Real Estate and Rehabbing. Our Great Surprise Flip Secret.

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We are a family and home business that develops and flips homes. When we got into this business, we were excited about everything to do with finding low-cost homes, rehabbing them, and selling them for profit. Then you start to get a real-life education on how things really work.

Finding a home without a Realtor can be difficult if you do not know how to vet homes properly. Your first instinct is to look at the MLS. However, there is a Realtor attached to every house, and approximately 5% set aside for them. The split is typically 2.5% for the Listing Agent or Realtor and 2.5% for the Agent or Realtor representing the Buyer.

There are great deals on the MLS if you can find the right house. However, once you start factoring in Realtor commissions into the cost of the house along with the flipping costs, it can make your profit margin much more narrow.

Besides, once you are done with the house and ready to sell. People typically get the same or different Realtor to sell the house. Realtors then assess the new home and value of the new house and want their full commission based on the price and value of the new house.

Vaulted wood ceiling
Vaulted ceiling

In essence, you could be paying up to 10% to rehab a house and sell it. Given today’s real estate market and the time it takes to sell a home, you could be upside down if you are not careful with your time and money.

Padx.com saved us money on the front end, that we were able to afford a new bathroom

After a few rehabs, we discovered Padx.com. Their business model was clear and straightforward. When we found a house on the MLS, we scheduled a private tour through their mobile app, showed up at the house, and a Realtor opened the door. No one else was there. Just us. The Realtor didn’t hassle us because Padx.com represented us as the Buyer. We did have to go through a few homes to find the right one, but when we did, we pulled out the Padx.com mobile app and wrote an offer. The offer went immediately to the Listing Agent Realtor and to the Padx.com team of experts who started directly negotiating the transaction. I could always get someone on the phone, and they took care of everything from start to finish. The best part, they split their commission with us 50/50. Once escrowed closed, we received approximately $11,000 back TAX-FREE because it was a commission split, and we had already paid for the property. That helped us to demo a bathroom and still have money left over to put in new appliances.

Once we were done with the rehab, it was time to sell it. Usually, we hire a Realtor to handle all the details. He or she would handle all the essentials like listing the property on the MLS, market the house, show the house and make sure the transaction was done correctly.

This time we used Padx.com to sell the rehabbed house. They gave us two options. One, pay a flat fee to sell the house, and they did everything a Realtor does at a fraction of the cost, and we do the showing of the house and direct buyers to Padx.com to handle the transaction. Or two, Padx.com would handle all the details, market, and show the house for 1.25% based on what we paid for the home, not for what the rehabbed value would be! Also, because of their technology and processes, we were able to close 10 days faster than we usually do.

We have since bought and sold a few homes using the Padx.com platform. We have used both the flat fee service, which worked out great because we had the manpower and time to do it. We then used the 1.25% model because we had moved on to a new house. The Padx.com team came out, did everything a Realtor does, and more, and they found the Buyer.

In the end, we saved over $10,000, and to this day, continue to use Padx.com to buy and sell our homes. A Realtor can not do the quality of service that Padx.com provides when it comes to all the nuances with selling or buying a home.

We can’t imagine using any other Realtor or service moving forward. Padx.com has cracked the code on real estate with clear and transparent pricing and technology paving the way for the future of real estate sales.

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