All Forum Posts by: Jim S

No difference. I think the mdf has less wood defects when new.

We have been using Minwax Special Walnut lately. It is dark but that is in-style in the DC area plus most design magazines are featuring dark floors. It covers up water marks and stains and looks very rich. It might not be the most practical finish for dogs in the long run but we finish homes with the sale in mind not potential owner issues down the road.

Agree. Paint 6 panel doors and trim a semi gloss white. Make sure you also paint the brass hinges white and use a satin nickel, antique bronze or black door hardware. We use satin nickel in our area as we try to lean to a slightly modern look.

I vote for mdf. We use it all the time in our flips and most of our homes are $300,000 to $700,000. If a house has enough moisture issues to warp the baseboard moulding then there are other issues to be addressed. Whether its real wood or mdf you still are going to have to fill nail holes for a finished look. Plus the mdf is less likely to splinter.
I would take the saving and put it toward a sizzle feature.

Jim

My last property I just bought was listed for $285,000 with an arv of $330,000. It had a Dom of about 90 days. I bid $235,000. I listing agent came back with a highest and best. I told them that was it. After a week we were told $255,000 was the lowest and they dropped the listing price. After 2 more weeks I resubmitted $235,000. They ask for highest and best again. I stayed firm on my offer. I knew I needed about a $100,000 split to profit $40,000 on this property. The listing agent told my agent that the bank would never go below $245,000 and they would rather let it sit. We stayed firm.
We received a call about 2 weeks later asking us to resubmit our original offer.

The moral to this story is know what numbers are right for you in the deal and don't get caught up in the fever. The banks listing agents will do whatever they can to protect they client and to make their BPO look accurate. You need to fall in love with the deal not the house as your majority of profit is made on the purchase.

Every time I have offered a quick closing the bank has ask for about 30 days. Most of these houses have been in the foreclosure process for over a year so I don't think the banks feel that much pressure to settle quickly. I find that it is better to offer a larger EMD and all cash.

One of my rental properties has a two car detached garage. I rented the garage out separately to a car collector for $200 per month. I gave the house tenant first right of refusal. They decided to park in the street. I put an ad in CraigsList and was flooded with calls. I offered a slight discount for a full years payment up front. Easy $$$$!

I am smiling too!
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Forums are my favorite.

Luckily it wasn't my crew. I had hired a new floor company to quickly finish a flip so we could get it on the market before Thanksgiving. I had stopped in several times to see their progress and workmanship. As I was arriving to the property the crew was leaving except one worker who was staying behind to put the final coat of clear on the floors. I left for lunch and returned about an hour later. As I looked in the front door it was evident that the moron was painting himself into a corner with no way out. If we did not have a time deadline I would have thought it was very humerous. I took a picture of him working and texted it to his boss. The worker was oblivious of his looming problem until his back hit the wall 30 seconds later.

I always replaced nasty or painted switches and outlets. They cost about 50cents each but make a big impact especially in the kitchen, master bedroom and bathrooms.