market for fixing a...
 

market for fixing and flipping houses?  

 

dreya
(@dreya)
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October 13, 2016 9:23 pm  

Just wondering if anyone is up on the market for fixing and flipping houses in St. Croix? I've seen ALOT of beat up places that are pretty inexpensive, and it seems like people that are buying a 2nd home in St. Croix would want move in ready. I'm sure building matls are not easy to come by, but it seems like there could be a market for the fix and flip business there? Thoughts?


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Alana33
(@Alana33)
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October 13, 2016 9:50 pm  

If you've got unlimited time, money and your own crew, go for it.
If not, don't.


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Trixie_b
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October 13, 2016 9:55 pm  

From what I can tell, It takes a long time for properties to sell, so you could be sitting on a flip house for a number of months losing money with taxes and insurance payments and have your equity tied up for an unknown length of time.


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Scubadoo
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October 14, 2016 3:40 am  

From what I can tell, It takes a long time for properties to sell, so you could be sitting on a flip house for a number of months losing money with taxes and insurance payments and have your equity tied up for an unknown length of time.

or years


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speee1dy
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October 14, 2016 10:46 am  

yeah, not the best market on stx for flipping


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vicanuck
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October 14, 2016 10:58 am  

You need a fast moving market for flipping and St. Croix is the opposite. Besides, the realtors here are a very tight group from what I've seen. If there are any flipping opportunities, they'd be on it. IMO there is far more money to be made buying houses and turning them into vacation rentals and AirBNB's than there is flipping them.


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dreya
(@dreya)
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October 16, 2016 1:11 am  

Hmm... good thoughts. Thanks for the info!


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SunnyCyn
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October 18, 2016 3:15 pm  

I'd thought about this too. I came to the conclusion that making a business out of carefully buying well situated small houses with great beach proximity and keeping them as vacation rentals would be more potentially lucrative.

It ties up a lot of capital and of course there are the property ownership and management hassles & expenses, but if you're A+ at choosing, staging and marketing, it seems viable. That's just based on trough back of the envelope calculations, of course, and I'm not going to do it because: tying up too much capital!

Also, the market seems to be improving a bit, and while there are still deals to be had, there are fewer "steals" from what I can see after a couple years poring over real estate listings.


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dreya
(@dreya)
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Posts: 6
October 18, 2016 3:37 pm  

Yes, I've been checking it out as well. We are still 2 yrs away from moving, but trying to decide what my boyfriend is going to do out there as an architect and builder. Thanks for the info!!


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vicanuck
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October 18, 2016 4:49 pm  

My AirBNB units are a consistent money maker. I was skeptical when we first began, but now I can see how I can retire with a nice income stream and afford to keep my property. They're much more profitable than long term tenants.


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mtdoramike
(@mtdoramike)
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October 20, 2016 11:02 am  

Little to no market. Because the property and the house no matter the condition will still be worth a lot more than houses in the states. You couldn't buy the property, fix it up to put it back on the market and make the kind of profits you are looking to make because the margins would be too small. But if you are handy with tools and know a little about a lot of stuff, the Islands can always use good handymen or persons.

mike


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