All Forum Posts by: Robert Adams

Quote from @Brock Dowis:

Anytime we can refurbish existing cabinets that saves us on a few different levels. Time and Money! New hardware and fresh paint can really bring them back to life for limited cost. Done it on 2 projects and have loved the result. We typically go for a bolder color and hardware combination to take away from the original design. Forrest green and gold hardware, and then deep blue with brushed copper hardware. The painters who painted the interior of the home had a price for cabinets both times. $1k for paint vs $8-10k for cabinets.

 I have done blue w gold hardware also but on flips I prefer the white. It's more neutral and it is a lot brighter. When colors are involved some people love it some don't. Trying to appeal to as many as possible. I generally do white with black hardware as it pops more but this home had a few items that were brushed nickel that we could reuse and it still looks good so we went that route on this one.

Quote from @Aaron Breckenridge:

Quote from @Robert Adams:

Quote from @Alan Asriants:

Ah so kitchen cabinets are original. Im seeing kitchen renovations costing 10-20k in my area which is why I was surprised to see your renovations costs so low. Well done!

 Yes cabinets were in great shape so we just used new hardware and refinished them to white. Helped keep costs low.

Which paint did you use on the cabinets? 

 I would have to get that info, I don't do the work on them myself. I do know that they said their is a certain type that has to be used so it lasts. I just don't remember the name of it.

Quote from @Alan Asriants:

Ah so kitchen cabinets are original. Im seeing kitchen renovations costing 10-20k in my area which is why I was surprised to see your renovations costs so low. Well done!

 Yes cabinets were in great shape so we just used new hardware and refinished them to white. Helped keep costs low.

Quote from @Alan Asriants:

Those are some crazy margins. Are you seeing a lot of deals like this in NV? In my area there is no room. Could I ask what you renovated for 33k? Looks good

The property description covers most of it:
Great Location and Fully Remodeled on a Corner Lot! Lowest Priced Fully Remodeled SFR in all of 89052!! Gated community right across the street form Green Valley Ranch District and walking distance to the Dollar Loan Center Arena. Quartz counters in Kitchen and in both bathrooms, new waterproof vinyl laminate flooring throughout except for the 3 bedrooms that have new carpet. New paint on exterior and interior, new baseboards, light fixtures, cabinets, stainless steel appliances, new tile surrounds in both showers/tubs as well as new tile accent wall on fireplace in living room. Skylights, plenty of windows, and vaulted ceilings allow a lot of natural light and open feel great for entertaining. Mature landscaping including a fig tree and new sod provide a cozy relaxing space. The 2 car garage has been freshly painted and the epoxy floors and cabinets make this a great space as well. The existing home warranty will be transferred to the buyer at closing.

Quote from @Nathan Harden:

Solid numbers. Vegas real estate seems to be picking up a lot of steam over the last decade or so.

 We saw a major slow down Q3 and Q4 last year but things are picking back up quickly. We had 5.5mo supply at the peak a few months ago. Down to just barely above 2 mo supply as of yesterday. I only see that trend continuing in the short term as we roll in the the peak spring season.

Quote from @Phillip Dwyer:

@Robert Adams You guys beat my client to it on the buy side!  Nice job on the rehab.

 I went back and forth w the sellers on this one for about a month before we finally got it locked up. Thank you for the support! Let's grab lunch soon!

Quote from @Justin Hammerle:

Congrats on finishing the flip and good luck on the sale!  Love the marketing flyer showing the amenities.

 Thank you! The photographer added it into the drone /video walk thru also. I agree I thought it was a nice touch. Thanks for the support!

Investment Info:

Single-family residence fix & flip investment in Henderson.

Purchase price: $369,000
Cash invested: $33,000
Sale price: $500,000

This flip was just listed for sale. You can see the details and pics here: https://www.greenvalleyhomefinder.com/homes/nv/henderson/nvvegasresall24835911034707483/250-summit-vista-st-henderson-nv-89052

You can see the 3d viewer controlled tour here:
https://my.matterport.com/show/?m=P9tJ1FGzuAL&ts=2&lp=1&help=1&hl=1

The Video Tour will be on our YouTube Channel here as soon as we receive it:
https://www.youtube.com/channel/UCz0kdYJNv1l_8dw42YErEpw?view_as=subscriber

What made you interested in investing in this type of deal?

Great Location and Fully Remodeled on a Corner Lot! Lowest Priced Fully Remodeled SFR in all of 89052!! Gated community right across the street form Green Valley Ranch District and walking distance to the Dollar Loan Center Arena.

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

MLS

How did you finance this deal?

Cash and self directed IRA funds

How did you add value to the deal?

Complete Remodel

What was the outcome?

currently listed for sale

In the now shifted /softer market there is no need to waive such things as inspections, appraisals etc.

It is a personal preference whether you want to accept someone elses inspection report but I would recommend to get your own.

To go back to the original post topic the government and fed have decided to save SVB and few others in similar situations.

The fed has been aggressively raising rates as we all know. At one point they even discussed how aggressive that they have been and that they will continue until they see inflation under control or until something within the system breaks and forces them to pivot.

I believe the new bank failures are just that, historic record breaking rate hikes have caused new problems within the system and these bank issues are a prime example of that.

Now the question is will the Fed try to band aid those new issues so it can continue the larger fight of battling inflation? Meaning bail out these banks so it can keep raising rates or will it start to slow or even stop rate hikes and hold for a while to let the dust settle within the system which will in turn put a damper on the decreasing inflation rates.

The Fed up until now was solely focused on raising rates and bring down inflation. Now the act of juggling multiple problems begins.