All Forum Posts by: Dave H.

Hi all,

any ideas why Realtor and Zillow sometimes have no photo's of properties just sold? It makes it hard to compare when trying to gauge an ARV.

Is this them just cleaning up their database / housekeeping etc?

thanks

Dave

@J Scott

I completely agree, however I’m in Australia and relying on the agent and the contractor communicating effectively between each other. I’m facilitating some of that Comms but I’m having to trust the agent and the contractor to some degree.

I know it’s far from ideal, it’s not the best way and I’ve definitely taken onboard your suggestions. I’ll try to be more involved in the future. I suppose I’m kind of figuring this out as I go along. I’m visiting the states in April so will be able to see for myself the specifications of on market retail rehabs with my own eyes. If I can see the competition this will give me a great insight as to what helps to sell a house in a certain area.

I’m reading those books right now, I’m up to the strategies for finding a property. It’s a good read and very helpful so far. I haven’t started the flip book yet.

Thanks again.

Dave

@J Scott

Once I’ve got that info I’ll post.

I also want to know....

Why Formica in Kitchen? How much extra is Granite?

Are you replacing any trim, it looks like it needs replaced.

Are the Windows ok?

You don’t mention anything about blinds.

What about the yard and driveway, does it require any work?

What about front and back doors?

Kitchen / Laundry appliances?

Roof need any work?

Thanks

Dave

Hi everyone,

we just received these costs from our contractor in MI and it’s the first time we’ve gave him a chance to estimate. The house is 1000sqft. This is for a retail flip.

Some of the items aren’t detailed enough yet, I’ve asked for more info and will update when I get it.

What do you think of the costs so far?

Furnace New furnace installed 1 4,800.00 4,800.00

Water Heater Install new water heater 1 1000.00 1000.00

Flooring Per sq' installed 1,000 6.75 6,750.00

Drywall Repair damages, cracks and holes and prep for paint 1 800.00 800.00

Subfloor repairs Repair damaged subflooring 70 10.00 700.00

Painting Paint walls, ceilings and trim 1,100 3.50 3,850.00

Kitchen New uppers and base cabinets w/preformed Formica counter tops, new stainless steel sink and new faucet. 1 4,750.00 4,750.00

Bathroom Replace vanity/sink/faucet, tile floor 1 1,400.00 1,400.00

Deep sink Replace/install 1 400.00 400.00

Exterior Door Replace kitchen door 1 425.00 425.00

Gutter and Downspouts NOT ASKED TO QUOTE (RECOMMENDED) 1 400.00 400.00

Paint Exterior NOT ASKED TO QUOTE (RECOMMENDED) Per sq' 300 4.00 1200.00

Miscellaneous Permits, fees, added materials, added costs 1,500 1.00 1,500.00

TOTAL $27,975.00

Thanks

Dave

Where is this possible ?

@Wendy Patton

It’s Michigan I’m looking at now with my agent. He has access to wholesalers but he tells me they have only $10-20k profit and typically require a major rehab. So both risk and duration are high. I wish it were otherwise.

Wow everyone, thanks so much for all your input and answers. It seems like I may be too unrealistic in my expectations for flips with 200k cash. I genuinely thought that kind of money would bring in $40k easy.

I’ve let my agent know and we are now chasing $20-30k deals.

Something that is a major consideration is time, but that will depend of course on the flip and the returns.

Since I don’t have access to lending I’ll have to accept the reality of my current position. Once we have more cash we can spread our wings a little farther to find those more lucrative deals.

Thanks again everyone.

If I had unlimited funds why would I bother investing in anything?

If I “had” to do a real estate thing I would purchase houses for the hard working families that are struggling and give the house to them for nothing. It sounds cheesy but it’s what I would do. Cause even after that I’d still have “unlimited” funds.

@Jay Hinrichs it sounds like you’ve experienced better profits in the past, is this just a sign of the times then?

@Jaron Walling good advice.