All Forum Posts by: Matt Stewart

@Aaron Robertson  Let me be the first to welcome you to the Buckeye state!  The market here is extremely competitive right now but I think you'll find opportunities exist if you put in the time and effort.  I'm a flipper and I anticipate having several projects going on in the first quarter.  Feel free to reach out when you get in town and let's get together and see how we might help each other.

Just as John said, I've been working with a few private lenders over the years and they're all family or friends of family.  That being said, my business partner and I are ramping up our operation and definitely looking at adding more funding through private lenders.

@Cameron Lewis  First of all, congrats on taking that huge first step!  Even though it doesn't seem like it at the time there's tremendous value in what you're going through right now.  You're gaining experience and learning a lot and that will pay dividends on the next one.  As far as the rehab process, it's very easy to get overwhelmed.  I typically do the majority of the rehab myself when I do a flip.  I have a general guideline and order of things that I use on every project.

1.  Systems - plumbing, electrical, hvac

2.  Walls and ceilings - repair and paint

3.  Flooring and tile work - non carpeted areas

4.  Bathrooms

5.  Kitchen

6.  Light fixtures

7.  Carpet

8.  Trim and doors

9.  Exterior landscaping

10.  Punch list

I set for myself weekly and daily goals to keep on track.  It can be difficult to walk by a dozen things that you know need to be done and just focus on one area, like a bathroom.  That's why it helps for me to be able to look at my weekly plan and then even what I want to get done that day and just focus on those few items.  Bottom line, if you plan on doing a lot of the work yourself you need to be as productive and efficient as possible.  Everyone does things a little differently, but over the years I've fine tuned this process and it works out pretty well for me.  

Good luck!

@Keith Gilde I don't like estimating by sq ft at all.  Most of your major expenses are exterior (roof, windows, siding), hvac, kitchen, and bathrooms.  Then you may have other significant repairs to consider (foundation, mold remediation, electrical issues, etc...).  Making an estimate solely on the square footage of a project is a shortcut and it's only a matter of time before it bites you.

@Rhianna Raslan  My only question is with your timeline.  I'm not familiar with your area at all, but one month seems a short time unless most of the sales are cash.  Typically my experience lately with a financed buyer is I'm looking at 6-8 weeks from contract to closing.  That extra month of time can start adding up especially with hard money.

@Julie Marquez  How out of level are the sub floors?  Anytime I've run into this I've added a 1/4" underlayment before I lay in my finished floors and it's turned out really well.  

Hi @Account Closed, I get all of my laminate and tile from Floor & Decor in Hilliard and my carpet from Rite Rug.  Prices are actually pretty competitive, send me a PM if you want the name and number of my guy.  

About a year ago I turned a closet into a very basic half bath.  I paid a plumber to run the supply lines, drain lines, and connect to the vent stack, and an electrician to add a switch, light box, and gfci box.  Then it's pretty simple from there to throw down some flooring, pop in a vanity and a toilet and you're done.  Altogether labor and materials it cost me under $2500.

For cabinets check out Palmer Donovin in Grove City.

I never paid a painter I was happy with.  Save $2500 and do it yourself if you can, then put that extra money into your kitchen and bathrooms.  

@Mark Winkle  When and where are the meetings to be held?  

I may be interested in this.

@Ryan VanFossen

Welcome!  I've been investing in the Columbus area for several years, the majority of my deals have been flips but I'm starting to look at acquiring more rental properties.  The market here is as tight as I've ever experienced it and deals are difficult to come by.  Plan to put a lot of time into locating your first deal.  Feel free to reach out if you have any questions.

There's no right answer to this question.  I've been able to turn around after a closing and stumble into a new deal with a couple days.  More recently I've spent most this summer looking for a deal that is worthwhile without any luck.  That being said, I've been somewhat frustrated with the lower margins my last few deals returned so I've raised the standard of what I actually consider to be a deal and I'm not willing to settle.  

Best advice I can give, expand the resources you use to find deals.  Don't just use a Realtor, use several.  Make lots of connections.  Talk to wholesalers, other investors, look at auctions, craigslist, zillow, and of course....here.