All Forum Posts by: Nhi Nguyen

thanks @Troy Fisher   

We gonna have to work really hard to get close to this.  :)

Here are the floor plans & elevation.  I got some 3D renderings back from my architect today too. 

First floor:

Second floor:

Front elevation:

Rear elevation:

Left elevation:

Right elevation:

We just had inspections yesterday.  Yes SJ is catching up with backlog so they work Saturday too.

We got rough plumbing, electrical, gas line, HVAC, and shear passed.  Big thumb up for all the hard work the guys have been through.

This week we gonna work on a couple of items:

- Paper for roofing

- Insulation

- Inspection for insulation

Windows and doors are delayed big time.  So stucco lathing has to wait. 

In the meantime, we plan to get insulation inspected, then go ahead and hang sheetrock, work on the roof to buy time for windows & doors.  

Some choices to be made on roofing: The whole neighborhood has tile roof.  I was jumping back & forth between dimensional shingle & tile.  

Here are some photos in the meantime.  Next up would be floor plan & elevation.  I just got them back from my architect.  

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Not very clear view of the frame since the fence & truck are blocking:  :)

From street taking picture of the right side:

Thanks @Gagan Johal .  I'm a GC but I'm starting to focus on my own deals, or partner with clients to flip if deals are good enough. 

Foundation excavation.

Left front corner:

The guys hate rental toilet (smells bad, nasty splash, etc...) so we built a quick enclosure for a full functional rest room.  Look from right front corner:

Second floor framing 80% finish.  Jobsite before clean up:

Welcome Gagan. 

I'm second to Jerry on his advice.

Definitely hook up with @J. Martin .  He for sure has lots of network around the Bay.  I'm learning the way he's networking right now. :)

thanks everyone. 

Johnson: thanks for the interest. Hope to see you at other meet ups. 

Karen: I enjoy very much the quality and designs of your spec homes. That's what I want to do more and more: higher end build. This project is nothing compared to those :). Hopefully  I can get my hands on similar projects sooner rather than later. Also, not sure what's the terminology is, but it's an burned down house, got demo'ed for a new build.

Anish: thanks for the concerns. There's a bit of story behind it: client hired me to build but wanted to sell & get out sooner. So I bought it back. Price was appreciating so it's actually working in my favor. If I can finish it and list in Jan or so, it should sell fairly quickly since the floor plan and design is very very nice compared to the rest of the neighborhood. And, as I said, I won't be able to show much details in term of project costs just yet. But hopefully I'll get a little more, if everything goes as plan :).  On the other hand, if I can get $200k out of it, plus some profit buffered in my building contract from my own construction company (I'm building it myself), I'm ok already. Plus, it's not a full time job. Reasons for delays mostly because I'm working on 3 other major flips for investor clients, and a huge remodel for another client. :). 

Thanks again. 

Here's some of the photos.

• Demolition done by others
• Next: trench & foundation (later today) :)

Greetings my fellow BPers.

Inspired by all the cool diaries here, I'm gonna try starting my own.  This flip actually started a while back in late 2013, but I just joined BP.  So I have to do some of the catch up.

- First of all, the project is current and won't be finish any time soon (maybe 2-3 months), so I won't be able to share all the detail numbers till I got them straighten out at the end.

- Second, since this is a "catch up" thread, I will be breaking down into mini posts to keep it short(er).

Ok let's get started:

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+ Market Overview: 

• Age of neighborhood: ~25 years
• Average house size: 2500-2900 sqft, 2 stories, 4bed/2.5bath - 4/3, tile roof, stucco siding, most houses are still original, but clean
• Comps for the last 3-6 months: original/no remodel: average $310/sqft
• Current listings for sale (original as well): $372/sqft

+ Project Overview:

• Existing house got torn down completely, all foundation and EVERYTHING goes 100%.  All left is bare dirt.  So other than the demolition, this is pretty much a spec house new build.
• Purchase price: $365k, which includes:
  • all building permits and school fees
  • demolition cost
  • foundation only (raised floor setup), garage concrete floor & driveway are not done
• Lot size: 7400 sqft
• New house size: 2854 sqft + 475 sqft garage
• Budget in a nutshell: 
  • Land & soft cost: $365k
  • Rest of the cost (construction, holding costs, commission, etc...): $435k - $535K
  • Sale @ $350-$400/sqft ==> $1.15M - $1.15M
  • Profit: $100k - $215k

+ Time line Overview:

• 9/13: purchase
• 10/13 - 12/13: finish foundation piers
• 1/14 - 5/14: Underfloor plumbing, subfloor
• 6/14 - current: Framing, Rough of all trades

+ Notes:

• Big gap in times dues to lack of funding, and interferences with clients' projects
• All plans are final, no adjustment/modification
• Inspections are all done.  Ready to insulate & roofing next week.
• Most of in-progress photos taken are lost due to iPhone 6 transitions :) ==> my fault, not Apple.
• Budget estimates are based on a couple of crucial points: 
  • Conservative on construction cost since I build it myself.   
  • If market holds or improves +- 5-10% till the time of listing: sale price would be at least this or more :)

Photos will be loaded in the next thread.

Thanks everyone.