Flip Planning

 Hey everyone
My apologies, it's been awhile since I posted.  I felt the need to get back in front of the keyboard to talk about a trend I see every year around this time. (investor's..THIS MEANS YOU)  Once we get deep into the fall/beginning of the winter the real estate market tends to slow down in activity...although this is understandable for regular home buyers, it's the WRONG time of the year for investors to slow down.  There are a couple of reasons I say this.
The first reason is pretty obvious...if the market is generally slower, the properties that ARE listed tend to be homes that owners are more determined (desperate?) to get sold, hence you can frequently find bigger deals.
The second reason is for more logistical reasons.  If you are looking to buy, rehab and flip an investment property; that takes a timetable of work that must be planned out thoroughly.   I work extensively with investors in Philadelphia.  For flip properties, we usually see rehab jobs running between $30K to $50K depending on how extensive and how many features are being added to the job.  You can usually figure about $5000 worth of rehab work a week as a round planning number.  That means rehab timetables of 6 to 10 weeks and you should add a couple of weeks to that number for possible delays/issues that might occur.  That means 8 to 12 weeks.  Add to that the time it took to go from agreement to closing.  Depending on how busy title companies are and how readily your funding is available your looking at 2 to 4 weeks for most investors to close on a property.  So now we are at a range of 10 to 16 weeks for your project....What does 3 or 4 months mean if you BUY a project NOW?  It means it's ready for SPRINGTIME which is exactly when you want to start marketing your flip.  Think about that if you are looking for an investment flip.  RIGHT NOW IS THE TIME...this is prime buying season, so don't pass on the opportunities.
If you want some guidance or have questions about rehabbing and flipping homes, please reach out to me.  I love helping new investors get started on their way.

1505 N 55th St, Philadelphia PA

If you're looking for a beautiful home in West Philadelphia your search is over. This fully remodeled 4 bedroom row home in the Carrol Park section is waiting for you. Enter through the open front porch into the inviting living room. New wall to wall carpeting continues through the large dining room and leads to the gourmet kitchen which features cherry cabinets, granite counter tops and stainless steel appliances. Behind the house is a small fenced backyard perfect for barbecues. Upstairs the home features a brand new bathroom with ceramic tile and wall surround. Four bedrooms feature generous closets and high end ceiling fans.

Real Estate Relationships in Marlton

As a realtor and someone who has owned and managed small businesses, I'm regularly reminded of how important it is to build solid business relationships.  As a small business owner I regularly had to deal with suppliers and vendors and make decisions on who I used based on the relationships and service those vendors provided me.  If a provider wasn't meeting my expectations it was up to me to follow up and get satisfaction.

Over the last 2 weeks I was involved in a couple of real estate transactions that reminded me again how important it is to follow up with providers and to choose them carefully.  In one of those transactions I was representing a buyer who was referred to me who was already working with a mortgage provider.  Unfortunately, this mortgage agent was less than thorough.  The buyer was put through many last second hoops including repeatedly needing more documentation right through the last week before settlement and then the final HUD was provided way after legal deadline.  The mortgage person made a mistake in their good faith estimate and was trying cover it up.  Thankfully, laws require the mortgage company to pay the difference when their good faith estimates are too far off.  The closing agent and myself are filing complaints about this provider but more importantly everyone in my office knows about this occurrence and I can guarantee NO ONE will use this provider again.

The second transaction had me representing the seller and the buyer's agent was using an in house title company.  Although there was nothing wrong with their work, they worked very differently than the independent companies I usually use.  Many parts of the transaction that I would normally expect the buyers title company to take care of were left to our side to follow up on with no communication of what they were not going to be taking care of.  Although the transaction went through without any problems, it did cause greater stress and last second work that could have been avoided.   What is the lesson here?   Regardless of whether you are a realtor or regular consumer, don't assume anything when dealing with providers...especially ones you don't have an established relationship with.  Ask questions, determine EXACTLY what the provider is going to do and when the are going to complete it.   Build your real estate relationships with companies that are consistent with their service and results.  If a provider is causing you to lose confidence, don't be afraid to use someone else.  Your money and reputation is ultimately on the line.

