All Forum Posts by: Raven Parmer

@Nereo Mendoza - wow thanks for all the excellent information! I hadn't thought about the holding costs during the closing period. If I do decide to use a wholesaler, I will definitely run my own numbers. My fiancé is a general contractor, so I feel confident in the construction budget and timeline at least.

I have another question that maybe you, or anyone else, could answer. I plan to get my Realtor license. Would you recommend doing that before jumping in (we are waiting until we finish renovating and sell our home), or waiting until we are comfortable with the process? Part of why I think it is a good idea to use the wholesaler is to cut out some of the analysis paralysis that I keep hearing about. If I get licensed before we start, I am worried that I will have more information than I know what to do with. However, I know that information could be really helpful for analyzing deals. Or would it be a good idea to get licensed, but still use a Realtor at first to gain from their experience?

Thanks!

I agree with everything @Patrick H. said. I was also confused about the access to each unit from the stair. I would say for 4 people you definitely need another bathroom - I would venture that you need another full bath (or 3/4). Especially if it is a higher end student market. The kitchen is generous, and there is no space for a table. If you turn it into a regular rental and a family moves in, they will need a place to sit and eat. 

I'm new to all this, but my goal is to flip houses. I have been binge listening to the podcasts, and someone (unfortunately can't remember which episode) said that they think it's a good idea to buy from a wholesaler for your first flip. I had been pondering that, and when he said that, my ears perked up. Assuming I find a good wholesaler, I think that it can relieve some of the pressure and anxiety when starting out. Has anyone done this, and do you recommend it?

@Michael Seeker 

great points -thanks for the response. The Highlands would be a great area for custom work, but definitely hard to find a deal in. We looked there when buying our home, but weren't able to pull the trigger. I do need to become a little more familiar with the market there so that I feel more comfortable when I find a deal. I was thinking places like Butchertown, Germantown, and Crescent Hill could also support that type of work. However in Butchertown and Germantown, I'd have to keep it on a tight budget, and I think those areas might be better for buy and holds. We lived in a rental in Butchertown before we bought our home and absolutely loved it.  

@Jon Holdman - great points. They seem to come from a very business-centered place, which, as I said, is not how I naturally approach things. It's really helpful to get that kind of advice. You brought up a good point, saying that I should not be designing this for myself; doing what I like. However, I can't totally give up on the idea of offering a well-designed product, but I do think I can offer it in a neutral way on a budget.

@Jon Klaus - There are neighborhoods here in Louisville that creative design would be more appropriate, and almost necessary. That's a good point - I definitely need to read the neighborhood. 

@Nathan Brooks I like the idea of offering something "just a bit nicer" than the others. Give people a reason to choose yours, but not price them out of the house. Thanks.

I can't link to @D'Mark Poole for some reason, but that's what I was hoping for. That it could be my brand. I am curious what the others think of this. I am not here to squeeze every cent out of the deal and build an empire. And I know this is probably counter to what most aspiring investors feel. I need to find the balance between business and design, and @Randy F. 's comment is really speaking to me.  The reason I am wanting to leave architecture is because I am not doing what I love. So I wake up every morning dreading work, and spend the entire day renovating imaginary homes in my mind, while listening to Bigger Pockets Podcasts, of course!

We are doing a slow motion rehab of our home (nights and weekends), and it is our test flip. Obviously doing it quickly is an important aspect that we are missing here, but we are moving slow and steady building toward real estate investing. I have been choosing neutral palettes, with the idea that we want to sell as soon as we're done. I am attaching a poor quality cell phone photo of the downstairs den bar area (it's a tri-level). This is what I mean about going out on a limb, or more one-of-a-kind design. The rest of the room is all painted that greige color, white trim, super basic. But I like the idea of pops of excitement. A little touch of uniqueness scattered throughout. What do you all think? Is it too much?

I have a background in architecture and a real interest in design. My dream is to flip houses, but I want them to be unique and thoughtfully designed. I love the idea of making something better. I watch all the flipping shows, and they often have a set list of finishes they use, only varying the shade of granite every now and then when they're feeling frisky. As a designer, that kind of makes my stomach turn. 

So my question is, does one-of-a-kind design have a place in flipping houses? Is there money to be made if you spend a little time to design, and you use different products each time, or go out on a limb with a design element that makes a space special? I totally understand that you want a flip to be neutral so that it can appeal to more buyers. But the neutral finishes that I am seeing on the shows reminds me of the cookie cutter McMansions I see everywhere. I don't mean to criticize those who do this, as it is probably why you are successful and I am spending weeks to pick out the trim color on the exterior of my house.  (Sidebar: we are in no rush on our house, and I do realize that time is money in the biz.)

Am I being an idealist or naive? My gut tells me that a house that is unique and thought out will sell quickly. Am I missing something? Is this a business killer?

I worry that my downfall as a flipper will be my lack of a business mindset. I am working on changing that!

Congrats! 

Depending on the overall style of the house, painted paneling can add a nice texture and give character to an otherwise neutral house. You could also whitewash, but that's a very beachy/cottagey style in my opinion. Also I think painted paneling is in right now. Sort of that shiplap style. 

@Brett Synicky I've lived here 5 years and still haven't been! We still dress up and watch the races, but  just do it from the comfort of someone's house party. Maybe after I have a few successes I'll have the money to do it right :) 

Congratulations on your baby too! We have a 4 month old, and they sure make it hard to get any work done! But it doesn't last long, so enjoy!