All Forum Posts by: Brennen Cook

I just use an app called Magic Plan. It's great for personal use, but I definitely am in need of a true architect. No mistake on plans, debating making it a office/nursery.  These plans are not exact.

Average days in market in that range is 35. Most are 18or less to be honest. The only idea here is the floorplan. I may not do as much. If anyone knows a fast easy architect in Sacramento I'd all ears =P. I hope to list May-June.

****Disclaimer 

Yes. I know some of the taxes,utilities and some other miscellaneous expenses are incorrect. But you get my point... 

https://6608benhamway.shutterfly.com/pictures

BEFORE if you missed the link up there

Hello BP!

Another deal here and I would like to yet again share my experiences as other do. Lets get right into it. See Attached images for spreadsheet breakdown.

6608 Benham Way, Sacramento, CA

Currently a 3 Bed 2 Bath 2163 Square Feet

The garage has been converted to livable space by the previous owners. The idea is to build a 2 car detached garage and rearrange the floor plan to create a more functional home. I believe after review of the comps, I can put a much BETTER product on the market.

Comps

$590,000 or $275.6/SqFt - 6380 Surfside Way 3/2 2141/SqFt

$430,000 or $260.4/SqFt - 661 Benham Way 3/2 1701/SqFt

5 Month Project Duration - 2.5 Month Rehab / 2.5 Month Sale

ARV = $595,000 or $275/SqFt@  4/2 2163 SqFt

Rehab = $180,000

Fixed Cost (Sales Com, Sales Closing cost, NON cash outlay)

$39,885

Cash Outlay ( Buying Closing Cost, Monthly Loan payments,Utilities, Etc)

$20,962

Purchase Price = $261,000

595000 - 180000 - 60847 - 261000 =

Profit =$93153

Note**** that there are TWO loans in place here. The loan with a security interest in the house is 1st position is for the $261,000 purchase price with 2 points up front , 11% interest with interest only monthly payments, remainder due on sale. The loan in 2nd position on the house is for the full rehab of $180,000, 11%, No points, due on sale.

Actual Cash out of pocket

$20,962

Cash on cash return

20,962 / 93153 = 444%

Annualized return = 1066%

This is my breakdown. I am putting this out in hopes to 1) Help anyone else out there who is trying to grasp these ideas as I was before, and 2) Open myself up to constructive criticism from the wealth of more experienced flipped out there that are on BP.

I will try to be very prompt with answer questions, comments, advice or recommendations. With that said, GIVE ME YOUR OPINION!

See Link below for BEFORE picture.

6608 Benham BEFORE

Existing Floor Plan

NEW Floorplan

Gordon,

I am interested. I'll be looking into after I send.

https://www.redfin.com/CA/Sacramento/1317-1st-Ave-...

Presale before pictures

Before Kitchen

After Kitchen

 Thanks, Tom V for the interest!

I have to say between investing, being my own agent, and helping out others not only invest, but purchase their own homes, my plate is extremely full! BUT I want everyone who is interested in this project to know how it goes. Sorry about the LONG delays. I should have been more prepared for this diary when committed to start it!

This project is finished as of last week. I am still having permit issues with the back end of the home. The previous home owner got a permit for a "screened in porch" addition to the back of the house. Once the permit passed, the homeowner at a later date (whichout permit) finished the back end into "livable space". I am battle with the city to either return the porch to original design, or bring it up to code for living space which includes a concrete footing. Which will then require me to spend ALOT of money on a very labor intensive process. And I would have to break up a lot of the new decorative driveway that was just poured! This issue is actually being resolved tomorrow and I will let everyone know how that goes. Fingers crossed by this weekend, permits will be passed and closed and the house will be placed on market by next week.

Pictures to follow in an immediate post..