All Forum Posts by: Tamara Elliott-Deering

Hello,

I need some assistance. I have a property in Taylor, TX 76574 that I need to refinance. This is a fix and flip property that has an outstanding note of $127,000. The ARV is between $220,000 and $240,000. My current hard money loan is expiring and I'm looking for options. The rehab is between 80 & 90% complete, all that remains are finish electrical, plumbing, refinishing the floors and installing counter tops and final power and gas connections and installing the outside AC unit and charging and testing the system. I am looking for a 6 month note. If you wish to contact me by phone please leave a message as I screen unfamiliar phone numbers.

Tamara Elliott-Deering, Owner

tamara@rehablabllc.com

512-629-3090

It depends on the appliance in question. If you have a stove that is relatively new and is clean go ahead and reuse it, same for micro-hood. I always put in new dishwashers though - and again only advertise appliances as new if they really are. Also, finish is what really matters, most buyers today think they want stainless steel but don't limit yourself to that if a different color fits your design better, I've used black and white appliances as well as stainless and it didn't hurt resale.

I guess I've been doing it wrong all along. I subtract my costs from ARV and then apply the 70% to it. I think the answer to your question is the same as the difference between mark up and margin. Margin gives you more profit, the standard 70% formula provides for more profit but fewer deals that are available hit that number.

You definitely need to be in MLS, whether you use a full service agent or a flat-fee broker depends on how comfortable you are with the process of a real estate transaction. A good Realtor brings a lot to the table and is probably worth it for your first sale.

Investment property needs complete interior finish out exterior and demo complete. New foundation, deck, skirt and paint. Brand new cherry finish cabinets, stainless steel stove, above the range micro-hood and dishwasher convey. Have a contractor that will complete construction for $30,000. Click link  for more information.  Brochure, comps and construction estimate

I have a 2 bedroom 1 bath house for sale in Taylor, TX. This is a bedroom community of Austin and property prices have been rising steadily over the last few years. I started working on this house, the foundation has been replaced and the house raised 15 inches off the ground, a really bad addition has been torn off, siding has been replaced and the exterior has been painted. The interior has been gutted but I have new kitchen cabinets and appliances that will convey with the house. The roof is in good condition and there is central heat and air but the units will probably need to be replaced. Comps put the resale of this house at $146,000. I can finish the house for $25,000. This is not a home run as far as numbers go but it is a solid single, I'm sorry to let it go but I am house rich at this point and need to focus my energies on another project. I have comps, photos, and photos of my past work and projects for anyone who is interested.

I agree that there are many unscrupolous contractors out there and Connie Lou is correct requesting to see insurance and/or a bond would help weed out the scammers because those are expensive policies.  That being said I am an honest contractor but not a rich one so I do ask for a deposit at the beginning to cover materials and the subs deposits. A deposit also ensures that the client isn't flaky, i don't eat if I don't work and if a client strings me along without a deposit it can really screw up my cash flows.

Rehab Lab, LLC is an investor friendly general contracting firm that specializes in saving houses. We are investors ourselves and have operated a remodeling company since 2008. If you are looking for a contractor that can add value to your investment project please contact us for a consultation. 512-629-3090 or 512-581-1692

I've used Thumbtack for subs but not a general, the subs were competent and didnt rip me off

I've got two great properties under contract in Taylor, Tx a bedroom community outside of Austin, Tx. The first deal will be a 3/2 1524 SF house the numbers are as follows: Purchase Price $72,000 + I'm paying title insurance, repairs $55,000 give or take. ARV $180,000.

2nd deal 2 bed 1 bath 1148 sf purchase price $55,350 repairs about $40,000 ARV $134,000. I'm hoping that by having two houses so close together I can achieve some economy of scale with my subcontractors.

I have a complete investor package and a CV that details my project experience and success that I would be happy to share with you if you are interested. Ideally I'd love a private money lender but I'm open to an equity split. I would also consider assigning the first property.

Tamara