All Forum Posts by: Brendan Mylton

Thanks Steve for pointing that out. I think your right. The foundation definitely has issues. Once we tear down to the foundation we will get a better understanding of what we are dealing with. I believe builder (cityviewbuilders) mentioned something about having to add some footers underneath and laser leveling the entire thing etc. That tree has to go! Its huge. The roots are probably under the house! I will keep you updated in the next couple months on how this goes and what road blocks I am going to hit.

It was a nightmare! A tax Lien needed to be settled up etc. etc. but it is finally a done deal. I am sure a lot of people said no way! Diamond in the rough scenario.

Thanks Scott for responding and giving me your two cents. I see a lot of your posts on here and appreciate it. Yes I believe Atlanta and Charlotte are very close on construction figures. Let me clarify. Upstairs addition will be untouched area as it is already nice. The front house is going to be around 2600 sqft alone x$75/sqft. The $75/sqft is for mid to higher-end finishes. Being a flipper I have some very cheap sources for appliances, fixtures and finishing touches that will put this house into a  luxury look for a mid level price point. Another way to save a ton of money is to reuse existing foundation therefore saving $14,000 in demo costs and foundation rebuild costs and permitting etc. The deck, carport, cement pouring, sod/landscaping, etc. etc. will bring it up to $440k total investment. Its a different animal calculating price per sq/ft because of the addition and adapting and reusing material. I believe there is enough cushion(profit) to make me feel good about it.

Hello to all. I wanted to post my first project on here to show the progress. I am a mechanical engineer with a background in high-end automotive industry flipping cars which to be honest is a lot like real estate just a little more aggressive and dealing with people is different. I am posting this to prove that I can do real estate projects using my Engineering background and anyone can do it with a time and capital.  

I wanted to tell my story of a big project I have taken on. I have flipped 2 houses this past year and made roughly 50% return on my investment on each so I guess I know what I am doing ;). I am now ready to go into the next era of real estate investing. Knocking down a house and starting over, or what you would call "Spec" building.

I am going to give all the numbers. BofA just accepted my offer of $208k on a 1953 one story ranch home that is attached to a 2001 year built 2 story 1500 sqft addition. The house is on Cotswold area of Charlotte, NC and is in historic district. The house directly next to it has been bulldozed and someone is currently building a 4,000sqft $800k house. That's very good news to my ears. What I plan on doing is to knock down the ranch to the foundation and build back up with the same foundation size but add a 2nd floor and make a visibly attractive craftsman home. The smallest I can make this property to allow a feasible layout is 4,000 sq ft. Its going to be a big house. 5 bedrooms and a office and bonus room. Local area comps are $225-250 a sqft. I have been quoted by a couple builders at $75/sqft for this project which is really good. Rehab costs $200-250k. List price will be $799k. I see a $250k-300k return on my investment in one flip.... Not bad.

Here is where I am after going to house 9 times in 2 weeks and coming up with more ideas everyday... I think it is pretty solid.

Here are plans:

https://www.dropbox.com/s/58gsfi74w1l7cs9/530%20MCALWAY%208-22.pdf?dl=0

Lets get some opinions from the pros!

Holy cow! Talk about needing a lot of work! I would consider two of those being a full tear down.. Look forward to seeing what you do with these!

I am looking for contractors that want work and steady work that is, flipping houses in Charlotte, NC. If anyone could refer someone good that does fast work please message me or PM me. I am closing on multiple properties and need extra hands. Thanks

Brendan

Bryant Stadler with helen adams is incredible. 5 star platinum award in charlotte/ballantyne area. Google Bryant sells charlotte and tell him Brendan sent you. Tell him your an investor. He knows alot about charlotte region, prices etc. etc.