707 Homestead Ave Havertown PA - Home Sweet Home

Come and see this fabulously remodeled home in beautiful Havertown Pennsylvania. Settled on a picturesque, tree lined street close to local parks, this four bedroom home has been renovated and impeccably decorated from top to bottom. This home is truly 100 percent move in ready and all necessary inspections have already been completed. Entering from the lushly landscaped front yard and entry you are immediately greeted by gleeming hardwood floors and bright decor. The living room features a large front window with plenty of natural light and points the way to the adjacent dining room. A swinging service door leads to the renovated gourmet kitchen which features beautiful cabinets, granite countertops and stainless steel appliances. Moving upstairs leads to more of the amazing hardwood floors which continue into all four bedrooms. Contemporary decor is highlighted in both newly remodeled bathrooms and the roomy, freshly painted bedrooms which feature newer windows and large closets. Back downstairs there is a finished basement with separate laundry area and a side entrance from the kitchen that exits to the driveway and the beautiful, flat, shaded backyard with grill awaits all your family gatherings. Don't wait, come see this special home today.

My name is Keith Kruger and I'm YOUR local real estate resource.  I specialize in residential investment and commercial property in South Jersey and Philadelphia with a special emphasis on historical properties.  I also work with buyers and sellers in my hometown of Marlton, Cherry Hill and Mt Laurel, New Jersey as well as surrounding areas.

www.keithkrugerproperties.com

Real Estate News - National home prices

Here is some good news to break up the tough news being tossed at us.   Although we are still struggling a little bit with prices in South Jersey (we haven't dropped as far as the really troubled parts of the country), it's nice to see some national improvement.

http://money.cnn.com/2011/06/28/real_estate/home_prices/index.htm?iid=EL


www.keithkrugerproperties.com

Marlton NJ holiday events

Hey everyone, I hope all of you have a great 4th of July holiday weekend. Everyone be safe and have fun.  Here's what's going on in Marlton this weekend:
Evesham Twp is planning to start the day with a 1 Mile Fun run and a 5K Mayor's Cup run to take place at 8:30am on Main St.  Later will be bike parade starting at 11am featuring live music, military corps and refreshments.  Finally at 7:45 the community celebration starts with fireworks starting a 9:45 at Cherokee High School.  Find out more at the Township events website:
www.eveshamfun.com/

My name is Keith Kruger and I'm YOUR local real estate resource.  I specialize in residential investment and commercial property in South Jersey and Philadelphia with a special emphasis on historical properties.  I also work with buyers and sellers in my hometown of Marlton, Cherry Hill and Mt Laurel, New Jersey as well as surrounding areas.

www.keithkrugerproperties.com

8124 Craig St, Philadelphia Pa, 19136

Looking for home sweet home? Here it is, 100 percent move-in condition. This immaculately maintained row home in the picturesque Holmesburg section needs nothing but you. This 3 bedroom home features a Crane central air conditioning system, vinyl windows and 1 car garage. From the nicely landscaped front yard, enter into the large, neutral decor living room with wall to wall carpeting over excellent condition hardwood floors. Large formal dining room flanks the updated eat-in kitchen that has plenty of cabinet space and a small breakfast bar. Upstairs features 3 bedrooms with neutral colors, ceiling fans, and good sized closets. The all original art deco bathroom looks brand new right down to the fully operational skylight. Downstairs is a finished partial basement along with a separate laundry room which includes the washer, dryer and second refrigerator. The laundry room backdoor opens to the private driveway behind the house with space to park and the pristine 1 car garage with newer aluminum door.

My name is Keith Kruger and I'm YOUR local real estate resource.  I specialize in residential investment and commercial property in South Jersey and Philadelphia with a special emphasis on historical properties.  I also work with buyers and sellers in my hometown of Marlton, Cherry Hill and Mt Laurel, New Jersey as well as surrounding areas.

www.keithkrugerproperties.com

www.KeithsFacebook.com