All Forum Posts by: Russell Davis

Good luck with your offer with PropOffers.com! Don't get rattled. We received an email about submitting our best and final offer. We panicked and submitted another offer, which triggers another email from them about submitting best and final. It's my understanding that the site (might be configured by listing, idk) has a two-week window from offer to acceptance hoping for competing offers. I find it a very stressful waiting period.

We used the old saying of buying the worst house in a good neighborhood. Sounds like you found one! As our first flip, we definitely took on more than we can chew, but it was a great learning experience. It turned out great and tested our skills and abilities. We flipped in a small town in Iowa.

To me, planning is the key. Having a solid awareness of the market, but understanding it can shift. Get good at finding comparables and understand what it will take to get your home to, or above, that level. I like to use dollars/sq ft. It is a really good indicator for similar houses in the area. If you are rehabbing older homes, you should be able to get a premium dollar/sq ft. 

What really propelled our home was taking a 1 BR/1 BA, adding a second story on top of the old kitchen/dining area adding 2 BR. Reconfiguring the old kitchen/dining area allowed us to bring the laundry to the main floor and add a 1/2 bath to the main, while moving the upstairs bathroom into the addition.

View from the back when we listed.

View of the back on the day we closed.

The place was originally 1 BR/1 BA. We added a 16x26 addition over the original kitchen/dining area and added 2 BR/1 BA. Moved the laundry to the main floor and added a 1/2 bath to the main. Pushed the stairs back and turned the top 3 stairs at a 90 so you didn't hit your head at the top of the stairs.

And the bathroom....

They say kitchens and Bathrooms sell a place.

Nobody wanted to touch this place because it needed foundation work.

Here is a picture with the addition on and the exterior and interior gutted

Here is a picture of the front the day we closed.