All Forum Posts by: David Clay

Thanks for all the feedback and ideas. I'm sorry about the delay in response. I'm new to the forum and didn't quite figure out how to get back to my posts and subsequent responses. I think I have it covered now.

@Heather Jones - I believe my holding costs are going to be about $160 per month (taxes, insurance, & utilities - If I were to include opportunity costs it would be more but I haven't figured that number out just yet). I bought the unit with cash and am rehabbing now. The difference between granite and laminate is significant, but the difference between granite and something like coriander or some other less expensive stone doesn't seem to be so bad. I decided to go with granite with the idea that I will get the money back via a quicker sale of the home and a nicer all around look. 

@Karin DiMauro - Thanks for the advice.  I have the same goal. Since this is my first flip I have been trying to figure out what is too much and what is just enough. I have compared some of the units in the area and they seem to have granite and nicer finishes all around. This led me to a complete remodel of the kitchen (wasn't a part of the original plan when I thought about holding as a rental) which turned out to be a good thing as the old cabinets were much worse than I thought they were originally. 

@shawn 

@Shawn Pennington - thanks for the advice. My contractor didn't have much of an opinion on granite vs. laminate to be honest. I'm glad I went with granite. It was a bit expensive, but hopefully a quick sale will make it worth it.

@Wayne V. - Hi Wayne, I'd like to get up with you on my next project so I can see about getting cheaper stone. I've hit the connect button for you. Thanks. 

hi Aaron,

I'm just wondering about how accurately you've assessed the neighborhood. I've only passed through Jacksonville a few times so I'm not familiar with the area, but over here in Tallahassee I would expect a quad in that price range to be in a much worse neighborhood than c+. The price seems extremely low for a quad to me. Thus, I'd be concerned about other things like delayed maintenance or whatever else would reduce the ROI.

Have you run any calculations yet like IRR? I've been reading Frank Gallinelli's book - What Every Investor Needs to Know About Cash Flow and 36 other key financial matters recently. It has shed some light on a few things for me. I am currently working on a flip that I init intended to use as a rental. I've decided to review that decision by way of statistical calculations to help determine the best disposition of the property before I finally sell it. I've just read througa second time, well, mostly anyway and plan to run numbers this week. If you haven't heard of it maybe check it ou.

I am working on a flip and I wanted to ask others about their experiences with counter tops (ct). I am thinking about placing granite ct's in the house. However, before I do so I wanted to know if it would matter. I know granite is a better seller than laminate in general, but I anticipate that this house will sell for no 100-115k. In a house in this price range does laminate vs granite matter all that much? Thanks.