All Forum Posts by: Jimmy Hong

Thanks @John Weidner , I've really been contemplating about getting a license this year.

Thank you @Mehran K. , I definitely will. I'll update when we accept an offer. Hopefully sooner than later.

Thanks @Brandon Turner

Hi @Karen Margrave , house is in Cypress.

Thank you @Antoine P. , couldn't have done it without the resources of BP.

Thank you @Jacob A. , I have no creative ability whatsoever. Design, remodel, staging, etc is all done by the talent of our team (my wife). So its in my best interest to hold on to her. Oh, and the marriage isn't to shabby either.

Thanks again @Account Closed , we purchased this October 2013.

Hi @Will Barnard , thanks for your input, its always appreciated. I did forget to include $461 for insurance and yes it is an all cash deal so no financing involved. I'll shoot for the 80% on my next one. This is our second attempt, we did our first last year:

http://www.biggerpockets.com/forums/67/topics/88952-my-first-rehab-in-orange-county

Also, I look forward to hearing you speak on March 11.

Hi @Michelle Ferrand , thanks for complement. We didn't take out a loan or hard money if I'm understanding your question correctly. The property and rehab was funded through our own capital.

Thanks @Ramon Jenkins ,

Yes @Account Closed , this was all cash purchase so no holding costs except for utilties, taxes, also no hoa. We can't really do 70% rule here due to competition or else we'll never be able to acquire any properties. Normal commission is 5% to 6%, but my agent charges 4.75% for repeat business, and he does a great job. We also have a couple of contractors that we have a good rapport with and they give us below competitor rates for repeat business also.

You're definitely right about high Cali rates but we try to focus on the upsides of Southern California. Which are tons of people and properties, so we'll be able to find a deal if we are diligent enough. Also, there are so many types of buyers we are confident in our product when we list.

Hello BP Nation,

Very excited to post a property we just completed. This one is a SFH, 1909 sq ft, 4 beds, 3 baths. It was a total gut job including moving the kitchen to another area and adding a bedroom and bath (originally 3 bed, 1.75 bath). It will be listed this weekend. Here are the numbers:

• $455,000 purchase price
• $5,492 closing cost
• $56,000 renovation cost
• $4,000 landscape cost
• $5,351 various costs including fixtures, appliances, staging furniture, etc.
• $1,370 taxes
• $150 total utilities
• $29,925 commission
• $5,000 closing cost

Total cost $562,288

Listing price $630,000

Estimated net profit $67,712

Here are some before and after pictures:

Living room

Living room

Fireplace

Fireplace

Den

Removed den, replaced with mud room with tech center.

Kitchen

Kitchen

Removed the kitchen and replaced with Master room and 4th bedroom.

Makeshift 3rd bedroom (across from kitchen).

Removed the 3rd bedroom and converted to dining room.

Removed the 3rd bedroom and converted to dining room.

This was a family room (back of the house).

Moved kitchen to back of house.

Kitchen

Bathroom #3

Bathroom #3