All Forum Posts by: Rodney Marcantel

@Scott Harper We tore out all tile and backer boards. In the bathroom shower with pink tile, we found they used regular drywall (not moisture resistant) and there was no insulation on the outside wall where the window is. The Yellow bathroom did have insulation behind the walls but also had a mix of regular drywall and moisture resistant drywall. Neither is appropriate for a shower so we gutted everything and put cement board in it's place including all around the pony wall, behind the toilet and around the new tub in the master bath.

@Damaris Graibe no specific GC. I did most of the work myself with the help of a close friend whose a retired cabinet builder. We did use some contractors for plumbing, electrical, hardwood installs and beam installations. I'm a believer in doing all that you can and outsourcing the rest. Electrical and Plumbing required city permits. All others didn't but used others for time constraints.

@Philip Williams we use Listing Spark for the sale side. So cost to sell is low and all I have to pay is buyer's commission and some closing costs (plus 1 year home warranty which is rolled into the rehab costs).

On to my next flip property after my $50K flip success property (article). Just completed another flip in Lewisville Texas. This one got a qualified FHA full price offer in 4 days! Here are the numbers...

1920 sq.ft Single Family Home (included a garage conversion when purchased)

3/2/0 with a nice shed in the back. Good sized lot with mature trees.

Purchase: $157K (not highest bid but all cash no contingencies got me the property).

Rehab: 103 days, $63,511 rehab cost. 3 load bearing walls removed/repositioned.

Sold: $260K ($100 over asking).

Closing Costs: $8941 (estimate).

Profit: $30,547 (estimate).

Here are before and after pics.

Update on flip closing. Inspection showed a few things that the buyer wanted some credit for. So we negotiated $500 credit. They also wanted a new hot water heater because it was old (but in very good condition) and didn't have a drain pan. So since they put in their offer only 4 days after listing, I felt it was better to agree to the $850 cost for a new hot water heater than to say no and have to wait for another offer and possibly the same issue with another buyer. They also wanted the kitchen table ($400) and the 2 bar stools ($75 each). So in all $250K - $850 - $500 - $550 = sale price of $248,100. Profit after closing costs = $31,397.53. Still not bad for 55 days to get my money back. Also, in the price adjustment we agreed to close 3 weeks early on 12/27 so they can apply for Homestead Exemption in January.

So all the negotiations netted me a close before end of the year (3 weeks from accepted offer) and gave them the concessions they wanted. Blessings and Merry Christmas to all.

 Sherwin Williams. 

Main walls (Magnolia Fixer Upper color) - One Horn White.
Accent grey color (also uses on exterior) Silverplate.
Master/Master Bath - Sagey (kind of a mint green).

 82 days in the rehab process start to finish. $40K budgeted. $47K total spent including Hard Money loan for part of the rehab of $30K. I had $185K in the bank to use on this project so I paid cash for the purchase and the rest on expenses plus the $30K loan ($950 closing and $300/mo to get the loan).

Very excited to let my BP friends know that my latest flip house just got an offer $100 over asking price at the high end of the market in only 4 days since listing on Tuesday 12/5/2017. Purchased house through a wholesaler for $160K who got the house from a widow through probate. I replaced the front door, installed the fence, installed the cabinets, all baseboards, and all tile work (including the barn door shower glass. All other work (hardwoods, carpet, painting, drywall patching, roof, landscape and plumbing) was completed by contractors. By the numbers...

1453 sq.ft. | 3 Bed | 2.5 Bath | Lot 6,185 sq.ft. | 2 Story

Purchase: $160K

Rehab: $47K (included New Kitchen, New Bathrooms, New sprinkers, New Roof, New Sod, New Fence. Minor Foundation work and minor water damage from a patched hole in the roof). This was $7K over my estimate.

List Price: $249,900

Sold Price: $250K

Closing Costs: $8,270 (includes 3% Buyers commission, ListingSpark $176 Sellers commission, 0.25% Title Closing)

Profit after closing: $34,500

Where would I find one of those type loans?

I'm looking for $25K - $35K in funds for the rehab portion of my next flip that I'm paying cash for the home. Any idea where I can find qualified private lenders for this? I've tried on myhousedeals and getting the runaround from people or finding out their rates are on the order of hard money lenders.