All Forum Posts by: Kevin Ivey

I didn't get my GC for the first 2 years I did flips using subcontractors for the particular work.  There is a definite liability to being a "GC" of the project, vs the I didn't realize, my contractor didn't tell me I thought they did it ... for minor things.  : ) 

Sherwin Williams Alabaster we use for the trim in all our flips.  SW also does a virtual color consult which we have done a couple of times when were trying to compliment existing colors so we didn't need to repaint the entire house or troublesome unique bathroom fixtures. 

thoughts not sure how much you can cash out as most investment properties need 20-30% equity unlike a personal home. DSCR loans usually require rent to cover 1.1 or 1.15x the loan payment amount. Each time you refi bridge loan, dscr, etc you have loan fees adding to your expenses.

The rent and then list for sell after a short tenancy cost because you WILL have more expense in touching up property after wear and tear.

simple answer yes this is mostly what I see from a wholesaler and a 90 day turn is tight especially like our local market froze for all of July and August almost nothing sold.

As the previous person said the wholesaler isn't in it to make the end user money.  I have seen where lenders balk if the wholesaler fee is over 15%.

a lot of flippers have started trying to find their own deals with driving for $ and direct mailing.

 I know in Washington state, unless your licensed plumber or electrician you can't do the work on your own property and sell with in a year.   The permitting and law does allow a home owner to do the work, and then inspected (which are more thoroughly done) if they live there themselves for a minimum one year.  

So just figuring materials costs, and your labor may not work in your market for a flip.  Also there are a number of nuances to the electrical code and load management per breaker.  

Very possible biggest factors are can you find the deals that will be profitable (I work with auctions and that varies hugely) and how fast can you execute them and move to the next one, remember that you have time on the market and closing time once under contract (usually an extra month) before you get the capital back out.

  Then if you are only looking for cosmetic flips then you limit your targets and increase competition because every wannabe HGTV, realtor, interior designer, contractor, handyman is looking for the same easy flip.

Its doable but lots of strategy and organization, hustle.  But the flexibility of your schedule, no boss or direct customers, and potential for a great year, and realistic expectation that you set make it all doable.   Best of luck 

Contractors are varied and costs are all over based on if they have a crew, solo, where exactly you are the local building need/ demand.  

You have to get contractors to give you actual bids.  Most of your bullet points are just starting points but the real question is how do you want it finished.  "Removing a door and leaving it open"  are you pulling the door casing, replacing it with drywall, trim board? will you need to reframe so the height matches other door ways near by for asthetics?  every contractor will have a different take and thought on how to finish it or if they just leave it based on your lack of direction. 

you need to make some calls, meet contractors and be ready to answer specific questions.  

you can give the walls and ceilings a cleaning using TSP before painting and sealing as suggested.

also you only need to remove one side of any shared walls for full access if you really wanted to see everything vs electrician cutting access and patch.

I would say you should remove all the trim to get a good seal behind, and help update.

1099 means they are their own boss it is very hard to hire individuals and not have them be w-2 employees.  Talk with your local labor and industry (that's what WA St calls it) for definition of employees.  

Realize how many quality carpenters want to have gig work? and worry about their own self employment taxes, insurance, etc. Better off finding a small GC with  a small crew you can book time with.  Challenge is his profit vs your profit.

Best of luck!

LVP is a great way to harden and still keep the ease of replacement and repair.  It should outlast a tenant turn or two unlike carpet but no where near as hard to remove as tile.

  Please remember to buy an extra box or two of the LVP so that you can do spot repairs if needed!!