Flooring & Fool's Gold - Flipping Adventures & Follys

[Moises R Cosme]

Flipping Adventures & Follys:  6/22/2020

Layout Matters:  Fool's Gold...

Evaluated a single family property, built in 1940.  Property is listed for about 38% of projected resale value based on square footage, age, style and acreage.  The low list price made the property extremely attractive, but the property had been on the market for an extended period of time; anytime you see this, there is a reason for it.  

Pulled up to the property: Curb appeal was great.  Exterior was in average condition.  Yard is fantastic.  Siding needs some work, there are windows that need replacing and the roof looks okay... So far so good.  Walked into the house:  BINGO!!!  Only one bath, bath is on the first floor and requires anyone taking a shower to walk through the first living room and kitchen.  

The layout of the property matters & this is something that I think a lot of investors miss.  We think the project is still a go, but the layout of the property forced me to re evaluate the resale value of the property by 16%; which means that the list price is a little too high.  We submitted an offer and since the property is subject to third party approval, we have agreed to do some of the leg work for the listing agent so that he can get the bank on board for a lower price.  

We like to advertise that we are good Buyers, we follow through on that promise by having the willingness to get detailed pictures of the property and finding comparable sales for the property supporting our proposed purchase price.  These are all things we have to do in order to feel good about our diligence and preparation on the project, so it makes sense to share with the listing Agent that has to make an argument to the bank about the below list price offer.

Flooring, Wall Paper & Cut the Water Before You Demo a Kitchen!!!

Hitting a snag on our current project, suppliers for virtually all materials are backed up...  We need flooring to complete a renovation, but we are being told that we have to wait for a month to receive it- that's a non starter for us, we think we can complete this project within 3 weeks and have it on market by middle of July.  Fortunately, the vendor we hired on to work on the hardwood floors can help us fix the problem!!!  

Wall paper from 1960's:  high quality, very well made & a complete pain to get off the walls.  We are lucky to have good people are on our crew, they put in time to get the job done.

Cut The Water Before You Demo a Kitchen:  decided to demo the kitchen at our latest project, I was smart enough to know to cut the power before I removed the dishwasher but foolish enough to forget to cut the water!!!  Needless to say we had some water run in the kitchen.. Tricky thing about cutting water running to a dishwasher is that the water is hot...  Was able to figure out a solution before it became too big of a mess.  Lesson learned.  

Back to the daily property search...