All Forum Posts by: Cam Jimmy

@Steven Ko I think the only major use of Fiat is to buy drugs now too. I cant even use cash at many places anymore due to Covid. Even before Covid, you cant go to small stores with large bills because they don't accept 50's and 100's anymore due to illegal counterfeiting. Also Fiat has no grounds to stand on either. There is no gold to back it up anymore... its just a crappy piece of cloth/paper that is built up on "hopeium" as you would say. 

@Joe Splitrock Just take a second to understand that EVERYONE is different, and EVERYONE thinks differently. If it gives someone peace of mind to prepay their mortgage, then I say do it. I value peace of mind very highly, right up there with personal health. There's nothing worse than worrying all the time about different things. Worrying causes all sorts of health problems. Do I prepay my mortgage? No. Would I do it if it allowed me to sleep better at night? Absolutely! I personally use the tactic that you mentioned Joe, of having reserves and taking advantage of auto-pay. Maybe @Scott Benton Doesn't trust Auto-pay. Paying his mortgage payments earlier helps HIM, and that's all that matters. Also Joe, Looking at a money only, no emotions stand point, Yes you are correct. Paying your mortgage payment early doesn't help you financially. But who cares if it works great for him. Thoughts?

@Scott Benton Damn, you have a talent for writing. I understand what you are saying. Peace of mind matters so much to different people. I have friends who live pay check to pay check and have complete peace of mind. I on the other hand, can have 1 years reserves in my bank, and still not be at peace lol. No point arguing with Joe Villeneuve, he is the Debbie Downer of BP Forums. Smart as Hell, but a Debbie Downer. Every post I read of his, I just hear the WU WUuuu WUuuuuuuuu sound after it. Debbie Downer (saturday night live) look it up. Anyways, Good luck to you!

@Chris S. Thank you!

@Connor Dunham Thanks for the feedback! I honestly prefer the pony wall, I have a toddler, and a baby on the way, and I don't want them to throw things down the stairs between the railing lol. The only change that I would love to have done was changing the wall between the stairs by the landing into a pony wall that slopes down with the stairs. That wall makes it seem like your going down into a hole to me. But we were so far passed my budget, that we didnt change that.

@Keenan Fitzpatrick oh another change was adding insulation to the crawlspace and attic.. that was $3500-$4000 too! We didn't even think of that at all... that was a costly mistake on my part.

@Keenan Fitzpatrick Thank you for the feedback! Yes my favorite changes I made in the house are that beam, and the stairway. I am usually conservative with my numbers, it is definitely a possibility that I could get more than 350k, but I just like to keep "worst case scenarios" in my head. And if I get more, then its a bonus. That how I view a lot of things in life too. Obviously I wasn't conservative enough with my rehab estimates lol. Well my rehab estimate actually weren't that bad, where I went wrong was assuming the old roof was good. That was an $8,000 mistake. We really only looked at the lower portion of the roof and assumed it was in the same shape as the top, but when we actually went up on the roof, it was obvious it needed replacing. If you look at the before and after picture of the outside, you will see both pics with a brown roof... it is now Gray/charcoal. Another estimate that went wrong was the counter tops. This wasn't necessarily a mistake, but a change. We paid $5,500 for quartz counter tops, when I was originally going to build my own Laminated counters. This was a change that my wife and I decided, since we are probably going to be living here for more than 2 years. I had estimated $1,500 to build my own. So just those 2 changes are a $12,000 difference! The rest of the mistakes were just a bunch of little things like the stairway trim was much more expensive than anticipated, and having to move plumbing, and running new wiring to locations that didn't have lights, etc.. I definitely learned a lot though, and I would say my BIGGEST take away was paying 20k more for this house than I initially intended. I should have stuck with my guns at 225k, but I knew the market was hot and someone would have paid more. You know how it is when you get emotional about a place that you love.. things change lol, and you spend more money. Anyways, let me know if you have any more questions. Thanks again!

I have completed the beginning stage of my first "live-in flip" here in Anchorage Alaska. We have fixed up a house that we want to live in for 2-5 years, and I am proud to say I am done with the "fix-up" portion! Purchase price was 245k, cash invested to fix up was 60k. All-in at 305k. My estimate was 45k in repairs, and I was waaaay off. I could probably sell this today for 350k. This wasn't my best flip I've done, but at least I learned a ton in the process. I originally said I wasn't going to pay more than 225k, and I should have stuck with my guns... but I got emotional about the house, which is a no-no. Hopefully the market appreciates a little bit in the next couple years to make this flip really worth it. A huge positive note is, I get to live in a brand new house, which is Awesome! The wife is super happy about that. I financed this deal using the same Heloc as my first BRRRR 2 years ago (you can find that post on my page with pics with that one as well). I lived in my old house while fixing this one up, and my old house is getting sold at the moment, so the timing was perfect. After I own this new house for 6 months, I will "cash-out refinance" it and pay the Heloc back, and the its on to the next one.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000

I have completed the beginning portion of my first "live-in flip". We have fixed up a house that we want to live in for 2-5 years, and I am proud to say I am done with the "fix-up" portion! Purchase price was 245k, cash invested to fix up was 60k. All-in at 305k. My estimate was 45k in repairs, and I was waaaay off. I could probably sell this today for 350k. This wasn't my best flip ive done, but at least I learned a ton in the process. I wil post some before/after pics here as well.

What made you interested in investing in this type of deal?

We wanted to try a "live-in flip" style, and we needed to move to a bigger house anyways.

How did you find this deal and how did you negotiate it?

MLS, regular negotiating using a realtor. We did renegotiate after my inspection due to a couple items I had missed.

How did you finance this deal?

HELOC, that I will cash-out refi after 6 months of ownership.

How did you add value to the deal?

By completely renovating the house

What was the outcome?

House is beautiful and I could probably walk away with 20k cash, however I went over budget about 16k. I learned so much on this deal though. I should have stuck with my guns on my first offer at 225k, instead of paying 245k.

Lessons learned? Challenges?

I should have stuck with my guns on my first offer at 225k, instead of paying 245k. Trust my gut feeling. So many unforseen challenges that I didn't think of.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I did