All Forum Posts by: Nicholas W.

"Just keep swimming, just keep swimming, just keep swimming, swimming, swimming"

 Congrats Kyle! Sounds like a great deal, you should make a post with all the details and maybe some pictures.

Thanks Donna, my wife has the great eye for design. If I played any part in designing it the after pictures might look worse than the before's lol. Glad I could help!

Logan, thank you for the compliments.

Although not necessarily their own line item, closing costs on both the purchase and the refinance were accounted for. On the purchase they were paid for by the seller via a $2k closing cost credit. Not only did that pay the $1500 in closing costs but it also the majority of my first years insurance premium as well. On the refinance the closing costs are accounted for by the difference between the $64k check I will receive and the $105k loan balance to be paid off by the new $172k loan.

Being self employed I'm acutely aware of how much my time is worth. I spent about 225 hours on the rehab and saved approximately $10k doing the work myself, that is $44 an hour which I'm happy to make. The work might have been done more quickly, but I'm not sure I would save any sanity seeing as one of the most common complaints on BP is managing contractors. Especially considering I have very high expectations and want everything done to a certain standard.

 Ian, it definitely is daunting. I've done renovations on my own home but never such a large project all at once. You've just got to keep going and eventually it all gets done. Good luck finding your first flip!

Ben, the Wedi system looks like it would be a good option if your space fits one of their stock sizes. It's definitely not the cheapest way to do a shower floor, but does appear pretty easy.

For information on shower tiling look up TileMasterGA on YouTube. (here) He has by far the best instructional videos when it comes to that.

Thanks Samantha. The cabinets are made by Countryside Cabinets which is a cabinet manufacture here in Wisconsin. I purchased them from Milwaukee Cabinetry which is a local wholesaler.

 Todd, to answer your question, yes, it did really appraise for $229k. The market is pretty hot down here right now. If the house was in Germantown it would would have likely appraised for even more but it is in Menomonee Falls where prices trend a bit lower. The appraiser used very similar, reliable comps that were all cape cods and within a few hundred yards of the subject property. If I were to sell it I would expect closer to $220k, as appraisals often come in higher than purchase prices.

 Thanks for the kind words.

The eviction itself didn't take too long. I was able to get the tenant to move out before completing the process. Mind you this followed a few weeks of lies concerning move out dates prior to actually filing the eviction. The various attorney fee's, filing fee's and process serving fee's totaled about $350.

Thanks John. As you know, there is good debt and bad debt. I don't see anything wrong with taking the banks money at 4-5% and investing it earning 8-12%.