All Forum Posts by: Blaine Hubert

Looks like the standard 2/3 of appraisal to me... if its a sheriffs auction?

Here 125k house is an upper middle level house. Only about 10-15% of all houses in the area are more than 125k. The median home value is $93k.

The house is 1659sqft and will have all new cabinets, counter tops, floors, bathrooms, paint, roof, siding...

What are other peoples opinions?

Thanks

I'm working on my first flip and planning to sell between $125-$130k. I'm planning on putting in all new real stainless steel appliances. I have a place pretty close to me that is a scratch and dent but they have so many items you can always get ones that have there blemishes hidden by cabinetry.

I feel it is a pretty good price from everything I have found around here.

Dishwasher, Range (smooth top), microwave (Over Range) and Refrigerator (Side by Side), all stainless steel for $1500....

does anyone have any suggestions and places cheaper than this?

Thanks

Sorry for the misunderstanding... I thought he was saying that I could have a larger one brought and swapped out.

I just called and they said that there was no discount for having another of the same size brought. They said I will need a 20yard due to weight issues because it will be 2.7tons. That will be another cost of $265.

I've already been trying to decide if I should give the extra $1000 to have the old ones pulled off but now I will need another $1265 to have them pulled off. I may just put a second layer of shingles on.

Any insight on this... what would you do if there was only 1 layer currently on the house and it will be sold right away?

Thanks

I'm not sure if I wasn't clear on my first post or if you read it wrong but the thing is already FILLED! I'm not going to empty it back out in order to have a larger one brought it.

I'm just looking to see how much I should need for the shingles and stuff as the 30yard is already full.

Thanks

Hi,

I'm currently in the processes of rehabbing a property. (you can see more details in my other post) I have rented a 30yard dumpster because everyone I talked to said that would be plenty, even the dumpster guy himself thought it would be to much.

Well, once I have thrown out everything the previous owner left in the house and garage as well as demo the inside I have run out of space completely. I may have even filled it a little to far.

So now I need to get another dumpster for the shingles and whatever wood needs to be replaced. (Hopefully not much wood)

What I need to know is how big of a dumpster should I get to make sure I have enough room for 30 square of shingles with only 1 layer. The shingles are 3tabs.

Oh, and filling a 30yard dumpster all by yourself after working 9 hours at your full time job is really not that much fun. :)

Thanks

Just wanted to give an update on my progress.

I finally received the property on Aug 31st (Friday). When I got into the property there was a TON of stuff left there. The owner is old and was placed into a nursing home and his son just came through and took what he wanted and left everything else there. There was a ton of clothes, furniture, dishes.... pretty much everything that was probably not worth something or that he could not take with him to the nursing home.

Friday night and Saturday morning were spent clearing out everything that was left in the property. Saturday afternoon and Sunday were spent demoing everything that is going to be replaced including both bathrooms (leaving 1 toilet and one sink, the entire kitchen, all the carpets, all the doors...

The owner has lived in the house for 17years and neighbors say they have never seen the windows opened or cleaned in that time. Also, the owner was a very heavy smoker and the place is absolutely nasty. We have cleaned the walls twice with TSP and they still look terrible, hopefully the primer will cover up the brown colors and the smells.

I also managed to get everything for the house ordered this weekend from door knobs, to flooring, to shingles, to bath tubs... the only thing left to get is the paint and primer.

My contractor is going to start on Thursday and estimates 6-8weeks for the entire renovation.

I will try to get before pictures up some time shortly and will post after pictures when complete.

I am still pursuing this property but, I went with a Mortgage Broker that my Realtor recommended and have had problems with the broker... She is not keeping me informed and just keeps saying it will be a couple more days... then in a couple days she says a couple more days...

Hopefully I will get a closing date set today.

I have a contractor setup to start as soon as I can get in the house... I have another contractor ready to do the roof and a landscaper... they are all ready since they were suppose to be able to start on the 18th.

Ended up getting the house for $72k, estimated renovation costs with labor is $20k ending up with $92k invested... with my estimated ARV of about $129k

Contractors say work should take 6-8weeks and hopefully I can get it sold before the snow flies... the 2 week delay because of the broker and Realtor is really killing me... Some people keep saying "Your not having to pay holding costs yet." but to me that does not matter because if I can't get it sold before the snow comes I'll be stuck with it for 4-5months possibly and paying holding costs then...

Well, anyway... I'll keep this updated as things progress.

The flip should take approx 3 months... worst case would be 6 I would say.

Actually the quote I got was for just under $300 a year for the insurance. I asked about builders risk and they said that that would not work for this project because it is not new construction. But the coverage is for full replacement value covering fire/vandalism as well as $300,000 for liability if anyone were to get hurt during the renovation.

The separate mortgages is the best method I could come up with for this project... on the next one I may contact some more lenders and see about doing a full project loan.

I think the profit on this project should be a good starter... the next one I'll try to make even more on.

Does anyone know how much to figure on for closing costs when I go to sell? I was thinking it was approx 3% of selling price... is this close?

Thanks

Hello,

The 90 LTV loan has been committed to me in writing with the 7.5% interest rate... I had to work them down quite a bit on this to get it this low without buying any points but they did give in.

The reason I'm going with a 2 loan approach is because I wanted to use a local lender and could not find one that would do a loan for the whole project without wanting to oversee EVERYTHING I did... They only wanted to cut checks once a month directly to the contractors... they wanted me to tell them everytime I had to go purchase something for the house such as faucets or drywall... EVERYTHING

Several banks wanted to do this method and I don't want to report to them with everything that I do. This is my project and I don't want them telling me what I can and cannot buy the it.

The method I have chosen here is the best choice (in my opinion) to go with at this time.

As an overall deal as far as the house, repairs, interest rates and everything... does it look pretty good for a first time project?

Thanks