This week’s column is about Express Homebuyers, a Springfield-based company that has flipped more than 500 homes since it started in 2003 and is still going strong in this down market. Last year, the company flipped 80 homes. In 2009, they expect to flip 130 homes—most of which are in P.G. County and the District. Here’s an example of one recently flipped property.
737 Hobart Place NW
Flipper Paid: $157,000
First Close Date: Dec. 26, 2008
Flipper Got: $350,000
Second Close Date: March 16, 2009
Gross Profit: $193,000
I first learned about Express Homebuyers by randomly stumbling upon this house roughly two weeks ago. Last fall, this three-bedroom, two-bathroom 1,200-square-foot Park View row house had a red-brick exterior and a porch with a striped awning. Within two months of buying it, Express Homebuyers listed it as having a “gourmet kitchen with granite counters, stainless steel appliances and new cabinets and beautiful hardwoods,” plus two entirely new bathrooms. A buyer wrote a contract on Feb. 17 and closed roughly a month later.