Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
Tim Gruber
  • Norfolk, VA
0
Votes |
2
Posts

First Deal Diary - Norfolk VA

Tim Gruber
  • Norfolk, VA
Posted

Hello BP Community,

My name is Tim, my wife and I have been busy for the past couple months reading blogs, listening to podcasts, and attending webinars, and we are excited to finally be putting the information into action. We just closed on our first investment property, a foreclosed triplex in Norfolk VA. We were able to negotiate a purchase price of 27,500 cash, and are intending to flip the property as a single family house. Based on comps in the area, we estimate the ARV for a single family at 250k. The closing process was drawn out by the seller, it took them 3 weeks to close, so we ended up having to sign a contract extension since our original offer was to close in 5 days.

The previous owners did a lot of the demolition for us, the house is basically down to the studs inside, with new electrical wiring run and windows installed. There's still a long ways to go, most significantly the roof is totally junk, with multiple large holes that have caused interior water damage on all 3 stories of the structure. The house needs all new flooring, plumbing, drywall, 4 bathrooms, a kitchen, and landscaping.  Additionally, we will be removing 3 large chimneys from the roof down to the ceiling of the first floor. 

We have walked the property with 4 contractors, and have decided who we will be using to complete the project.  We have been quoted 140k for the repairs, which is right in line my personal estimates before we closed.  When the house is done, it will be a 6 bed, 4 bath house with a first floor master suite, a gourmet kitchen, and 2700 sq ft.  

I will get some pictures together so everyone can track our progress through this major rehab effort. 

Loading replies...