All Forum Posts by: William Fifield

I got my hands dirty. I built the deck, which I think might have been worth it in terms of what I would pay one of the skilled workers to do, but I found myself doing things cleaning gutters, power washing, landscaping tasks, mowing, cleaning roofs, general yard clean up, that I could have hired out and not spent my time doing. 

Going forward, I will probably try spend less time doing these kinds of things. I may, in the future, transition to more of a project manager role, where I would function as a general and manage subcontractors, or just hire everything done and spend all my time looking for deals. 

I just listed my first flip: https://www.redfin.com/WA/Monroe/145-Woods-St-98272/home/2699082

I probably did everything thing wrong, but the product itself is amazing. I listened to untold hours of Biggerpockets podcasts, which helped immensely, but I found myself doing things that Podcaster and books advised against. I work my butt off at toward the end of this. I built the deck you'll see, cleaned the roof and gutters, caulked stuff the painter missed and almost got involved in replacing windows and some other fun parts of the task. Now, I am pretty worn out, but in a satisfied, good way. 

There's a part of me that believes you must find your own way as an entrepreneur—even in REI. Everyone is telling me I should get houses built in the 90s that don't need so much work, but, honestly, it felt great to bring back a 100-odd year home and make it as special as I thought it was even when it was sad and in need of help.

I already work a job where someone else calls all the shots and I just make things happen. In this business, I want to continue to work with amazing people who are fun to be around, and to find projects that have soul and a little profit. Might sound kind naive, but, if all goes well, this sale will fund my next venture, or maybe next two ventures. 

@William Fifield warming to the idea of buy and hold.

@Lazaro Smith my wife Stephanie and I are flipping a home in Monroe, WA in Snohomish County. We may be looking to expand our into Skagit. Our biz, North Star Homes, is new and we are drawn to flips but are warming to the idea of buy and hold.

I am building a talented team that I enjoy working with. Meeting lots of other people in the biz. What do you have in mind?

@Dilip Ra Nordic Home Solutions in Smohomish, WA do fantastic work.

I am starting my first flip in Snohomish County, about 40 minutes northeast of Seattle. Does anyone know of a good CPA that could help me.

Hey Omar,

I love you attitude about the lay off and the REI adventure in general. Wish you the best of luck in your ventures going forward.

Hey guys,

I am getting ready to do my first flip pretty soon and spending all my free time building up my business, North Star Homes, and looking for properties. But the 60+ hours I put in at a job that increasingly fits me like a cheap suit (not well at all) plus starting this other biz is kinda killing me. My wife is joining me in this venture, so that is fantastic, but...How many of you have made the leap from Corporate America, or any other job, to REI. What was you criteria for making the change? How long did it take you? Has life been better since making the jump?

Not looking for a how to, because we're all in different stages in life with different goals, different risk tolerances, etc. Just want to hear some stories.

Thank you,

Will Fifield

North Star Homes

I am meeting a GC at the property this weekend...if he is not a flake (got his info from my agent). We'll see how it goes.  I have some experience but I have been out of the construction industry since 1990.

There is. I was on my phone and got cut off and completely forgot to finish my post. I will repost. I am looking for advice on how to best determine rehab costs. I have talked to a few contractors but have not had occasion to go through a house with one. Since this is a crucial step in analyzing a deal, I have thought about:

• Hiring a contractor my agent recommends to give estimates to flip my house.

• Becoming very familiar with my local Lowes prices for rehab items and getting some contractor rates.

Any other suggestions?