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All Forum Posts by: Paul Meyer

Paul Meyer has started 18 posts and replied 79 times.

Post: Days on Market research

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

All you can do on zillow is filter SOLD and the range and area and it will show you how long listed. You really need to get it from an agent for the comps you want. My agent just recently told me in his area in VA the MLS board took DOM off. Theres been a lot of weird changes going on.

Post: Seeking a helper/assistant intern on my next flip in Champaign IL

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

I'm looking for a friendly person that laughs a lot to work with me on my next flip. Healthy and strong enough to hold things, measure, bang in stuff, and move stuff. Best for a single person with no kids and works part-time or semi-retired already close to Champaign IL so you can be at the house a lot for the time I'm there. If you just help me on the big projects that would be enough for both of us or learn it all. I don't plan on being at the house more than 60 days. I typically can do an entire gut/full remodel in around 45 days +/- depending on how already habitable the house is when I take it over - which I never know because I mostly purchase As-Is no prior to inspection so more fun with all the little expensive gifts I find throughout the process. Oh, and I work Monday-Sunday lots of hours. I still haven't met a contractor better than me, well maybe more experienced and skilled, but flipping is a time/money beast. If you move slow you are just losing money and your own precious time plus more stress until payday - closing. I'm from VA. I'll be sleeping in my van or a room in a sleeping bag with my dog. You are welcome to crash with me for 2 months and party on the weekends. Yes I know. It's gonna be cold. I've got a space heater ;)

As my personal intern I'm not going to talk about a lot of stuff you can obviously read in books and watch on youtube. I'm going to show and teach you hands on and give you access to my living google spreadsheets with REAL numbers. Trust me, I just bought the Bigger Pockets books. 4 of them. I'm already not impressed with the first two I wasted $50 on after being psyched listening to 400 FOUR HUNDRED podcasts while doing a freight carrier business over the road. The podcasts, for what they are, ARE much better time spent listening to all of them then the fluffed books. If you want to get into flipping or the BRRR thing you really need to know your numbers and experience working with ******* contractors to be confident to put the guys in check.

The house you'll be working on with me is a 770 sqft bungalow 1/1 turning into a 2/2. Total remodel. You'll get hands on carpentry, plumbing, electrical, drywall, roofing, decks, painting, trim, kitchen build, installing windows/doors, headers/walls, all the bells and whistles. You'll see real numbers, ALL the numbers, on an active spreadsheet that's super organized and you can keep a copy for yourself too! It computes real ARV, gross, net, the profit you actually keep so you have really great estimates going into any project without regrets later (unless the market crashes hard WATCH OUT, plus no annual additional cost! ;)

About me:

I'm a guy, 41, bought/rented/sold real estate since I was 25. I've owned homes, condos, mobile home park, land lots, and only recently the past 2 years been flipping single family homes. All profitable. I'm ex-Coast Guard, single, and just a dog parent and he goes everywhere with me. I just look for deals regardless where they are at I will go there to make a years worth of a salary. 

Payment for you! Yes possible. If you came everyday and really wanted to learn all the trades to know the contractor process I could offer a GROSS 2% of total closing sales price of home written in contract. Not a lot but it's something. I could just charge YOU 100/hr for my consulting time. So look at it that way. I don't know what that crystal ball will say but I plan on listing it in March 2022 between $79-109k. If you only come on the big projects for a few days here or there it would be no pay and you can help me out where needed and come see the flip whenever you want to just pop in, ask questions, and I'd be willing to go over any deals you are interested in with my spreadsheets you could still keep for free. If you really want to take a BIG leap heres a BIG chance to put you in the front seat of flipping really really ugly houses into beauties. Here are two below I've finished recently.

If you need to know more or want to apply message me and reply to this posting. I also do flips in VA if you are local there.

1607 albany ave, richmond, va 23224 (paid $42k, all expenses $120k, sold $238k)

1432 minefee st, richmond, va 23224 (paid $86k, all expenses $40k, under contract closing for $170k)

Post: Ugly house flip. Boarded up/neglected turned beauty

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

Post: STOP!! READ THIS BEFORE POSTING!!

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

Great to know before I posted and now won't let me delete... 

