So you have decided to flip properties in Los Gatos!? Los Gatos is one of the most desirable school districts in Silicon Valley which is home to Apple Co-Founder Steve Wozniak and NetFlix. With median home prices in Los Gatos pegged at $1 million dollars finding properties for flip should be easy.
But the math is not that friendly since your cost of acquisition will be very high specially for homes located in the Los Gatos-Saratoga school districts.
Your sources of Fixer Uppers might be:
- Craigs List: Despite horrible user interface, you might get lucky and find a For Sale ByOwner listing in Craigs List that might be suitable for a flip.
- Los Gatos Short Sale: Despite rising home prices in the 1st half of 2013, some loans are still underwater which could lead to Short Sales in the coming months.
- Los Gatos FSBO: For Sale By Owner properties also offer opportunity to pick up a fixer upper that might be a good candidates for flips.
- Los Gatos Foreclosure Auction: We have developed series of articles on using Los Gatos Foreclosure Auction to pick up properties, but most of these auction bound homes are NOT selling at a discount.
- Final Local Team: Team up with Los Gatos based agents who are prospecting the Los Gatos market. For instance, we are working on at least 3 listing that will hit the market in early 2014 and the are all fixer uppers.
Bottom line is that depending on the size of a home purchase in Los Gatos to flip, you will need close $2M of liquid capital to develop a cool project.