All Forum Posts by: Ryan R.

@Account Closed Thanks. You are right about the build quality. This house was built well; strong foundation with perimeter wall and termite shields as well as shiplap interior siding on all walls. The problem with the second floor was that it was converted from an attic somewhere along the way and instead of bringing in floor-joists, they used the 2x4 ceiling joists that were there as floor joists for the second floor.

I also wanted to list it but I couldn't do that to this buyer. She would come by all the time and tell us how good we were doing and we would discuss price etc. I had several realtors come by towards the end and ask if they could list it but I already had a deal, in principle, with this buyer. I'm making a decent profit, especially for my first one and the buyer is thrilled. A bird in the hand is worth two in the bush, I believe.

@Ryan Ilardi @Yavor Tomov @Rocky V. One of the best sources of information I found was J. Scott's website 123flip.com and listening to his podcasts and following his posts.

I think I've read almost every page on his website and I've pulled my calculator out and analyzed his numbers. He relieved a lot of my fear and excuses through his website and his honest posts on here. Unlike a lot of faces in real estate,he is genuine; he is legit and grounded and he's not selling some pipe-dream.

@Patrick Jacques Excuses. The same as most people. No time, no money, too risky blah blah blah.

@Account Closed I had estimated around $110,000 all-in but that was before I realized the second floor needed to be rebuilt.

I was pretty familiar with costs, much more so now, so I actually was pretty close on everything other than missing the second floor added cost.

@Rocky V. Sort of but not in the conventional methods. She purchased the appliances and glass door knobs ($1,400) and some other fixtures; so she was invested into the property.

@Account Closed all cash.

@Yavor Tomov I haven't finalized my spreadsheets but I'm all in for about $135,000. Selling for $165,000. I could probably get more if I listed it on the MLS but the buyer has been interested for the past 4 months and has picked out most of the fixtures, colors, etc.

I finally decided to "just do it". For the past 10 years I always wanted to do a rehab and thought about it a lot; but never took serious action. BP has been a tremendous resource and a great confidence builder.

You'll never know everything you need to know when you decide to do your first one. But you'll learn a TON after you complete your first one. The experience I gained on this one far outweighs the $22,000 reward.

I just finished this house and we're scheduled to close on Tuesday. It needed everything; plumbing, electrical, HVAC, roof, windows, insulation, drywall, flooring, all new fixtures.

I had to remove the entire second floor and rebuild it; 2 bedrooms and 1 bathroom. When I say, I, I mean I was the lead carpenter; designed and built the whole upstairs. I'm going to make approximately $22,000 on this deal.

Thank you to BP and its members for their help. Video below.

@Arthur Banks This is a rehab that will be sold but I wouldn't hesitate to do the same thing in a rental; so long as it was justified. The time put into these is not overly extensive but they are too nice for section 8.

@Sylvia B. I took off all the doors and drawers and masked off the interiors. I also removed the old style face hinges and installed European hidden hinges with rubber stops so the doors lay flat and don't slam. I added the crown molding along the top. We sanded all the wood, filled holes from old hardware, caulked the seams along all the doors, and sanded/tack clothed in between coats. The finish really looks like something from a manufacturer. Most people think they are new cabinets.

Originally:

Ideally, a natural wood color will wear the best and require the least maintenance. However, after a while all cabinets will get nasty. I recently painted these old oak cabinets and they look much better. I've noticed some smudges and marks on them and surprisingly they wipe off easily. I think if you do a quality paint job, it will make a big difference in how they wear. We sprayed 2 or 3 coats of high quality undercoater and 2 coats of SW ultra classic.

This color is not white as you can tell by looking at the white crown above them.