling in the future when the timing is right. Others are in the business of “flipping,” by buying homes at a low price and fixing them up to sell them again right away for a profit. Flipping homes was not easy in a declining market, but has been making a comeback. Morrell Park is home to some prime examples recently. continue reading »
Q: I am looking for an investment property in Northeast Philadelphia that I can fix and flip. If I buy a cheap single in Academy Gardens, how much money do you think I can make?
A: Academy Gardens is a neighborhood made up of single cape cods, row homes and twins. Many of the singles are rarely alike in their offerings. They range from two bedrooms to five and from one bathroom to three. Some for sale need much work, but others have undergone a complete makeover. continue reading »
Q: I am buying a house in Mayfair the seller got at a Philadelphia Sherriff’s Sale in May. When I signed the contract in June, my agent said we would make settlement Aug. 14. I gave notice to my landlord that I would be out by Aug. 31. Two days before we were supposed to make settlement my agent called me and said that the mortgage company won’t let us settle until Sept. 4! Apparently there’s some FHA rule about how long someone can own a house before selling it. What can I do? I have to be out Aug. 31! continue reading »