Saturday, March 08, 2008

FLIP, uh, I mean FORECLOSE This House

I just showed this house at 2219 N. Brighton in Burbank. It's a "3" bedroom (although 1 bed is converted from 1/2 the garage), 1.75 bath, 1280 sf, foreclosure listed at $519,900. It has been largely, but not completely, remodeled, although the floor plan is not good. It also looks as though the flipper/owners/walkaway-ers may have run out of money before they finished this. You can just tell that the owners thought they'd buy an inexpensive house, flip it, and make a killing. But they forgot one very important element of successful flipping: location, location, location. This poor house is located at the confluence of San Fernando, the 5 Fwy, the train tracks, and the airport, plus there's a liquour store one house away. It's hard to imagine a worse location. Seriously, this is a text-book case of what NOT to do to make money in real estate. I predict this house will sell in the high $300's.

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