All Forum Posts by: Jarvis Smith

as a semi new flipper myself who has a few under my belt trust me something will go wrong always. Well not necessarily go wrong but things you thought were a certain price will always be more. Add a 50% contingency on your first one, you will be lucky you did. I guarantee things will go over budget and past schedule. If you can make some money at all on the first one that's a win. 

Don't get too attached to the house during the process and remember you can never outsell the market. Never trust wholesaler ARVs. Price the house exactly at the comps if you over price it will sit and even if someone makes an offer, if overpriced it won't pass appraisal and you will have to drop it anyway. 

Another thing about appraisals, they do not look at fancy quartz or granite or fixtures or finishes you will get zero added value for things like that. Of course some markets call for it, But make sure you really know what the comps look like, do not waste money on unnecessary things for no reason

Good luck!

wow! The numbers sound great let us know how it goes

@Sam Bates great thanks for that info!

@Tony Wooldridge thanks a lot. I just started my Direct Mail campaign and calls are flying in I'm hoping to get another property under contract asap. I may wholesale some if I have too many flips going on. I have found a few wholesalers in my area however a lot of the deals that are presented to me are not that great of deals so I decided to take matters into my own hands and start my own marketing. And like others have said get it under contract as long as the numbers work there is always an investor who will take it!

I've actually had this question for a while and haven't been able to find the answer. Does someone know the rule/law for Washington state?

a full gut on a house that size will NOT be 70k I'm telling you the truth. I just did a full gut on a house half that size and it was around 70k actually came up a little more then 70 with no exterior paint or siding which would have added more. Find something a little easier for your first one but try and get it under contract and wholesale it to a little more experienced investor. Good luck

In my area zillow zestimate has actually been fairly accurate, now of course I never solely go by it, I just use it as a general idea of pricing. In the 2 flips I sold last year the selling price was within 5-10k of the zestimate on mid 200k homes. However always do your do diligence and look up your own comps

A colleague of mine has used Rockwell based out of Bellevue, they have a great online program and I believe an 88% pass rate for Washington

I have never heard of that and I find it rediculous since appraisal came back on point. I have heard of the 3 month ownership rule for fha. How long ago did you buy it? If they won't budge maybe find a buyer with another type of loan or rent it until a year hits and hopefully some appreciation will be in your favor

just sold a flip in Tacoma. In my opinion if it's a flip go with laminate it's probably half the cost. It means nothing to the appraisal.