All Forum Posts by: Ethan Pankratz

@John Woodrich I totally agree, reassessing when we can actually see the home sounds like the best plan. Thanks for the input.

@Nick C. There are no comps on the low end, the neighborhood supports 300-375, with a few higher end properties. We're currently thinking that we should let the neighborhood raise our price, so to speak. Just like a neighborhood has a ceiling, it also has a floor to some extent. Thought?

@Justin Windham thanks Justin, I'll be sure to do some exploring!

@Kuba F. That's a great idea, I'll run the numbers and see. I'm also concerned about the higher risk of uncovering unforeseen issues with the extensive remodel. Any advice?

@Greg H. The power is on and working, and it was heated over the past winter. Not sure on plumbing, as we could not reach the sinks/toilets to see.

Alright I'm a new member, so I'll try to be quick and to the point...

Our team bought a flip in Burnsville, MN this past week. It was a hoarder house, and has been vacant for 10 yrs. We are 4 weeks from closing, and we need to decide on how far to take this project. We currently see 3 option :

1 - Bare minimum - Simply make the home fanciable and livable. Includes: Drywall repairs, appliances, some paint, some flooring, roof, furnace ac and water heater, etc. About $275 ARV

2 - Lipstick - Make it decent. All of the above, plus: paint siding, all flooring, all paint, paint kitchen cabinets, fixtures where needed. ARV tbd

3 - Full Renovation - Top of the market. Go all out. All of the above, plus: extensive drywall and texture, total kitchen reno, total bath reno, new siding, windows, all new fixtures. $370 ARV

Let me know your thoughts. Purchase price was $180, so just trying to figure out how to maximize profits/time. Some pics are included.

Thanks in advance!

Hey everybody! My name is Ethan Pankratz. I'm new on the site, but have listened to the podcast for some time, and have been through a few of the books by BP publishing. 

Anyways, I thought i would introduce myself as i try to become more active across the forums! I'm a Realtor in the South Metro area of the Twin Cities. I am based out of Lakeville, and have been active for about half a year now. I'm working with and learning from my father. Coincidentally, we are TeamBP, so i though i might fit right in! We focus on residential sales, but are just getting started in real estate investing. 

We close on our first flip at the end of the month, so look for my follow-up post asking you all for some advice!

Along with Real Estate and some investing, I also recently started a home improvement business, Right now, we are organized as a handyman company, with most of our jobs coming from other Realtors looking to help their clients homes sell.

I look forward to speaking with many of you!