All Forum Posts by: Kyle Williams

Sorry for the late response; just been in Georgia for a conference and got back today. Will get in touch with everyone.

Betty T. Thanks Betty; I'll send over the pics to your signature email Art Allen Great points Art and brings out a bigger point that a broker/contractor/financed flipper can do this at a better margin that someone whose not. If you're not bringing at least 2 of those traits to the table then you can be sure someone else is !

So spent the summer rehabbing a house here in Apex, which was made better still by being in my own neighborhood ! Here's the stats....

Bought for $225K (FSBO off Craigslist). Repair estimates $55K. Projected ARV $320K. Planned on about $10K of holding / closing costs paying a BA comp and listing it myself. Actual Repairs ended up at $60K ( including some sub floor issues, attic insulation that the buyers negotiated in the DD period with me and pet odor remediation which was harder than I expected it to be !!)

Went under contract in 4 days.  Full asking price offer.  Closed in 30 days.

Lessons learnt.....

1. 1) If you're holding out for a 70% of ARV for purchase and rehab costs in Wake County, you'll be waiting a while. Inventory is very low right now, flipping homes is a hot craze and those that do it well do it on thin margins. This one turned out to be around 85% when all was said and done (and for me, the 70% is less important with more expensive properties anyways)
2. 2) Staging pays dividends.  Always stage and make sure you get a professional photographer to do it full justice once staged.  My guy charges $100.....well worth it in my opinion.
3. 3) Get your agent (or hold it yourself) to do a Neighborhood Open House when it first goes live.......the buyer was a family member from someone who lived a few doors away and had been looking to get into the neighborhood for the last 12 months.

Drop me a message if you'd like the before / after pics.....can't find a way to post them all on her without taking ages to upload !

On to the next one !!

I'll try and make it this time ! Will be half way through a rehab so not making any promises !

Welcome Lindy,

Don't rule out Durham, some great MFH opportunities there too.

You mention VA vs FHA, are you a veteran or active duty at present ?

@Calin Riley

 Welcome to BP ! Just down the road from you in Apex and ex military too. Hope to see you around at TREIA sometime !

Hi Pam ! 

Welcome to BP.  Just a few miles down the road from you in Apex ! If you haven't already been / joined, TREIA is a great opportunity to meet with others.  Hopefully see you there sometime soon !

Kyle

Thanks everyone ! Would tag you all but for some reason my Chrome browser isn't letting me.  Dawn, always free for coffee if you find yourself down this way !

Thanks very much everyone !  Loving Apex (apart from the cold snap......certainly better than those got it further north but still a shock for someone who spent 3 years in the desert !)

Hi everyone !

Wanted to make a quick post and say hello.  Originally from the UK, I'm a retired military guy looking to get into my passion of anything and everything RE related as a second career. Moved to NC from NV to settle down near the extended family.  Have joined TREIA and done my RE pre licencing and will be sitting the state exam soon.  

I have no idea where I'll eventually end up.....thinking rehab initially as I have some money put away to use....but the more I read and learn the more I realize just how many different niche areas there are to be involved in !

Anyone in the Apex/Cary/Raleigh area that finds themselves at a loose end and looking for someone to drink coffee with then let me know ! I'm taking some time off to enjoy family life before starting work again so often am free during the days.

Really excited to have found BP and be part of the online community ! My morning routine consists of walking the dog while listening to the Podcasts......at episode 11 so have a ways to go before I'm all caught up !

Hoping to be able to pay it forward in due course as I learn and thanks in advance for all the help and support in the mean time.

Cheers,

Kyle