All Forum Posts by: Shawn Ward

So happy to have finally completed our fix & flip project in the Silver Lake neighborhood. We've been wanting to get a home in 'LA's Williamsburg' for a long time, and can truly say that we are so proud of how this home turned out. It is our most expensive rehab to date, and we really transformed this 'hoarder house' into a family gem.

Please join the Belle Hampton Properties team for cocktails, hors d'oeuvres and music as you tour our latest real estate masterpiece. Details are as follows:

Date: This Saturday, December 8, 2018
Time: 3pm-6pm
Location: 2592 Adelbert Ave, Los Angeles, CA 90039

If you plan to attend:

1. Parking: The home is hillside with street parking, but you may have to walk a block or two, so wear some comfortable shoes.

2. RSVP: [email protected]

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About the Home:
This hillside home with fantastic views, three levels and built in 1923, now features:
All new electrical
All new plumbing
Central heating and air conditioning
New roof
All new interior and exterior paint
Refinished original floors
Fully remodeled kitchen with inset cabinets and soft close doors and drawers
All new appliances
Remodeled guest and powder baths
Laundry hook ups
Dual glazed windows
New master bath en-suite
Vaulted ceilings throughout
New garage door
Pre-wired for cable and security cameras
Outdoor deck
Outdoor patio with fire pit
New privatized landscaping
Maintained original character of the home with artful modern upgrades

Thanks and see you Saturday!

Shawn & Zerik

@Matthew G. 1. The areas are a bit more hipster yes...but , we do take the chance of alienating potential buyers by actually creating something that does not look like everything else. 

The good thing about this business is we only need ONE buyer. :-)

We'd rather be creative and get 1-3 buyers who love it than have a cookie cutter home with 5-8 buyers. 

It's just our philosophy and may not work for everyone. 

And ... a buyer can always paint if they want. 

sjw

@Eric van Dalen start your first one...once you get 3/4 through the process and you feel you are comfortable w/ the workload and your crew can take on another project, then get on with your second one. 

You'll find soon that you can do 2-4 at a time as long as you have the funds and the crews in place. 

All the best!

sjw

Totally agree w/ @Jeff Berg .

Get a consultant. Pay them a few grand to help you get these items done. Will pay for itself at the sell once you've done it right. 

Get referrals and copies of their portfolio before you choose.

Onward,

sjw

@Cynthia Miller post on craigslist for experienced contractors who work with foundation repairs, and get referrals. from there, choose 3 that you feel comfy with. get them to look at it and give you a quote. 

Only way to get an accurate assessment. 

All the best!

sjw

@Jamar Lockwood for the most part yes. Especially for roof, plumbing, electrical and adding / removing rooms. a GC will be able to help you through this process.

@Eury Almonte 

1. flip houses if you want to replace your current 9-5. flipping is a job. this is what i did. 

2. get rental properties if you want to supplement your income w/ some residual income and grow your networth. 

All the best!

sjw

@Michael Benanti add to your BP networking some local REI meetups and find some respective/successful investors to meet and network with. go to their properties and tap their brains.

Onward,

sjw

My partner Zerik and I have completed another fix and flip in LA. This one in LA's Silver Lake (LA's Williamsburg'). Here are some key metrics:

Purchase: $750k

Rehab: $275k

List Price: $1.368M

We used a HML (5 Arch) and private investor money in order to finance the deal. It was a HUGE project as the home had a lot of unpermitted work done that we had to demo. It also was a hoarder home, as the previous owner used it for a storage space. Add to that, he allowed the tenants in the downstairs unit to run a meth lab, and it was crazy!

It was our largest rehab budget to date. 

We are however, very proud with how it turned out. 

You can see the listing and video below along with some before and after images:

FULL LISTING: https://lnkd.in/gKwH2Ni

VIDEO: https://lnkd.in/g3TnJ3W

If you have any questions, I'll respond ASAP. 

Thanks!

sjw

@Patrick Philip 

1. You should not assume the same type of reno each time. Have a $/sqft in mind for your rehab in order to get a rough estimate. But when you inspect it, your rehab plan should be dictated on what you need to do in order to get it to the target ARV

2. Some flippers use the same flooring each time, but we use flooring based on budget and the class of the property. Some houses can use engineered wood..some need real/100% wood. 

If you are doing flips at a large scale, it makes since to try to get economies of scale by using the same materials...but to start, try to create the best product possible for the highest ARV in that respective neighborhood.

All the best!

sjw