5 Flips Start to Finish!!!

[Andrew Cordle]

Hey Everyone, 

I began flipping houses more than a decade ago. I can recall how lost I was when I started and I wish that I would’ve had someone to guide me through the process and allow me the opportunity to avoid all of the mistakes and pitfalls that new investors experience. I’ve done a lot of thinking over the last few days about how difficult it was for me when I began. I thought about how hard it must be for the present investor without experience.

I am on Bigger Pockets almost every day and have seen countless examples of investors who talk about how much they wish they had a mentor or someone to help them along their investing journey. So, I’ve decided to try and help a little. I am a strong believer in “teaching people to fish” rather than merely “giving them a fish.”

Over the course of the next several months, I will be posting an on-going series that details my 8-phase process to flipping for (5) Atlanta properties. The price points of these investments range from $400,000-$750,000. The flips will include everything from new construction to major rehabs to full gut jobs…and even a really cool turn-of-the-century Victorian home located in Atlanta’s Grant Park Historical District! In addition, you will be privy to all labor and material costs. I’ll even share the material SKUs I use on these 5 flips. I will try to answer all questions as I guide you through this journey, step-by-step. And there will be plenty of before, during, and after pics for your viewing pleasure and even some videos.

I wish that someone would’ve done this for me ten years ago. It would’ve saved me tens of thousands of dollars and a whole lot of stress! Keep in mind, however, that flipping properties will never be easy. It takes a lot of hard work, on-going education, and dedication to flip and turn a profit. And unlike many of those TV shows and news reports, house flipping, although seemingly simple, it's not as simple as it seems! I'm going to do my best to simplify the process. At least once a week hopefully more, I will be sharing one of the eight phases of the flip as we do them. I’ve put together the following checklist for each of the eight phases - which simplifies what, in reality, can become a very complicated process. I want to remove some of those complications! Here are the 8 Phases of the Flip:

The 8 Phases of Flipping:

1. Project overview - basic info, size, location, numbers, how found property, budget, blue prints, permits, surveys

2. Demo - cost, number of dumpsters, time start to finish, crew size, landscape clean-up

3. Rough Construction - framing, electrical, HVAC, plumbing

4. Exterior - window, siding, roof, decks/porches

5. Interior - drywall, trim, doors, flooring, paint

6. Kitchen - layout, cabinetry, countertops, backsplash, appliances

7. Bathroom - vanity, countertops, fixtures, tile, floor, shower, accent

8. Finished product - landscape, punch list, cleaning, branding, staging

Be sure to keep in touch and feel free to submit any inquiries you may have. I’ll do my best to answer all of them. If you happen to be in the Atlanta area, Maybe I could show you the flip process in-person if you would like. 

For now here are the 5 houses: The next post will be later today explaining each of the 5 houses in detail. Lets do this!!!

Thanks and see you later today with a post for each house!!

Andrew

[Andrew Cordle]

HERE WE GO!!!

Phase One (& a Little of Phase Two) - Grant Park: 417 Augusta, Atlanta GA

We're very excited to presentour first post for our five Atlanta-area houses that we will be teaching on during these series. We have multiple jobs starting right now, some of which are not even these 5 houses that I am discussing right now as well as flips going on in 3 different states. I have done well over 200 flips and continue to do more, but I first want to discuss my favorite house of all time, a Historical Victorian House located in Grant Park in Atlanta. In a previous post, we established and defined “The 8 Phases of the Flip,” and today, I want to discuss Phase 1 and a little of phase 2 for this historical Victorian house. Since this is a historical rehab, there is plenty of extra "red tape" so I bounced a little between phase 1 and phase 2 on this flip.

PHASE 1: Project Overview -

Size - 3 story, Main 2 floors over 3000 sq ft with additional 600 sq ft in usable attic. As it sits now, 4 bedroom, 5 bathroom house. Master suite includes private sitting room, 10x10 balcony overlooking historical Grant Park along with 2 original fireplaces in the sitting room and the master bedroom. The househas a formal living room, study, and dining room on the lower level.

Location - As they say in real estate, "LOCATION, LOCATION, LOCATION!" This is a prime example of that. We are on a huge corner lot that overlooks the historical Grant Park and Atlanta Zoo. An extra bonus to this house is that it’s located one block away from a highly acclaimed charter school, giving the owners of the house first selection into this school.

Numbers - Purchase 225k, rehab 250k, after repair value 750k. We had $5000 earnest money (all cash) closing immediately, no contingencies.

How I found property - Through one of our local whole sellers. We put the home under contract within 1 hour of it hitting the market, this house also had multiple cash backup offers on the property

Budget - 225-250k, finalizing final numbers with general contractor and subs

Blueprints - see attached, laser drawing stage. We are taking our time on this house because of what it is, as well as the market is continuing to skyrocket here in Atl. So we are still working on official new layout but I attached the as is existing floor plan.

FIRST FLOOR

SECOND FLOOR

Permits - in process, historical house causes longer duration

Surveys - see below

PHASE 2: Demo (part one) -

Landscape cleanup - Due to this house being unoccupied for over 12 years and the fact that the people previously living there were hoarders, we had an excessive amount of cleanup and landscaping demo to do at this property. One of the reasons we skipped to Phase 2 and did the landscape demo is because this house was buried in overgrowth, as you can see in the photos. We wanted to bring this property back to life by getting the neighbors and community excited and talking about this property being restored. I can assure you - this idea for marketing works! We had well over 50 different neighbors stop by and thank us dearly for making the neighborhood better and cleaning up this property that’s been an eye sore for over a decade. Several of the neighbors even mentioned that they did not even know there was a house sitting there because of the landscaping being extremely unattended! Stay tuned for our next post regarding a different property in Atlanta - a brand new house!

17 Dumpsters on cleanup and landscape cleanup. $5,950

Labor for cleanup was $4,500

Hope you enjoyed the post so far feel free to ask questions I will be posting again this upcoming week on a different house.

Andrew

PS I will try to get my assistant to post some more pics later.