To Flip or Rent?

Last week Diane closed on a small 2-bedroom condo in Alexandria. We have had this condo under contract since the end of August. It has been a difficult purchase, but we finally closed.

Diane and I have been working together for a few years. I go and look at lots of houses for her. They are houses that we think will be a good deal to either buy, renovate and hold as a rental or possibly sell. Sometimes they look good for either option. They are not usually easy to find or easy to purchase, but it is like finding a gem.

Purchase price is important. You have to get a good deal. In this neighborhood the sales of similar units were between $245,000 and $250,000 and the rents have been between $1,600 and $1,700. Our contract price was about $200,000.

Diane is turning to Sandy Gardner of Commonwealth Staging to help her with the design choices. Sandy is amazing!

Sandy will be the first to tell you that there is a difference between decorating and staging. Decorating is according to your taste. You can go crazy and bold. It is like eating pistachio ice cream. Some people love it and some people hate it.

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Kitchen before

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Kitchen before

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Bedroom

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Master bathroom

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Living room

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Hall bathroom

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3rd bedroom or office

Staging is trying to appeal to most people’s taste. It is like vanilla ice cream. No one hates it and they all think they can add a topping like strawberries or chocolate to make it better.

Below are the “Before” pictures. This is what the condo looks like today. I can’t wait to see the transformation!

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