All Forum Posts by: Tanya Rooney

Investment Info:

Single-family residence fix & flip investment in South Saint Paul.

Purchase price: $107,000

Cash invested: $33,000

Contributors:
Amy Ranae

Flip was out on the market in a November and offer accepted in December. Closing January 2019  anticipated closing for $190,000

@Alina Beryh check out the book on flipping houses by J Scott Its on the BP store It has oodles of InformatIon on cost estImatIng. That should st least gIve you enoIgh InformatIon to decIde to purchase the house. Make sure you set a 5-10% contIngency In your budget. Once that is done then it’s just finding the people to do the work. You will know how much you want to spend in each category and you can go from there! Good luck!!!

@Nurzhan Abenov nice job and congrats on your first full flip/deal! Glad you shared!

Anyone have a good base template for a contract to sign with sub contractors? I am working with a few right now and I have signed their proposals but I really want to have them sign a contract that I can drop in the scope, schedule and proposed fees to protect BOTH of us. Sometimes we forget things about scope and its nice for everyone to be on the same page from the start. Anyone have a good base that they are willing to share so I don't have to start from scratch?

@Frank Leone Awesome question! I think you will get two schools of thoughts on this one (obviously from the above thus far). I am working on my first flip now and I had intended to sub all of the work out because I had little interest in diy’ing the work. Fast forward and my husband had a job change with three weeks off so he is doing the majority of the work. We are hiring out electrical, plumbing, exterior paintIng and an hvac inspection, otherwise planning to do the remainder ourselves. So far it has been super fun and valuable to get the experience. I have read a hand full on the subject and a lot of people encourage doing the first one with some diy. I think if you have the time give it a try but when building your budget assume you are hiring out just Incase you need to do that. Also factor in holding cost iF it takes you 2,3,4,5 months (pending on how you are funding the deal). Best of luck and have fun!! :)

@Joseph Tramonte do you do tour own work on flips or hire it out? 

@Account Closed thanks! I am super stoked for it. I love new learning opportunities and so far that is what it has been!! 

@John Woodrich thanks! It is Definitely a skinny budget! I have been keeping a careful watch on my spending and hoping I can squeak it all in. My husband has a few weeks off before he starts his new job so he is doing a lot of the work himself and then I am helping on the weekend. It has been an incredible learning experience so far and I am stoked to get through it with lessons learned for the next one! 

@Account Closed how do I post pictures?! I took lots of them. I will definitely do before and afters!

@Daniel Kurkowski Hahahaha!!! The sandwich thing is great. 

@Daniel Kurkowski Appraisal is $190k but I think we may get closer to $200k. Putting &25k into it. New kitchen. New bathroom. Paint and floor refinish! The area we bought in is great. Great neighborhood! Do you do your own work or bring in sub contractors for work on your flips?