All Forum Posts by: Nhi Nguyen

Hi all.  I went through a couple of threads regarding the topic.  But I think each case is unique so I'm presenting mine here to get better help.

This is for a SFH I just bought a couple of weeks ago for $570k. House is still in tack (everything works), but rough conditions (worn carpet, old paint, etc..).

It's all paid for.  Ideally Heloc would be best but cash out is fine.  60% or more is fine with me.  I need banks that don't ask for full doc!

My current options:

- Right now I'm working with a local bank who quoted around 5.5% (forgot the exact number at the moment) but with 1% origination fee and some other lender fee (I think $1000-$1300).  Again, I'll update these numbers tomorrow when I talk to them again.

- A HM lender I've been working with would lend @ 9% no fee

- Another one has a program at 7.9% no fee, takes 30 days to close

Thanks.

@Sean Gallagher, what's their underwriting guidelines/requirements? I'm curious if they fund CA properties, since I'm also looking to get a non-owner occupied HELOC.

Thanks.

Oh yeah, when you said floors will be redone, are you planning to refinish them?  

@Jordan B., If underneath are some nice solid sub treads (good condition 2x or plywood), you can use anti-slip paint designed for steps & flooring (an example would be https://www.homedepot.com/p/Sure-Step-1-Gal-Anti-S... ) for the treads, white for risers to give them a high end look.  Check these for inspirations: https://www.pinterest.com/explore/painted-stairs/

Or you can use some rubber treads to cover old/ugly sub treads, and still paint risers white.  These sold for $15/tread for example:

http://www.kofflersales.com/p/stair-treads-safety-...

Like Kelly said, pull carpet out first - time for it to go.  But my gut feeling is, given the age of the carpet, stairs would be just bare 2x.  I would refinish floor in room & hallway, then install same flooring for stairs as well.

Is it a rental or flip?

Hello all.  Here's some updates for this project:

+ Deficiencies: 

- 3 beds but only 1 bath

- 2 of the bedrooms are only 9' wide

- kitchen is only 8' wide, closed in (through an 3' opening)

- boring front elevation 

+ Bonuses:

- big front yard

- big back yard

- great size side yard

+ Master plan:

- Expand rear wall backward 2 more feet: enlarge bedrooms from 9' to 11' wide; make kitchen bigger & open floor plan

- Bring front wall frontward to enlarge family room

- Add master bathroom as a second one

- Add small porch to make it looks a little more curb appeal.

- Build a brand new ADU (2nd unit) in the back!

+ Progress:

- Plan drawn & submitted to city last Friday.  

- Expect to receive first round of comments before city takes off for holidays (in 2-3 weeks)

- Best case scenario: plan approved first time around, start date first week of Jan

- Second best case: start end of Jan.

- Worst: start 2nd week of Feb.

Here are before and after site & floor plans, and front elevations.

Existing site plan

New site plan

@Al D., @Cody Evans, @Jonny C., @Henry Chen, @Henry LiChi, @Chunyan Song, @David Glenn, Duy, VietAi

Thanks all who showed up today. It really meant a lot to me.  Thanks Alex for the donuts. 

Sorry the meeting times were set up with such a short notice. 

If there are still interests, I’d set up another one once I start work on Pleasant Hill project (tentatively first half of Jan).  Hayward project still takes sometime to get permit approved. 

Pls follow these flips separately:

Pleasant Hill, CA

Hayward, CA

Greetings to everyone. Hope we're all heading to a great weekends.

As some of you probably know, I started a follow-along-my-flip post for local beginners here.

This one meant to be a branched off post for them, and anyone else interested, to follow along.

Some quick notes:

- Since these flips are meant to be for practice, I won't be posting numbers or plans ahead. :)

- I'm not really aggressive on profit margin.

------------------------

Here it goes:

- SFH, built 1950

- 1087 Sqft, 3/1

- Outdated but move-in condition

- Windows replaced within 2 years

- Roof replaced within 3 yrs

- Same condition houses in the same neighborhood sold for around $520-$560k.  

- Average quality remodeled sold for $600k+

- Purchase price and plan of actions will be in next post.

- More photos will be posted later.

Here are what I got at the moment: