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All Forum Posts by: Rachel Gill

Rachel Gill has started 15 posts and replied 76 times.

Post: My First Flip: Before & After

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48
Originally posted by @Chris Colvin:

it looks great. I'm trying to get into my first flip now and your pictures showed me that it can be done... How did you like the hard money lenders?? 

 Hi Chris, 

My hard money lender was great!  More like a mentor and guided me every step of the way.  Using hard money is the only way I'm able to invest in properties currently, so it works for me.  I hope to be able to use private money in the future, but I'm sure the hard money will continue to be a good option.

Post: My First Flip: Before & After

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48
Originally posted by @Stacy E.:

Looks great!  Would you mind sharing your paint choices?  I like that greyish color that is used in many of the pictures.

 Thanks Stacy!  The wall color is the same throughout and it is SW Agreeable Gray color matched to Behr's paint + primer.  It seems to be one of the best grays that looks great in person and in pics.

Post: My First Flip: Before & After

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

@Mike F. I was expecting closer to a 23K profit, but I'm just grateful that I didn't lose anything on the first one, so 12K will do :)

Post: My First Flip: Before & After

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

Although this took way longer than expected due to contractor issues, I'm proud of the way it turned out and happy to report that it is under contract after on 3 days on the market!  It's a 3BR, 2 full bath row home in Baltimore, MD and we added an additional BR in the basement.  (See before & after pics below)

Breakdown is as follows:

Purchase Price $54K

Rehab $50K ($8K over budget)

Holding costs $8K

Under Contract $140K

Approx Profit $12K

Due to holding longer than expected(almost 6 months) and unbudgeted rehab costs the profit is less than I had hoped, but still not too shabby for a first timer.  I had a lot of help along the way from my Hard Money Lender and a Mentor and learned a lot of hard lessons, but I'm so glad I jumped in feet first and accomplished this.  I'm now on the hunt for my second and hopefully third flip.  

Post: My first flip at 26, a woman, ZERO construction skills.

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48
Originally posted by @Alex Applebee:
Originally posted by @Rachel Gill:

@Alex Applebee I'm so impressed by this! You did an awesome job.  A question for you regarding being your own GC.  Without having any construction background, what did you find was the best way to know how the project should flow from start to finish as far as scheduling your subs?  

Thanks!

Rachel

 One thing I learned on this was how not to schedule some things (PAINT ON MY BEAUTIFUL FLOORS, UG!!!!). All investors have their own way, but here is what works for me. This is not necessarily the order I ran this job in, to my detriment. I have some comments here and there about that. So this is how I ran my second flip after learning my lessons (i'll post about that someday). Also this is a little complicated to answer because it depends on exactly what flip you are doing. Any walls to frame? do that after demo and before your rough out plumbing. Lets just call this a really basic flip list.

1. Demo - I also make them bring their own trailer VS have a dumpster on site. I oscillate on this, but when I had a dumpster on site, I had a lot of neighbors dumping their projects in it (a whole bath and tile surround one day!). I don't want to pay for other people's trash haul off. Also, on the flip side, I had dumpster divers digging through and I think that could be a liability issue. Each trade is neater if they haul all their own trash off the project every day as well. In the future I could see getting a roll off dumpster again, but in a larger property that is fenced or something.

2. rough out electrical/rough out plumbing - usually they wont be in each others way, at the same time any new windows/doors that need to be installed can start going in. The electrical and plumbing will usually just be repairing/moving what I want moved, none of the finishes. They can also be working on outside cleanup, roof etc.

4. Probably start the tile prep for the walls in the bathroom (just the backerboards that always need to be installed/replaced) Also patch any drywall that needs fixing. 

5. PAINT. Yes, paint now. I would rather go and touch up paint here and there, which you'll have to do anyways rather than scrub paint off my new finished surfaces. Ask me how I know this. Really this is just painting the walls. The baseboards will not be in yet. And don't let them give you grief about not being able to paint until the baseboard is installed. BS. I've had subs whine at me about this, I gave in, and then had paint all over my freaking floors. I have never met a painter that didn't make a mess even when he swore he was super careful in prep. So, back to the baseboards - after the flooring is installed they can put all the baseboards outside on saw horses, spray them down in no time, then after they are dry, install, caulk, and do any touch up. Done and your new floors don't have paint all over them. Your welcome. ;)

6. Probably tile the bathrooms while they work on the floors throughout the house.

7. Have runners taped down to protect your floors (unless you do tile or something, then you're good.) get those baseboards in

8. Cabinet and counter install

9. finish plumbing and electrical

10. landscaping, once the outside looks good get your real estate for sale (coming soon) sign up, but don't let people in until you're done

11. appliance install

12. clean. touch up paint. stage.

13. hope it sells!

I am sure I forgot something, but hopefully that lines it out a little?

Wow! I can't thank you enough for taking the time to break this down into detail.  I truly appreciate it.  I'm printing this out and using it going forward.  I've had one too many bad experiences with GC's and feel that I would like to get more control over my rehab projects.  I'm seriously considering being my own project manager and hiring subs.  This list will be invaluable to me.  Best of luck and I can't wait to see your second project when you post :)

Rachel 

Post: My first flip at 26, a woman, ZERO construction skills.

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

@Alex Applebee I'm so impressed by this! You did an awesome job.  A question for you regarding being your own GC.  Without having any construction background, what did you find was the best way to know how the project should flow from start to finish as far as scheduling your subs?  

Thanks!

Rachel

Post: Redfin Agent?

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

@Account Closed

Thank you so much for clarifying this!  Such a big help!  Sounds like Redfin is not the best place to be as an investor.

Post: My first flip at 26, a woman, ZERO construction skills.

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

So impressed @Alex Applebee!  You did such a great job on this home.  Much continued success!

Post: Redfin Agent?

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

I'm starting to see Redfin "for sale" signs pop up in my area(Baltimore), so I did a little research online to see how their process works.  I'm mainly a fix & flipper, but one of my goals in the next few years is to get my RE license to save some money on the front and back end of my deals.  Has anyone decided to hang their license with Redfin as an investor and how is this working out for you?  I know this is a fairly new concept, but I'm hoping someone has had some experience with this.

Post: Rehab Photo Gallery

Rachel GillPosted
  • Investor
  • Baltimore, MD
  • Posts 78
  • Votes 48

Thanks for the response @Joshua Dorkin.  I'll dig into the forum a little more :)