All Forum Posts by: Ryan Reddy

@Matt M.

Obviously I would like the profit to be higher at this price point but I have figured all of those costs into my estimate and been conservative on estimate padding as well as extension of the contractors estimated time to completion. I agree the market can change but with the all time low supply of inventory nationwide and especially in my local market I think that won't happen in the coming quarters. 

Appreciate your input!

@Lamar Slaughter

We are updating any non double panes, refinishing the hardwoods and replacing most other flooring already

@Glenn Hastings

That makes sense as I am the employer and need to manage the project. Yes that is the goal is to build relationships with a GC to hopefully work together on many projects

@Ben Grubb

Would love to once I get the property ready for showings!

@Jon P.

Will do!

@Britney Allan

Thank you for the advice! That makes sense to dig into some problems further and solve the true issue rather than just putting lipstick on a pig. We are going to update curb appeal, everyone mentions to focus on this, as well as we are  opening up the main floor plan for kitchen, living and dining room.

@Neil Rose

I am getting two policy estimates from my insurance agent but I will double check for wind / water. I know in Denver we aren't too worried about floods or tornados but definitely want to be safe.

A construction company I found via Houzz is completing the work, they are insured and licensed from what they have told me, but I will obtain a copy of it before they start working. No contract yet but we are in the works of making one. 

@Chris Freeburg

Thank you! Yes that makes sense any changes I make after the initial planning process will add costs and time that will hurt the bottom line, I have not discussed that option with my GC, I know there subs have been working with the GC for a while. 

I am definitely considering any added costs / stress as "cost of learning" and I understand no one becomes a millionaire off the first deal, so I am just happy to finally be in the game!

@Steve K.

Thank you! Got it that makes sense want the property to attract buyers from the  moment they pull up.

I like that quote about GC's and your advice makes sense of how to be a better employer / project manager and ensuring we stay on tract. Yes I understand most flipping investors during a normal cycle buy in the fall / winter renovate over the winter and list in the spring time unfortunately none of our offers were accepted back in the fall / winter. I agree getting it listed before general seasonality ends would be best and ensure no changes in prices that would hurt my bottom line. 

Appreciate your advice!

@Ben Rhodin

This deal was from the MLS, so thank you!

I  understand what you mean by staying out of the contractors way, I do have about 7-10 days before the contractor was going to start work so that's why I was going to remove certain things we already discussed removing.

I appreciate the advice about how to being a better employer and trying to manage the overall project rather than getting into some of the details that don't fit my skill set. 

Projected timeline from the GC: 6-8 weeks, were assuming 9-12 weeks due to permitting and delays in any materials. 

@Jaron Walling, I met with three contractors, walked the property, discussed what we wanted todo and got estimates for their work. I did the due diligence on the contractors before evening meeting them at the property by reading reviews and looking at pictures at their work, talking over the phone with them and some former customers.

#'s 

ARV: $580K Renovation: $65K (estimate was $55K assuming 10K pad), PP: $445K, $40K in commissions, closing costs and fees, Estimated profit $30K

I finally have my first flip property under contract closing later this week!! It's been four months since I officially started looking and after many tours and offers the hard work begins!! I have hired a GC to help manage the construction of the project. 

Can anyone provide any tips on the best places to spend dollars to maximize ROI ?(besides kitchen / bathrooms)

Can anyone also provide any tips on certain things I can help the GC with that will save me money? I have thought of starting by removing the old carpets, doors, cabinets, electrical fixtures. Note: I do not have any construction experience.

Any other advice is appreciated!

Hey @Carolina Brembilla 

@Carolina Brembilla

@Carolina BrembillaHope this provides some insight@Carolina Brembilla