All Forum Posts by: Patrick Wheeler

@James Simeone Welcome to BP! Sounds like you have a pretty good background to be able to transition into real estate. Is there a particular strategy you are most interested in? I would try to pick just one for now and really focus on it.

Feel free to reach out directly if you ever have any questions!

@Tyler Resnick Haha the painting quote included the exterior of the house as well so that should be the reason for the higher number. I am always willing to save $1,000 though!

@John Menton Thanks! I purchased the deal from a couple developers that do bigger projects in the city and I used Boston Property Capital out of Quincy. The project is going pretty well; had a little bit of a delay waiting for the plans from the architect, but my GC assured me they would make up the lost time! Let me know if you ever want to check it out!

@John Menton I haven't used them, but Chris and them came pretty well recommended by another investor I know. Sometimes the opportunity to build a relationship can be worth the additional cost of borrowing.

@Adam Jaspon Fortunately the GC that I am working with has a private lender that he has used in the past so I was able to work with this person. As a result, we are also splitting 5% of the profit as well. Expensive, but was almost unable to do the deal after struggling to raise the money.

@Julia Ann My CPA is located in Dedham. If that is close enough feel free to reach out and I can provide you his contact info.

@Erie Springer Thanks! This was a wholesale deal. Hoping to find my own soon since it will just feel better, but in the meantime I'm not complaining.

@Steve Babiak Yeah with you and @Justin Silverio saying similar things, I am going to revisit the insulation number with my GC.

@Justin Silverio Thanks Justin! Definitely appreciate the observations from someone so experienced.

- I will look further into this number. I think a majority of it is coming from having an architect involved in the project as we are removing some interior walls.

- I thought this number was a little high as well. Will have to dig into this one.

- I had the quote come in for both as I would really like to paint the interior and exterior. Likely going to revisit this later in the project.

- Framing is under finish carpentry, yes. HVAC I believe is included in the plumbing number, if that then sounds right?

- Appreciate the insight. I definitely want to know about any costs that may come as a surprise.

If anything I said doesn't make sense, feel free to call me out on it!

@Vincent Pace Appreciate it!

@Christopher Fernandes Thanks! I'd be more than happy to show you the project sometime! Send me a private message and we can definitely set something up.

@Antoine Martel Thanks! Always more than happy to share the numbers!

Here are some pictures of the property before any of the renovations had begun.

Hey BP,

A few days ago, I closed on the purchase of my first flip opportunity, a single family in Stoughton, MA. I have partnered on a couple BRRR deals within the past year and a half, but this is my first project on my own and I'm very excited to be fully responsible for its outcome.

Some details about the deal:

Purchase Price - 185k
Rehab Budget - 115k
After Repair Value - 400k

Some details about the rehab:

Permits & Plans - $4,000
Demo - $7,050
Roof - $11,000
Windows - $7,500
Doors - $1,000
Insulation - $2,500
Plumbing - $12,500
Electrical - $11,000
Painting - $17,750
Flooring - $6,750
Tile - $3,690
Finish Carpentry - $13,500
Cabinets - $5,700
Countertops - $3,200
Appliances - $2,800
Landscaping - $5,000

I used hard money to finance this deal as well, but was also able to raise the 20% down with a private lender. Fortunately, now on my third project, I have not had to use any of my own money for these deals to date.