All Forum Posts by: Benjamin Ervin

Hey, Alan. Based on my research of the zip code in total (including valid comps), our design is superior to other products being offered currently. The ARV is in line with the higher end of similar properties, yet cheaper than some even though our rehab included a larger scope of work. I feel pretty good about the price point as we've had at least 2 showings every day (including Saturday and Sunday) since listing. We currently have two interested parties that have notified us of their interest in making an offer.

 Alex, good question. We paid cash so that helps, a lot. We also bought it from a bank. But if I’m being honest I didn’t question it much. I’ll review the closing statements. 

We did budget about 3% for acquisition closing costs, originally. We were happy when we learned it came back less. 

 James, we did paint/stain grade ply and primed pine boards for the bedrooms and master bath ceiling. We used a semi-rigid plank board for the living areas and guest bath. It was not T&G and took an entire day and a half for us to install. Looks nice and saves money, but definitely was more difficult to install. 

Hey, Paul. We found the deal off the MLS.

As far as numbers go, I broke down our process for analyzing the rehab budget in the post above this one. We factored in for holding costs, acquisition costs, and selling costs. The breakdown looked exactly like the numbers I showed in the first post (with projected figures). We of course used comps to determine ARV and reverse engineered the math from there to determine our max purchase price. We offered that price and got the deal!

 Hey, Zach. To be honest, we budgeted similar to how you’d expect. We had the house inspected before closing to make sure we understood what was going on in what we call the “big 5” areas: Electrical, Plumbing, HVAC, Roof and Termite. 

Once we knew where we stood with those items, my wife and I did a detailed outline of everything we wanted to do to the house and began researching material costs and have educated guesses on labor costs. We then had those labor costs confirmed by a contractor if we decided not to do the work ourselves. It took a lot of time to do the analysis, but we only went about $3k over our original budget. Pretty good for a first flip, in my opinion (particularly with this scope of work). I also know this analysis will get easier and quicker as we continue to grow and learn. 

My recommendation is to develop a spreadsheet (or use a template) to help with your analyses. I have one I can share. PM me if you’re interested.

 Thanks, Robert! It is 1623 ft2.

 Thank you! The cash was actually private money, not mine or my wife’s. 

I’ll be happy to share final details after the sale. So far we’ve generated a ton of interest but no offers. 

 Hey, Bendu. My advice is to act now. Learning is terrific and you’ve started that part. But what I’ve come to understand is there is know better education in the industry than by experience. Assuming your personal finance position is okay, or your risk tolerance isn’t high, then my suggestion is to act now! 

We found the deal off mls 

 Hey Jared, I don’t know the Orlando market well. But l could see us making our way into the Jacksonville area and further south with our investing over time. 

We are feverishly looking for more deals and funding now. I don’t have anything else under contract yet, but I am looking at two deals tomorrow and trying to establish more deal flow. I know if I can do that then the funding will come.

 Thanks, Adrienne! Yes approaching triple digit temperatures and triple digit humidity is brutal! We are happy to have the ac running now!