All Forum Posts by: Matt Gragg

Here is a sneak peak at a house we are just about finished with.

This is a 3 story, single family residence.

This house is a 2 bedroom 2 bath with the potential of being a 3-4 bedroom if the loft was walled off and door added. Another area of the house (Family room downstairs) could also potentially be another bedroom as well if a wall and door was added. Closets and egress windows already exist in these areas of the home.

This is a pretty easy and quick flip as it only really needed cosmetic repairs/upgrades.

Here are a few pictures

What are you paying to have work completed by contractors?

Are you getting bids? 

Time and materials? 

Time and you pay for materials?

Would love to hear what others are doing. 

We are currently entertaining the idea of paying our current contractors for their labor hours and we choose and pay for all materials to be used on the project.

@John Hickey If you don't mind me asking. What was the cost of the cabinets, counter top, sink, faucet and appliances?

@John Hickey Pictures look great! Those are great looking rentals, I'm sure you are getting top dollar for the area. I have to say, the cabinets do look good.... I might have to get a quote for the next kitchens and baths we do in Seattle.  

@Nathan Patterson no problem, most people don't realize this.

@Monte Misa I would say total for materials for what is seen in the pictures that needs removed, remodeled and updated. Roof, soffits, windows, doors, floors, paint interior/exterior, kitchen cabinets with countertop, vanities for bathrooms, toilets, tub, shower, light fixtures, plugs/switches and light low maintenance landscape $40-45k materials and labor would be around $15-20k max However this would not include any major electrical, plumbing or structural upgrades to the house or include any permits if needed.

Another way to find investor friendly contractors is your local big box store pro department. Ask them if they know of any investors or contractors that work with investors that they are aware of. They will most likely know of a couple or more that they see and talk with about projects all the time.

Do you have a picture of the house? need more details for price ideas installed. What kind of siding? Trim or no trim around windows? Brick? or stucco? 1 story? 2,3,4 story?

I would check into converting the garage to storage units. It don't need heat and minimal electrical for a light in each unit.

What are the dimensions of the garage? 

Any exterior pictures?

Thanks @John Hickey  How is the market in your area? 

On this house by the pictures I would remove the bushes in front and replace the roof with a black roof laminate style. I would remove the weird roof overhang off the right side of the garage and bring it back to the soffit on the rest of the house. I would then use hardie vented soffit for all the exposed soffits and trim the face of the soffit (behind where the gutters should be mounted) with 1x6 pre-primed wood trim and paint to match trim. replace the garage door

I would replace all the windows and doors. remove the shutters fill any holes from screws.

I would paint the brick fireplace and add a simple mantel (like the picture of the one we painted and added a mantel to) Here are the before and after pictures

Do you have an estimated idea in your head for what you think it will cost for the project?

There are a few things I would do, but before I have an idea of what the budget for this project, it will be hard to know what can be completed. You wouldn't want to plan to do all kinds of wall removal, window moving or major work etc.and then find out it is not anywhere near possible for the budget in mind. 

I would keep it simple, less is more. and then list about $10k-$20k lower than the ones for sale near you for a fast sale and in most cases a bidding war, especially once remodeled, fresh and clean.

@Nathan Patterson friends and family recommendations for contractors is a good start. But they need to connect with investor friendly contractors not retail contractors. Unless your family and friends flip or buy and hold properties I'm sure the numbers will be way off for what is needed in order to profit from the property. 

For example the average bathroom remodel will be around $12k-15k from a retail client contractor the same job will be closer to $3k-5k with an investor friendly contractor. As you can see there is a huge difference in pricing. The same goes for all the other work needed as well. 

On our personal projects we supply the materials we want used and they (the investor friendly contractor) supply the labor to put it all together.

I would ask some of the real estate agents familiar with investors for recommendations on contractors in the local area of the property.