Required Reading: Flip Those Homes!

by Mark Wellborn

Ruth Samuelson at the City Paper has an interesting story in this week’s issue about Express Homebuyers, a company that buys, renovates and flips homes in the DC area. The Springfield company sold about 100 properties in 2007, 80 in 2008, but projects that it will sell 130 in 2009. Founded in 2003, it has successfully flipped 500 homes since its inception.

While it sounds like a serious money-making business, things have changed in the past couple years. From the City Paper:

“On average, the company makes about $35,000 to $40,000 per sale after construction costs are removed, but not before office costs are taken out, says [co-owner Jud] Allen. So the take isn’t as huge as it might have been in, say, 2006, but there are several properties in play.”

For the full article, click here.

This article originally published at https://dc.urbanturf.com/articles/blog/required_reading_flip_those_homes/743

1 Comment

  1. E said at 4:20 pm on Wednesday April 1, 2009:

    Express Homebuyers is terrible. I am currently renting a 1 bedroom garden level condominium that was renovated by Express Homebuyers. It is appalling how poor of a job they did on this renovation process.

    1) The windows may be new (and only a single pane), but they are exceedingly drafty, you get a coolbreeze all winter long.
    2) They “forgot” to wire the units for cable.
    3) For the units with gas stoves, they failed to actually connect these to the city gas lines.
    4) The walls are paper thin between the units and upstairs neighbos. On most occasions it sounds as though my upstairs neighbor is going to fall through the ceiling on any given morning.
    5) The electricity isnt actauuly wired correctly. Pepco was appalled at the way this building was wired.
    6) Express has failed to live up to any of the promises they told me when I rented this apartment, and I cannot wait fo my lease to end.

    I would sincerely reccomend against buying anything they built!!

Comments are closed.

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