All Forum Posts by: Benjamin Ervin

@Shara Carlton, I would suggest being patient.  Your Zillow listing is showing as having only been active for 2 days.  Did you do any marketing prior to posting with Zillow? 

Even good deals don't always sell in the first week.  I would give it some more time and then reassess.  Make sure you are paying attention to any movement with the comps or other homes in the area, too.

Hello Forum,

I am seeking recommendations for one or multiple contractors in the Pensacola, Florida area to vet for an upcoming flip. The immediate project has a large scope of work beyond that of which I want to tackle myself. 

If any BP members in the local Pensacola area can provide referral of a quality contractor, please let me know.

@Chris Drumm, what @Tommy Hopkins asked is really the key question. If you've already determined an accurate ARV, I assume you've seen the comps. You need to determine what the comps are using and make your decision accordingly.

That said, what flooring store do you work for?  A mom and pop size organization?  I only ask because I managed a profit center for Lumber Liquidators for about 2 years and I was able to get 4 and 5 mm click vinyl for $1.59 before employee discount.  You might consider shopping around before just buying from your employer as, from the limited info provided here, your prices still sound a bit high to me.

@Chris Jensen, you won't be able to tally me in on either side of the debate, but I will piggyback off of a point @Russell Brazil made in passing, but is really the underlying key to the debate: the software issue.  Frankly, the infinite number of systems and, likewise proprietary software being used throughout the country simply do not speak the same language.  There are major technical enablers being developed in the IT and tech industries that can help improve these issues, i.e. advances in cloud processing and language standards (xAPI, being the primary enabler).  But until the interoperability quandary is solved within the different architectures that have to integrate, there is just no way for the Zestimate to be accurate.  With the current processes, the data is not statistically significant. 

Its an interesting discussion, though, as Zillow might be in a position to be the "Amazon" of real estate industry if it had access to the data it needed to generate accurate algorithms.

@William Allen, thanks for reaching out.  I notice you're a wholesaler in the area.  We might be able to help each other out sooner than later.  I'll send you a PM.

@Wilson Lee, Absolutely.  The book is a step-by-step blueprint laying out everything you need to know.  It is filled with charts that can really help organize and structure your front end analysis on each property.  I highly recommend this book.

@Joseph Sangimino, you won't find a 1" marble, wood or other transition in any specialty flooring store, either.  Your cheapest, though still not cheap relative to the product, solution is to have a carpenter create a custom transition.  I would recommend unfinished Oak or Pine (if available, will be cheaper and takes stain well) so that you can stain to match the floor as best possible.

Thanks, @Cody Campbell.  My gut is saying the same thing.  And I am relatively conservative by nature.  I wanted to use this thread as sort of a vector check because I've had a few similar deals go under contract a day or two before I was prepared to submit an offer. 

Forgive me if this isn't posted in the proper forum, I am still getting familiar with the site.

This is the 30,000 ft view of a property I am currently looking at.  This is probably the 30th house I've analyzed and it appears to meet my criteria.  I am submitting this for opinion of the experienced flippers here on BP.  I have bids on rehab costs already (see spreadsheet below), so those should be solid.  I have a contingency placed into the rehab figure, as well.

On to my questions:

- Other than potentially needing to pay some of the end buyer's closing fees, am I missing anything else that should be accounted for?

- This property is in a good area (about 1/2 mile from my primary residence), but is on a large lot with several trees and essentially no grass. It is a wrap around driveway, but is a dirt driveway. Do any of you investors that have flipped property in slightly more rural areas have any experience with this and how it has impacted the sale? The comps actually support an ARV of $140k, but with the property, I have factored in an ARV of $130k in my analysis.

@Jared McNeel, Thanks for jumping in.  I am actively engaged in finding deals now.  I am analyzing deals and doing walkthroughs on properties pretty much every other day.  Going forward I will look to BP on how to really get a good marketing campaign off the ground, but hope to put some money in the bank off the first flip in order to establish a marketing campaign the right way.

@John Zuercher Awesome.  As close as we are, we should hook up sometime and talk.  Are you going to the Bay Center on the 14th for the Pensacola Investors Guild (P.I.G.) event?  Here's a link for more info:

https://www.biggerpockets.com/forums/521/topics/503030-commercial-real-estate-for-beginners?page=1#p3085291