Newly Completed Flip by Jim Nagel Renovations 馃槏

Buying & Selling Real Estate
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Newly Completed Flip by Jim Nagel Renovations 馃槏

Gabby Adrian
Lender 路 Redondo Beach, CA 路 Member since 2021 路 11 posts 路 7 votes

Super proud of my stepdad, Jim Nagel, for completing this BEAUTY! Let me preface it was not always this pretty馃槀 

馃搷258 E Welch, Columbus Ohio

馃捀 $150,000

馃洜 $50,000

馃彙 $349,000

I love learning the process from the investors perspective & of course learning from my fam馃挋

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Brandon SturgillBusiness Member
Real Estate Broker 路 Columbus, OH 路 Member since 2013 路 3k+ posts 路 1k+ votes
5y

@Gabby Adrian turned out incredible...this is a high risk area...looks like you had a lot of difficulty selling and eventually cancelled?...this is a tough spot to flip...I've seen a lot of investors get burned in this neighborhood on incorrect ARV's or over budget reno's...its interesting to see, though...and maybe some lessons learned on this one.

Not picking on you, I just like to dig a bit to learn...was the $50k reno cost mitigated because the owner was the contractor?...seems like $50k for the caliber of work is really low... How do you account for the 4-months of holding costs, and soft costs from the lender...and what are your plans now that it did not sell...$130k purchase on a $176k construction loan and an ARV of $315k, maybe...seem like the numbers still make sense...will you turn this into a rental or try again next season.

Thanks for sharing and best of luck going forward

937-979-7000
Realize Multifamily Group11 Review
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  • Edwin Vela
    Lender 路 Garden City NY 路 Member since 2015 路 37 posts 路 7 votes
    5y

    amazing job

    1Reply
  • Mike Gunther
    Member since 2021 路 10 posts 路 2 votes
    5y

    Nice! Keep up the good work!

    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker 路 Columbus, OH 路 Member since 2013 路 3k+ posts 路 1k+ votes
    5y

    @Gabby Adrian turned out incredible...this is a high risk area...looks like you had a lot of difficulty selling and eventually cancelled?...this is a tough spot to flip...I've seen a lot of investors get burned in this neighborhood on incorrect ARV's or over budget reno's...its interesting to see, though...and maybe some lessons learned on this one.

    Not picking on you, I just like to dig a bit to learn...was the $50k reno cost mitigated because the owner was the contractor?...seems like $50k for the caliber of work is really low... How do you account for the 4-months of holding costs, and soft costs from the lender...and what are your plans now that it did not sell...$130k purchase on a $176k construction loan and an ARV of $315k, maybe...seem like the numbers still make sense...will you turn this into a rental or try again next season.

    Thanks for sharing and best of luck going forward

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    2Reply
  • Gabby Adrian
    OP
    Lender 路 Redondo Beach, CA 路 Member since 2021 路 11 posts 路 7 votes
    5y

    Hey Brandon! The Investor was also the Contractor so the hold time was during the renovation and waiting for it to sell. 

    So, yes the goal now is going to be a Cash-Out Refi with CIVIC and convert to a long term rental. The area is actively improving but that initial sale wasn't quick. So the investor chose to not keep all liquidity tied up in one property, cash out & convert to a rental instead. This is a common problem that happens with Fix n Flippers -- if it doesn't sell in the anticipated time frame, a great option is to Cash-Out Refi & use those proceeds to move on to your next project. We sent the appraiser out today and will be getting final values out soon!

    0Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant 路 San Diego / Phoenix 路 Member since 2021 路 12k+ posts 路 15k+ votes
    5y

    @Gabby Adrian really nice job.....I can't believe you got it done for only $50k, even if your Stepdad took no profit....Wow!

    0Reply
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