All Forum Posts by: Michael H.

I’m looking for a money partner in fix and flips in the Dallas area preferably North of Dallas. Partner should have experience in flipping. You’d want to partner with me If you have money for down payment but need someone with good w2 and high credit.

What can I bring to the table?

- 800+ credit and high W2 so getting qualified is not a problem. I can qualify for a $500k property no problem as long as we can come up with 25% down plus rehab costs. 

- I'm a CPA with 11 years of experience specializing in partnerships so I'm able to set up LLC, prepare tax returns, draft partnership agreements, limit exposure on taxes.

- Between me and my wife, we are able to manage full time and dedicate 100% of our time. 

- I have an excellent resource for a real estate agent and mortgage broker.

- Can use some of my limited money to have skin in the game 

My wife and I recently moved to Dallas, TX. We love the area and want to purchase a primary residence within a year. We love the idea of "house hacking". However, we want to live close to the city that is more upscale. We really like Highland Park area. Over the weekend, we drove by this property. It is a $1.2mm quadplex. From a cash flow perspective, this property will never work. However, are there any special scenarios where this might be a good investment? Appreciation or just having someone pay a portion of your mortgage?

https://www.realtor.com/realestateandhomes-detail/3428-Potomac-Ave_Dallas_TX_75205_M87614-21458

Apparently contractor said 40 sq. roof at around $475 per sq. This includes flashing and metal work.

Is $40,000 for a kitchen really that unreasonable? For high quality finishes, custom cabinentry and total gut job in the kitchen.

@Peter Tverdov

@Charlie John thanks for the insight. Is it more expensive to paint exterior that is stucco?

Lawrenceville, NJ

@Natalie Schanne Will be adding a 2 zone central A/C :) Total rehab budget is $150k but these pricing are showing more like a $200k rehab (not including appliances, vanities, tiles..etc)

Roof estimate shows 40 sq ft. I think they meant 40 x 40 or 1,600 sq ft.

I've attached some pictures where you can see the condition of the walls and ceilings.

In addition to the estimate on the first post, I was also quoted:

$21,800 for the bathroom (in the last picture) which does not include fixtures, vanity, shower, toilet, tiles. It just includes drywall, gutting, plumbing, electrical and labor to put everything together.

$40,000 for the kitchen (sorry no pictures) which only includes drywall, gutting, plumbing, electrical, labor and cabinets. Does not include appliances, tiles, or counter tops.

I will post some pictures and the full estimates. Currently looking for more general contractors that is ok with draw lines from the bank (meaning they have to finance the rehab) before getting paid. This is for a 203k or homestyle loan. If you all have references, please let me know!