Have you ever thought about flipping a luxury farmhouse? In this video we breakdown every major aspect of my over 5,000 sqft equestrian farmhouse flip property on a 5 acre lot in Redmond, Washington.
This investment farmhouse property was purchased off market for $50,000 OVER the sellers appraisal. WHY? We put the right plan in place. At first, this property mathematically wouldn’t pencil right for a more generic flip with basic upgrades. We had do a deep dive into all the comparable, calculate the upgrades for higher dollar properties, research the market trends (properties on large lots appreciated 18% higher than normal lots last year).
After doing a thorough analysis, we discovered if we increased our original budget of $350k to $750k with spec upgrades, landscaping plan, and perfecting the layout, then we could charge a premium. Roof was upgraded to metal, windows were upgraded to fiberglass, custom cabinets, upgraded tile and flooring specs, landscaping plan adjusted to $100k budget. All these were required to get premium pricing.
The location, exclusivity of the equestrian property 15 mins from downtown Bellevue and major employers made us take this property down. What makes a good “Luxury” Flip?
LOCATION LOCATION LOCATION – When targeting a higher end flip, you need to make sure the buyer pool is strong! Premium pricing requires larger down payments and ⬇
Exclusivity: What features separate the home from other comparable properties? Features like equestrian, view, waterfront, walkability are all major factors when we consider going big on our high end flips.
Layouts: Good flow, no weird spaces.
Amenities: Staycation, community access, barns, what sets your property apart.
Uniqueness: Make your specs speak to the buyers, nail the plan.
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Intrust Funding: Hard Money Lender