All Forum Posts by: Jessica G.

UPDATE: We looked at the property, and it would have been a fun flip, but we ended up not being able to make an offer. They wanted way too much money for a property that was at extreme risk of big problems because of chronically deferred maintenance. For example -- the sellers' roof was ruined in a hailstorm a couple of years ago. They took the payout and kept it instead of fixing the roof. There were lots of obvious problems like that, which makes you worry what you'll find when you start opening up walls.

Also, the listing agent was ...um... not an affable guy. He refused to present an offer with an option period longer than seven days, even though a previous inspection flagged the foundation, plumbing, gas lines, electric, and more as needing to be checked. Plus, he kept asking us if the amount we wanted to offer was our "highest and best." YES!

So -- no problem -- we'll find something else!

I have been wracked with anxiety all week... but our agent says he is expecting an offer tonight.

Keep your fingers crossed for us.

@Account Closed Um, thanks, Joe. I will try not to lie.

@Kevin Brown Nope, not Garland.

The house is 1,700 sf. The ARV is definitely over $200K after looking more closely at recent sales in that subdivision. Houses with carpet/formica are selling at $199K.

Worst-case scenario:

New roof: $7,000

Foundation work: $25,000

Plumbing work: $5,000

HVAC: $7,000

Floors: $3,000

Counters: $3,000

Fixtures: $1,000

Refinishing cabinets: $2,000

Painting: $4,000

Worst-case total: $57,000

Best-case scenario:

New roof: $6,000

Foundation work: $5,000 (drainage or other fix besides piers)

Plumbing: $1,000

HVAC: $0 (seller may be fixing this himself)

Floors: $2,000 (there may be wood that can be refinished under carpet)

Counters: $3,000

Fixtures: $1,000

Refinishing cabinets: $0 (this may not be needed)

Painting: $3,000

Best-case total: $21,000

EDIT: Of course, we would take holding costs, etc. into account as well.

Hello,

Asking: $135K

ARV: $185K

EDIT: Reviewing comps, might be closer to $200K.

DOM: 30

Seller has several active offers he/she is considering. At least one contract has been canceled because of the inspection, which I have reviewed. I am looking at the house today and might make an offer (if we got it, we would flip it).

Needs: New roof; possible foundation work (needs engineers report); possible plumbing work (old copper pipes); possible HVAC (has gas central heat and window ACs, would need central air, but seller may be in the process of updating) complete indoor rehab including floors; counters; light fixtures, refinishing cabinets; painting or otherwise fixing wood paneling.

I am estimating the rehab at $25,000 at the low end and $55,000 at the high end (if it needs a full set of foundation piers, etc.)

DFW is a very tight market these days. 70% might not be realistic.

What would you offer?

@George P.

I got the painters off AngiesList, and I got quotes from three granite guys who have storefronts in our neighborhood. I got several quotes for flooring from local businesses I Googled, but ended up finding the guys we used on Craigslist. They have a storefront across town from us.

When it came to a handyman, though, everyone was booked way out, and I really wanted the work done quickly. So I posted in "gigs" and in "skilled trade" that I was looking for a handyman TOMORROW, listed the scope of the work, and mentioned that I preferred someone bonded/insured. I listed my phone number and asked people to text me because I was at work.

Pretty soon, my phone rang, and it was a guy who hadn't seen the "text only" part of my postings. I talked to him quickly, noted he seemed very competent and experienced, and ended up asking him to meet me at the house that afternoon. I deleted the postings in an act of faith, because I couldn't have the phone ringing all day while I was trying to teach.

I showed him all the work, he told me how he would approach each task, and I was impressed enough to hire him. He worked much cheaper than the handymen I've used before via AngiesList, and he was much better at his job. We could have been horribly burned, but he ended up doing an AMAZING job. So we were lucky.

@Brenton Kasselder

We agonized over pricing. It's so hard right now, because inventory has been nonexistent, so there are very few comps.

On the other hand, get this -- the same day we listed ours, the guy TWO HOUSES DOWN listed his house at $145,000. I almost fainted when I saw that. He has no yard, and reading between the lines, there are no updates/upgrades in his house, but still.

Houses of the same age nearby that are similarly sized and in similar neighborhoods have been flying off the shelves at $165,000ish with multiple offers. Nothing makes sense, though -- we toured a similar house with NO updates (gross, old carpet, dirty paint, old appliances), and it lasted only a week at $169,000.

In our subdivision, in the last 90 days, there have been three sales. A 4/2/2 at $169K (updated), a 3/2/0 at $179K (mostly updated; layout exactly like ours except they converted the garage into living space), and a 3/2/2 at $141K (no updates). Current 3- and 4-bed listings in our subdivision are listed at $150K (few updates), $145K (mentioned above) and $278K (he's dreaming).

So we'll see how the house does at $180K. I really hope we haven't misjudged the situation. After a spring of no listings, inventory has abruptly increased around us -- mostly similar homes with no upgrades/updates -- so I hope that doesn't end up hurting us.

@Derek Carroll

I got it at Rent-a-Center, a rent-to-own place. I explained what I needed it for, and we pre-paid for one month with free pickup and delivery.

I looked into traditional staging, but it was way too expensive.

For about $500 I got a dining set, two sofa sets, and two bedroom sets.

I felt kind of dumb after it was delivered, because I thought we were getting platform beds, but it was really just the headboard. My husband brought over some copy paper boxes to make fake box springs. We put air mattress on top and put them against the headboards, which we leaned against the wall. With the bedding on top, it doesn't look awful, but if we stage a house again, I'll buy bed frames.

I got the coffee tables and desk at the Salvation Army for about $15 each. I also got some art there, but we ended up not wanting to put nail holes in the wall.

We got a small dining table at IKEA, and the wooden folding chairs came from our garage. The patio furniture in the backyard is ours as well.

I wish we had some rugs and some art on the wall, and I wish the beds looked better, but overall, I'm pretty happy with it.

@Dan Shoemaker

Here is the listing.

http://www.realtor.com/realestateandhomes-detail/3424-Mapledale-Dr_Farmers-Branch_TX_75234_M71069-46137?row=1

@Rolanda Eldridge

@Sandy Uhlmann

Thank you everyone! I truly appreciate the positive feedback. It was a truly taxing project, and it makes me feel so good to get validation that the hard work turned out well.

@Patrick Jacques We bought this house when we were in our 20s, not even married yet, and totally broke. My parents gave us the down payment as a wedding present. We bought in 2006, and one year later, the value had tanked and we were trapped. That said, I don't know if six months of reserves is really necessary to begin investing -- if it were, hardly anyone would ever get started. There are ways to get started without a huge amount of risk. Knowing what I know now, I wish I'd gotten started earlier.

@Drey Taylor The photography company is Shoot2Sell, the most popular one in Dallas right now. They are booked over a week out right now.

I was advised to use laminate, not vinyl plank, because the vinyl would look cheap. I decided to go against this advice and I'm glad. The vinyl plank looks great, won't separate when the foundation inevitably flexes, won't puff up when somone spills water on it, won't scratch as easily, looks great, AND was slightly less expensive than laminate.

@Dan Shoemaker I am hearing that vinyl plank is getting used in more and more expensive homes all the time. I think it's a great product and I don't think I would use laminate again. Peel-and-stick vinyl doesn't look great, especially on a subfloor that hasn't been properly leveled, but professionally installed glue-down vinyl looks amazing.

@Shawn Thom

@Shawn Thom

@Eddie T.

@Rolanda Eldridge

@Sandy Uhlmann

@Isaac Palmquist