All Forum Posts by: Benjamin Ervin

Originally posted by @Jared Maltbie:

What did the TnG ceilings run you?

 The planks are actually not T&G. They are a plank similar to hardy. We didn’t use spacers either. We wanted the gapping to look like a natural wood plank. More work and I begged my wife to go T&G from a labor standpoint but it turned out nice in the end and gave the look she wanted. Overall for all the wood plank ceilings in the living/bath and the bedroom trim board ceilings, we spent 1500 in materials. So close to $1 per square foot and it was an awesome way to get away from the popcorn ceilings. 

Thank so much everyone! Hunter Sauls , yes I believe we would have chosen different materials in some cases had our intentions been to keep this property as a rental (e.g. butcher block countertops). We are currently in revenue generating mode. I am 25 years old, so I believe I have time to focus on flipping to build revenue and still acquire rentals organically. The idea is to analyze every deal and figure out what makes the most sense. Kim George , thank you for the kind words! We loved how the paint turned out, too - it’s a pure white Loxon Sherwin Williams paint! I was really impressed with its coverage!

Hi everyone! Wow, I am flattered by all of the compliments and support.  For those complimenting/asking about rehab budget and design choices, my wife is the real guru.  She is truly the competitive advantage for us.  For me, I handle the less glamorous stuff - the analysis/math is easy and I know the fund raising and relationship building piece will come with more experience, too.  But she has a terrific eye and vision for how to transform each and every space in a house.

We originally planned for 6 months, but had a goal of finishing the rehab in 3 months. Due to some medical issues with my son, we spent 3 weeks in the hospital and ended up finishing the rehab in about 4 months.

As far as funding goes, I simply built a sample deal package based on one of the MANY deals I had analyzed and presented the opportunity to a family member and convinced him that this made sense.  I know many of you will read that and think "oh he has family money", but that couldn't be further from reality. I am 25 years old and come from a family who knows nothing about investing whether in real estate or otherwise. So I went to the only person I knew with a strong business mind and good personal finance practices simply to ask his opinion about my plan. He could have easily said, "that is crazy", or "good luck".  But, my drive and education, the spreadsheet I built, and my explanation of the asset/investment was enough to convince him it made sense. He took a chance on us and our plan and when this house  closes it will be that much sweeter to pay that debt off.  

Originally posted by @David Waldy:

Congrats Benjamin! Very impressive for your first flip. I’m jealous of the fact that you’re in a position to pay cash. Definitely something for me to aspire to!

 Thanks, David! You will get there.  I come from a family who knows nothing about real estate and I didn't use my own money.  My wife and I have gotten off the ground through hustle and self-education.  Continue to let everyone know what you want to do and sell yourself to them.  Stay persistent and prove you know what you're talking about.  If you actually know your stuff, someone will bet on you. Good luck!

Originally posted by @Angela Yan:

Congratulations! I am doing my first flip from Out of state. How was your experience with your contractor? Did you do any work yourself?

 Hi, Angela. Personally, I wouldn't have the confidence to do a flip out of state yet, but seeing that you are from SF, CA, I understand why you need to.  My wife and I did a lot of work ourselves and we had excellent experiences with all the contractors we used.   I dont expect that this is the norm for everyone, though.  Having managed contractors in a previous line of work, I knew a few things to look out for, and had an idea of folks I wanted to use going in. 

Too many folks to thank individually, but thank you all for your kind words and support!

@Luz Pagan, thank you! I have only done one deal to this point, but I can tell you I absolutely slept well at night knowing the property was insured. There are very inexpensive policies available for non-occupied properties and I would strongly recommend leveraging that.

Sharon Butler thank you and good luck! Whether you get the property or not doesn’t matter! Stay persistent and do good analysis and you’ll take one down soon!

Keith Weigand , thank you!

@Katie Hendrixson, Anssi Viljanen , Bjorn Ahlblad , @Tess Robinson, @mario garaffa, Michael Cavitolo , @terrell Hill, Thank you all!