MY NEW FLIP: I'll be Posting Weekly Updates Here

[Shawn Ward]

BP Community,

This is Shawn Ward of Belle Hampton Properties in Los Angeles. My partner and I just purchased our next flip in South Los Angeles and decided that instead of posting a success story at the end (which I still hope to do), I'd actually post weekly updates here and can take you guys along the journey with us and answer any questions that may arise. 

Background:

List Price: $425k

Purchase Price: $410k

Financing: With Hard Money Lender & Private Investor

Rehab Budget: $75k

ARV: $625k

Target Flip Timeframe: 10-12 Weeks

House: Beautiful Craftsman (see attached); it's a 2/1 now and we are converting it into a 2/2.

SIDE NOTE: We just went into contract on a second flip in Montecito so we'll be doing two flips at the same time. 

Stay tuned,

Shawn

[Shawn Ward]

WEEK 2 UPDATES:

1. REHAB:

- Kitchen, bathroom and dining have all been gutted to bring in the new

- We are in the beginning stages of adding the 2nd bath in master

- Closet in master has been moved back

- We've decided to add a vaulted ceiling in the living room. It's a $4,500 expense that we feel comfortable we can get $7k for on the backend, so we are able to get the wow factor and make money from it at the same time. 

- HVAC upgrade process has started

- We took down the upper shelved in the dining to open the kitchen to the living space. We kept the lower shelves because we love the Craftsman details. See image below of opening. 

- We decided to put extra shelving in the pantry/mud room area...our sub is doing this for an extra $500.

2. TIMELINE:

- We started a week later than we wanted, as this was our first time working with the sub, but target completion is still July 24th (10 weeks from start rehab date). Looking good.

3. BUDGET:

- We are on the original budget with the addition of the $4,500 for vaulted ceiling and the $500 for the mud room  and shelving.

4. MISC:

- We are interviewing landscapers now. We have one we've worked with in the past, but want to see if we can save some money while still getting great work.

- We are also in discussions with stagers. Again..have someone good, but looking for other options. 

- We are adding security cameras soon (usually only need when we install appliances)

See updated images here:

Regards,

Shawn