July 28, 2018

Episode 7: Selling Your Investment Property

Podcast Page Episode 7

In this episode, Brian and John conclude the 3-Part Series of Flipping a House. The finale is none other than the ultimate goal — selling the property! From cleaning up after rehab to getting offers and receiving appraisals, Brian and John walk us through every step it takes to close a deal.

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This Episode is Sponsored by

Core Rentals Logo

Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.

Covered Topics:

  • Selling the property
  • Listing
  • Issues when selling over a loan
  • Getting multiple or no offers
  • Buyer’s inspection
  • Property appraisal
  • The role of title companies

Show Notes:

00:25 – Brian’s shares and update about the projects this week

          - This week’s deals

          - Dealing with FHA loans and appraisers

04:46 – Part 3 of 3: Sale of a House

          - Brian is a licensed realtor who takes the process seriously

05:33 – The first thing to do after a rehab: Cleaning

          - Hiring a professional cleaner

          - “Contractor Clean”

07:54 – Selecting photos from photographers

08:11 – Listing the ad online and in the MLS

08:47 – The struggle in listing properties

          - Dealing with showings

          - To get or not to get a showing service

10:48 – Be intentional in selling

11:34 – Issues when selling a house in an FHA loan

          - The 90-Day Rule

          - Paying some of buyer’s closing costs

12:54 – Getting offers

          - Cash vs Loan (conventional, FHA, VA, etc)

          - Multiple Offers: Check on 2-5 offers

          - How escalation clauses work

          - How appraisals affect sales

19:13 – Multiple Offers VS NO Offers

          - You can keep lowering the price

          - Stage the property and bump the price back up

          - Rehab and sell at retail

          - Rehab, put a tenant and sell at turn key

22:11 – The Buyer’s Inspection

          - The challenge of not having any control over a buyer’s inspection

23:59 – Earnest Money and Possible Backing Out

          - Try to save the sale by addressing issues

26:42 – The Bank’s Appraisal

          - Appraisals can break a sale

27:51 – The huge part of the title company

Topic Takeaways

  • Selling a house is NOT an easy process; you need to do your due diligence.
  • Be intentional in selling your property, never just wait for it to be sold.
  • There are many factors why a possible sale can break so it’s your duty to save a possible sale as a seller.

Tweetable Quotes

“Listing and selling the property is one of the fun aspects of flipping houses.” (Tweet This!)

“Always follow up with people.”  (Tweet This!)

“Sometimes we get multiple offers, sometimes you don’t get any offers.”  (Tweet This!)

Brian Rightler John Horner Core Developements

Welcome to the Take Action Real Estate Podcast! 

Our hosts, Brian and John, created Take Action Real Estate: the website, podcast, and blogs to help YOU. We want to share our experiences and knowledge and help you get started without making the same mistakes we did.

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