Post: Do you cut costs by just hanging 1/4" drywall over old (no demo)?

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

First, what I'm exactly saying is only cutting out lines across walls for all new rough-in electrical/plumbing/hvac/any mold damage AND THEN just hanging new 1/4" right on top to create a fresh new looking house. From my experience trying to make something old and abused look pretty again just takes as much time & money to just hang new. This keeps me from paying for 1-2 dumpsters plus all the extra work pulling it out, cleaning it out, getting out nails. I did this on my last flip only on the ceilings because ALL the great insulation sat on top and if I took it out it would have been a f+@*$%&$ mess and $$$ for new insulation.

I'm about to start my 3rd flip, another horrible ugly house, and I like to just gut everything and start new but I like to save $$$ and cut corners where I can to keep more profits.

The electrician is going to put in new boxes so extra drywall doesn't matter and I'm installing all new windows/doors so that doesn't matter either. Probably no insulation behind current walls...So I'd make everything tight and caulked.

Anyone ever do this or just spend more money to totally gut. I know if I start pulling out the drywall I'm going to find extra work.


This is just a 770sqft 1 story 1/1 converting to 2/2. Midwest in IL. Rough neighborhood. Total ARV only like $89-109k which is peanuts compared to east coast. I am doing 60% of the work pay myself out of this one because ARV is so low. This would go for $169k in VA.

Post: Do you cut costs by just hanging 1/4" drywall over old (no demo)?

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

First, what I'm exactly saying is only cutting out lines across walls for all new rough-in electrical/plumbing/hvac/any mold damage AND THEN just hanging new 1/4" right on top to create a fresh new looking house. From my experience trying to make something old and abused look pretty again just takes as much time & money to just hang new. This keeps me from paying for 1-2 dumpsters plus all the extra work pulling it out, cleaning it out, getting out nails. I did this on my last flip only on the ceilings because ALL the great insulation sat on top and if I took it out it would have been a f+@*$%&$ mess and $$$ for new insulation.

I'm about to start my 3rd flip, another horrible ugly house, and I like to just gut everything and start new but I like to save $$$ and cut corners where I can to keep more profits. 

The electrician is going to put in new boxes so extra drywall doesn't matter and I'm installing all new windows/doors so that doesn't matter either. Probably no insulation behind current walls...So I'd make everything tight and caulked. 

Anyone ever do this or just spend more money to totally gut. I know if I start pulling out the drywall I'm going to find extra work. 


This is just a 770sqft 1 story 1/1 converting to 2/2. Midwest in IL. Rough neighborhood. Total ARV only like $89-109k which is peanuts compared to east coast. I am doing 60% of the work pay myself out of this one because ARV is so low. This would go for $169k in VA.

Post: Ugly house flip. Boarded up/neglected turned beauty

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $40,000
Sale price: $180,000

Complete gut. Exterior of home was in good condition. Interior fire damage throughout. Removed all and remodeled full interior. Kept/repaired original hardwood floors and added new in bathroom and kitchen.

Post: How would you find Mobile home/RV park buyers Chase City VA?

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

Hey I'm in the bid to buy too. I'm local in VA pm me.

Post: Ugly house flip in jungle turned into city urban paradise.

Paul MeyerPosted
  • Contractor
  • Virginia Beach, VA
  • Posts 82
  • Votes 35

Investment Info:

Single-family residence fix & flip investment in Richmond.

Purchase price: $37,000
Cash invested: $90,000
Sale price: $238,000

Complete major rehab. Added double dormer bumpout front/back for additional 600sqft. Actually time working on it around 6 months mostly myself with a lot of horrible contractors. First actual flip. I've renovated other properties but just rented them out. Learned a lot about bad termite damage and bringing plans to the city. Basically just use what you got and don't do an addition from my experience. I was fortunate the market went up. It would have likely only sold for $199k.

How did you find this deal and how did you negotiate it?

Local auction. Easier than wholesalers that sell higher than retail.

How did you finance this deal?

Cash.

How did you add value to the deal?

Built out double dormers.

What was the outcome?

Made a chunk of change. Paid off some debts.

Lessons learned? Challenges?

Don't fall through the floor. Just hire professionals (if you can). Craigslists guys are all crazy but you make more money.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Stager.