All Forum Posts by: Ted L.

I have flipped about 10 houses and I just bought another. I’m trying to decide if I should flip it or employ a BRRR strategy. For those that employ both strategies, how do you decide what to do with a specific property. As a side note, I have some concerns about rehabbing a house and then turning it over to tenants for a few years and then expecting it to be ready for sale. Obviously it will need new paint and other minor items. Would you expect things like kitchen cabinets to need to be replaced again?

Start with a drill/driver set that will include two batteries and a charger. I recommend Ryobi for this for couple reasons. First, they are inexpensive, but more importantly they have perhaps the largest variety of tools that are compatible with the battery system. They are not ideal for professionals who use them every day. I really prefer Dewalt gear and you will notice a difference side by side. BUT, they will be just fine for you. Then just add tools as needed. I recently picked up a drain auger and it was cheaper than calling a plumber. IF dewalt even makes a drain auger I’m sure it’s an extra $100, and I might only use it once every couple years. Obviously, you need all of the basic handtools as well: hammer, pliers, 6 way screwdriver, wrenches etc.

The best thing financially is to NOT store these things. Anything that can be sold goes on craigslist, anything that can't be sold is donated. Then throw away if absolutely needed. That being said, I'm paying rent for storage to keep items that are left over or that I got a great deal on.

You saw the place, you saw the size and you agreed to the rent. It does not seem like those are good points of negotiation.

I would not use Craigslist as a starting point for something like this. The best option is to get a referral from someone, but I assume you wouldn't be considering Craigslist if that was an option. This might be one of the limited instances when using Home Depot or lowes installation services would be your best bet. More expensive, but they will be vetted.

I enter all costs into a spread sheet including an itemized renovation budget and a conservative ARV. If I can make my desired profit, I pul the trigger. I have never used a shortcut.

I would not pursue the lawsuit and keep both properties.

Masters degree in architecture. It was a fantastic education: both challenging and fun!

Do you mean suburban or just a small city?. Everything is suburban compared to NYC.

Can anyone post an itemized budget for a spec home? It really doesn't matter what size or where it is. I'm just beginning to try to understand where the money goes by trade and to see some of the other costs that I may not be anticipating.