All Forum Posts by: Jessica H.

This year we made between 25-45k on our flips.

Usually appraisers also use .5-1 mile radius from property in question so it is likely in that area not all were sold as foreclosures. They can note the difference between distressed and fixed up properties also. Try to provide the appraiser with similar sold comps that you were basing your ARV on as well as a list of all improvements you did to the property.

yes, we have noticed here as well. However it does seem to be the fannie homepath properties and only select ones. Not sure what the rhyme or reason is to only choosing certain ones... but I agree I don't like it either. Just means we need to change the game a bit!

Still MLS and word of mouth. Our last deal came from a member of our church that was about to go into foreclosure. Make sure to let everyone know what your doing in your personal circles...never know where that next deal will come from. Also looking into direct mail for the new year.

Wow! That is awesome! Congrats!

looks great!

Wall color was Ben Moore Revere Pewter, a nice gray.

@Justin Owens we had a lot of unexpected extras pop up. We really underestimated what a big project we were really getting into. I would say the biggest areas we did not properly account for were the extent of the demo/cost of removal - all the plaster and lathe was taken out. The dirt basement was quite expensive pouring concrete floor and step wall. We also had to reconfigure the inside as well as removed 3 walls which took a decent amount of framing. Ironically, we originally estimated approx 30k profit, and we did go over budget by about 35k, but we were able to sell it for more than we thought originally. Partly because we were very conservative on our ARV, comps went up by the time finished, and it was practically a new home except for the studs( which places were built much more solidly back in 1870 anyway. ; ) It is in a very desirable area of Easton yet not many homes were as updated as we did this one which made it very attractive.

I believe the flooring was an elm laminate 10-12mm from lumber liquidators. The rehab took a good 6-7 months, my husband acted as the GC and did a lot of work himself= education lesson #1: Don't do the work yourself!

This was our first fix and flip gut rehab- were we nuts?- YES! It was our " education project" and boy did we learn a lot! Would we do it again? Perhaps.... since we are developing better systems and know how the numbers should look. Would we recommend it to someone just starting out? Probably not.....it was an immense project for us newbies! We had a contract on it a month before completion and sold in September. In the end it worked out ok:

189k- sold price

 98k- rehab

 18k- fixed, closing, commissions

 43- purchase

 30K - profit

I think the equity amount is fine. How many letters did you send out? It is a numbers game! Were you also offering cash? and did you actually go to the homes or give them a ballpark amount on the phone? Be persistent.