All Forum Posts by: Manbir Singh

@Myka Artis I will be done with a complete renovation of my home in Coppell, TX this week. (Very close to DFW Airport) 

Do you specialize in AIRBNB management and short term corporate rentals?  Could you provide an estimate? 

1500 Sqft Single Family home

3 Bedroom 2 Full bath

Fully Renovated 

@Jarid S. Johnson. 

My closing costs were more than expected. Be sure to look at what closing costs for your state are as they vary. 

I estimated 15k for my reno and I now estimate at least 19k. I had to pay a little more to get my reno done in a timely manner. Many flippers this time of the year and resources are scarce. It was very important for me to get my house back on the market before school starts. 

I estimated 6% for realtor fees but since I also bought with my realtor we negotiated it down to 5%. (Dropped from 3 to 2) My realtor is also staging my home for free : ). 

I did not budget in enough money for  light fixtures, fans, door knobs, bathroom hardware, and fixtures in general and those costs add up very quickly. 

One thing I would like to add is that getting tiles above bathtubs professionally cleaned and tubs acrylic-ed saved me a lot of money instead of replacing them. I chose to replace the vanities and bathroom floors which look fantastic.  

I'm a first time flipper and these are just a few things I experienced. 

My lender told me that my appraisal in Dallas, Texas would be $690 and I was very upset. However, the appraisal is a very important part of getting funded. 

@Don Van Nguyen I was laughing as I read this post as we have so much in common. I lived in Houston for ten years and now have been living in Dallas (Frisco) for the past five years working a corporate job. For the past 6 months I have been doing nothing but reading, listening to podcasts, and absorbing all the knowledge I can. 

I just bought my first property in Coppell two weeks ago. My plan is to flip it, but just like you said, I don't mind holding on to it for a while and have negative cash flow if need be. I started a full reno on 6/24 and plan to have it back on the market 7/11 as I already had contractors in place. 

My plan is pretty closely aligned with yours but I did want to do a couple of flips to build up some more equity. We should definitely connect and discuss booming areas in our markets. 

Thanks, Jack! Going through the rehab right now and loving it. Dealing with multiple contractors and going WAY ahead of schedule! Will send pics once complete. 

Sorry guys been MIA. Traveling right now but will post report when I’m back. 

Romit Cheema 

http://www.pcrfirm.com/rcheema/

Thanks for your feedback, Kelly. I'm going to continue running my numbers! 

I ran some analysis on a few properties using BP tools and the numbers I am seeing in ATL are unreal. For rental properties at-least. 

Am I missing something or is the market really booming and is projected to do very well? 

Hi! I'm new to Biggerpockets.com but a long time podcast listener. Well I have listened to every BP in the last three months. 

I am closing on my first flip tomorrow out here in Coppell, Texas. Have to thank the BP podcast for that. Hope to meet some new folks and learn a lot by becoming a pro member!

Funny story on how I stumbled on Bigger Pockets. I ran out of Felonious Florida episodes and was scrolling through iTunes when I stumbled upon BP at like number 15. I hesitated giving it a try but am glad I did. BP should be at the top of the list for sure. 

-Manny Singh