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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.
2317 Sherman Ave. NW
Flipper Paid: $115,000
First Close Date: Nov. 18, 2008
Flipper Got: $300,000
Second Close Date: Feb. 20, 2009
Gross Profit: $185,000
This Columbia Heights two-bedroom, two-bathroom 850-to-900-square-foot row house listed in July 2008 and sold “AS IS” with only one appliance included, a gas stove. Express Homebuyers bought it for $125,000 below the original price tag ($240,000). A buyer snapped it up a few months later before it even listed.
Image by Darrow Montgomery