All Forum Posts by: Phillip Cooper

The Homes within the City of St. Louis are the same as Chicago regarding the water line. It's similar to condo owners being responsibly for all interior items, these homeowners are responsible for everything within their lot to the street. It's an expensive fix as well (<$5,000).

Originally posted by @Eric M.:

Originally posted by @Brian Ploszay:

In Chicago, if you do a substantial renovation, you have to replace the water line connecting to the street. It is expensive and is not one of the bells and whistles that wows a buyer.

Are there particular things that trigger this requirement or can they just hit you with it randomly?

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Originally posted by @Ann Watkins:

@Phillip Cooper

City inspectors on rotation, each time one came out he/she required something different with the electrical to clear it. At the end of it I was $5k outside of my budget.

The city inspectors will nickel and dime you in the Chicagoland areas as well! $50 to $150 re-inspection checks. The worst thing is they will only tell you one thing that’s wrong and leave, rather than provide an entire list to correct.

1 Vote

Originally posted by @Jack Seiden:

I don't know if this counts but just the cost of doing business. Between realtors taxes and recordation closing fees holding costs etc. usually runs me about 80k. Also the house were are working on now has about 60k of terminate damage subfloor entire frame of house had to be replaced. We knew the floors were uneven but assumed it was foundation related and budgeted about 20k so that was pretty unexpected.

Wow terminate damage in the subfloor!!! Yikes, that’s something I’d never consider.

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I understand many have flipped 5+ houses or have tremendous experience with the renovation process. However, as a contractor I'm curious what was the biggest "miss" or unknown finding you've experienced in a flip? Foundation, piping, asbestos, or something many of us cannot fathom. It's easy for those starting out to forget due to their lack of knowledge on certain trades, but curious about those "oh s#!" moments.

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All Forum Posts by: Phillip Cooper

Phillip Cooper has started 1 posts and replied 4 times.

Post: What was your biggest unexpected cost in a flip?

Post: What was your biggest unexpected cost in a flip?

Post: What was your biggest unexpected cost in a flip?

Post: What was your biggest unexpected cost in a flip?