• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Joseph Pettinella's blog

Thinking About Flipping Houses? Five Things You Need To Know

If you are thinking about taking up house-flipping, there are 5 key concepts you need to know like the back of your hand.  House flipping is a lot of work, but if you're up for it and you do it right you can make some good money.  You just need to be smart, have a good business plan, and stick to it.  Emotions are not valid here . . . if a project does not fit into the financial framework, then pass on it.  You're doing this to make money, right.

#1 KNOW YOUR FINANCES

Determine what you can spend on both the house and the renovation, down to the last dollar.  Price out the cost of carrying a short-term loan (if you need one), taxes, utilities and maintenance on the home for about 6-12 months, depending on how long the renovation will take, and the average time it takes to sell a property in that community and that price range.  Price out the cost of materials and labor.

Study all the comparable sales in the same neighborhood and price range, to determine what the likely sales price will be. If you can't make the money/return that you expect, then pass on the house.  Remember that there are often unforeseen issues that can add to the cost, and if you are running tight on the front end, it could lead to a disappointing financial result when you sell.

Dutchess County Real Estate Market Update April 2015

Dutchess County real estate market statistics through the end of April show that the market continues to move in the right direction.

There were 584 sales of single family homes (attached and detached) for the first four months of 2015 compared to 517 in 2014, an increase in the number of closed sales of 11.5%.  Sales in the month of April 2015 were 33.3% higher than in April 2014, so perhaps an even more robust trend is emerging . . . it's too early to tell.

The average selling price is approximately $280,000 for detached single family homes, and they are taking, on average, 149 days to sell.  Condos and townhomes are selling at an average price of approximately $175,000 and are taking 123 days, on average, to sell.  These averages are very similar to last year's statistics.

Beautiful Tribute to Mothers Everywhere - Happy Mother's Day!