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.
3125 12th St. NE
Flipper Paid: $160,000
First Close Date: Oct. 7, 2008
Flipper Got: $330,000
Second Close Date: Dec. 19, 2008
Gross Profit: $170,000
Back in September 2008, this three-bedroom, three-bathroom, roughly 1,500-square-foot Brookland row house listed for $209,000 as an estate sale and an “INVESTORS SPECIAL!!!” Express Homebuyers took note—and got the price down roughly $50,000. Before the end of the year, a D.C. lawyer bought the place for more than twice its previous price.