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All Forum Posts by: Ashley Wilson

Ashley Wilson has started 35 posts and replied 154 times.

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

Thank you @Will Barnard!!!

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

@Josue Pierre Thank you for the link. I have seen this before, and have created my own, modified version of a flipping spreadsheet that I have used for every project so far.  I think sometimes a few modifications are needed for the specifics you need to track:)

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

@Account Closed it sounds like it might be worth getting your GC license, at least in the short term.  I am a huge component for scalability with sustainability, and I am always trying to rethink the way we do things and how they would be done if we were to scale.  Just a thought, while it may be beneficial to get your license now, in the long run if you were to scale, coupled with your comment "...but I can't do everything", you will eventually need another GC (as you are going to be successful!)  So in other words, you are just delaying your current problem.  It doesn't mean that is a bad idea, as you never know someone may appear while you have your GC license and it will be a seamless transition, just thought it was something worth considering.  For funding, it seems like we have had a similar history.  For us specifically, we are having success with the bank, so I am hoping this will continue, however, I am also trying other outlets as well to keep options open!

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

@Will Barnard Thank you so much for your comments!!! I agree with you on the team members aspect.  We are currently trying to build our team so we have an "A" and "B" team so we can handle the increase in volume.  With respect to time, we have been working almost 7 days a week, every week.  We calculate the daily dollar amount it costs us to hold each project, and we are well aware of that when we do scheduling.  Honestly, I think this feeds to our competitive nature in keeping us motivated to schedule 6-7 day work weeks, even when we are drained!   With your last point regarding project managers, my partner serves as the project manager.  We have multiple discussions on how many projects a project manager can handle at one time.  Of course considerations include travel distance to project, but in your experience, what do you think is the typical number of houses one project manager can handle? Thank you again for your comments!

Post: Networking - Harrisburg, PA

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

Hi Jason Clemens,

I actually used to have a rental in Hershey/Hummelstown, PA. I would be willing to speak to you further if you need feedback.  Not sure if you are looking for rentals, or flips, or what, but if it is rentals, I can assist.  (Interestingly enough, we are considering investing in Florida too).

Sincerely,

Ashley

Post: New member from Havertown, PA just outside Philadelphia

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

Hi Jim Criscuolo,

Welcome!!! I am currently flipping a house in Havertown and am looking at two other properties (one of which is also in Havertown) to flip.  My father and I have been in business for a little over two years and we would love to connect, as well as hopefully work together in the future.  Please feel free to message me if you would like to connect, and I would be happy to have you tour our current flip so you can see an example of the work we do.  Looking forward to speaking!

Sincerely,

Ashley Wilson

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

@Christian Sifuentes congratulations!!! And welcome to the party! I feel like you are at the same place we were at last year at this time! So I am really excited for you, as this year has been great for us, so I wish the same for you too!!! Not sure if you are interested, but I mentioned previously about a post I wrote on our Two Year Reflection (https://www.biggerpockets.com/blogs/7285/52563-two-year-reflection), and I previously wrote one called Under Contract Now What (https://www.biggerpockets.com/blogs/7285/51619-under-contract-now-what)...both might have some useful tips for you that we have obviously learned the hard way:)  Best of luck to you, and wishing you the best in 2017!

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

@John Weidner Thank you so much for your comments!  Ironically after I posted this, there have been several houses that might work for us!  We have thought about getting a RE license in the future, however I must say our realtor is incredible! I don't know if we could do a better job:)  So honestly, I don't think that is the rate limiter.  We have also consider going to auctions in the future, but we would like to get a few more flips under our belt before we take on the unknowns with auction houses.  

For discounts, it is funny you mentioned it, because we ask on some but not all of our materials.  We have also found that comparing prices online can lead to a lot of price matching.  For our current flip, we bought the majority of our materials during the Lowes Pro Reward Day and saved 10%, plus the 5% for using our card, so that proved to be a lot!! Despite the three hours I spent speaking with Lowes about the order (don't even get me started on them!!!).  But, we should definitely start to ask our other suppliers as we have gone to them now a few times, and I think our repeat business does warrant a discount.  Thank you again for the tip!

Post: Scaling our Flipping Business

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

@Account Closed thank you for your comment! Hopefully we can navigate this next step together! I agree with you, funding is an obvious hurtle.  I recently wrote a post regarding our two year reflection, and I believe there is a flipping triangle made of three components (funding, the house, and your team).  It seems your hurdles are with two of these three components.  For funding, have you approached banks, or investors yet?  Personally, I think your second point depends on how good and how big your current GC's team is.  For us, my dad is a GC, but he is supposed to only handle emergencies, otherwise he manages all of the subs we hire.  With this set-up he is able to handle more than one house at a time (or at least that is our current plan, and once we move forward we will test this theory).  Getting a GC license and hiring a crew is not as easy as it sounds.  Unless you have GC experience (and you have the time to dedicate to the project), a lot of things can go wrong, even with purely cosmetic flips.  I am not saying that you wouldn't be able to learn how to do it without prior experience; however, testing your GC's skill set while simultaneously taking on a new challenge of scaling may double the challenges you face, and may ultimately cause major impacts on your business.   I think the best way to answer the question, is how much is it worth to you.  In other words, would you hire someone with your experience to be a GC knowing that it would cost you minimal, but problems might occur, or alternatively would it be more cost effective to hire one of these high in demand GC's, and find cost savings elsewhere.  Not sure if I really helped, or not, but I know the more you talk about something, the more ideas will be generated, and hopefully one will work out!  Best of luck, and please keep me posted! It is nice to know we are both growing (and doing something right)!

Post: First Flip- What a success! Before and After Pictures

Ashley Wilson
Pro Member
Posted
  • Rental Property Investor
  • Radnor, PA
  • Posts 160
  • Votes 109

Great Job!!! I actually think getting multiple offers on the first day is what the goal is...not necessarily for people to say the price is a bit on the high side.  As the old saying goes, "Time is money", so if you priced it higher, who knows how long you would have waited for an offer.  And better yet, you could have missed out on your next purchase because you were waiting on the property to close.  I always think it's better to get it sold, as soon as possible.   It looks like you did the reno for a great price.  Did you do some of the work?