Peter L.

Peter came to FlipSplit to see what his options were like dealing with an inherited property from his parents in San Jose. Since he lived in LA, dealing with a traditional sale would be a tremendous hassle commuting up to accommodate weekly showings, dealing with repairs, clearing remaining junk, etc.

“While the home was located in a great neighborhood in San Jose, it would have required significant work to get it sale-ready. In normal times this may not have been that difficult, but during a pandemic, this was worrisome.”

Peter wanted something simpler.

So he contacted a national iBuyer to get an online offer of what they would pay for the property. Getting the most competitive upfront offer was important to Peter as he was not the only one receiving the financial benefits of this sale, but his siblings as well.

Competitive Offer

Peter was wise in doing his due diligence to make sure he was obtaining the most amount of money from his inherited property and not just going with the first investor he found. In working with a national iBuyer he found the process took weeks to complete and even had to drive up in order to complete an in-home property inspection. Limiting the convenience factor that he was hoping to receive through working with a national investor.

At FlipSplit, we knew we would have to beat their upfront offer in order for Peter to consider us. With only a few days’ notice, we put together a firm offer we could stand by without even going to the property, ultimately beating the other iBuyers offer while still offering Peter profit participation in the post-renovation resale.

“Boy, am I glad I contacted them. After an introductory call to explain their business model, and a few conversations to provide information about the house, they came back to us with a better offer than we previously received.”

Peter’s Upside Potential

Here are Peter’s FlipSplit numbers:

Offer Price: $1,209,350
Participation Benchmark Price: $1,676,167.15
Split Agreement: 50%

What We Did

☑️ New Roof
☑️ Moved walls to create a more open floor plan
☑️ New kitchen
☑️ New bathrooms
☑️ Exterior and Interior Paint Job
☑️ New wood floors throughout
☑️ Refreshed front and backyard landscaping
☑️ And a whole lot more

Final Results

Peter received a final bonus check of $2,316.43 to give to his mom. We were honestly hoping to get more for Peter, but due to the size of the renovation and the time needed to complete this project, we only exceeded our projected resale price by a very small amount.

Even without the largest bonus check, Peter and his family were still extremely pleased with the easy sale process to FlipSplit. Here are Peter’s final comments about working with FlipSplit:

“Within a few weeks of starting the process, my mom received full payment for the house, an amount higher than she was expecting when the process started, and all without having to do any work on the house. Thank you, Stephen and FlipSplit!!”

For more information on how FlipSplit makes the home selling process easier while still getting you the most for your property, contact us here to get your offer started today!