All Forum Posts by: Roman Pak

Unfortunately, I just found out that the contract has been cancelled due to a family emergency on the part of the buyers. They said they could not discuss it and their agent offered for us to check her MLS records to prove that they didn't find another house or anything... so back to trying to sell this place. Amazing how fast you go from done deal to nothing.

To answer your question @Brandon Eleazer my partner did need a complete breakdown of the costs and estimates. I've gotten fairly good at estimating costs and had an idea of what this would cost. I did have my contractor and my inspector visit the property with me within the first 5 days after I got it under contract. The contractor was able to give me a verbal estimate, which is what I used to true-up the numbers for my partner. 

The original agreement with my partner was for up to $100K. I ended up borrowing $98K for this project. All other overages were covered by me. I'm not sure what you mean about increased my purchase price and reno budget?

@Alexander Chavez I chose all the colors and finishes, see the numbers below.

@Crystal Smith Thank you!

@Mykhail Bolden the numbers are as follows:

Purchase price : 219,000

Renovation cost: 58,000

Listed at 369,000

Sale price : 365,000

Subtract closing costs, holding costs, and all misc expenses and the net profit comes out to just over $51k. 

UPDATE:

Got a signed contract in place today. The remainder of the flip went relatively smoothly, took a bit longer than expected to finish the little details, caulk, paint touch ups, etc. From start to finish this project has taken a little over 5 months. I'm attaching a few pics to show the house now that all renovations are complete. 

After all is said and done, it looks like I'm going to clear approx. $51K on this project. Not bad for a first deal, if I do say so myself. :)

Thoughts, suggestions for next time?

Thanks @Larry Smet

I talked to my contractor yesterday, and he says that he's planning on having the house turned over to me by end of next week. 

Exciting!

UPDATE:

Lots of things have happened since the last update. The new bathroom was dormered out, plumbing was installed, granite coutertops went in, tile went in. The entire house has been taped and mudded, painter has come through for primer and first coat of paint, and today the floors are being done. Here are a few pics.

@Sebastian K.

 I'd be willing to meet up if we can actually get some people together. 

Welcome to BP! You'll find a lot of helpful people, and information here. 

There's an actual wiki article on this:

http://www.wikihow.com/Exorcise-Your-House-or-Dwel...

All kidding aside, my family was always into having a house blessed by a priest before moving in. I never understood it myself, but I guess they were protecting themselves from stuff like this. 

While not a very credible legal source LegalZoom seems to suggest disclosing stuff like this to avoid lawsuits. https://www.legalzoom.com/articles/ghoul-disclosur...

@Brie Schmidt That's an amazing story. Congratulations on all your success, and I wish you much more of it in the near future. :)