All Forum Posts by: David Duquette

Hi All,

Fairly experienced flipper out of Bedford, NH. I’m looking for single-family, off-market deals. I would like to purchase at least one property every month so If you’re an Agent, Wholesaler, etc. please reach out to me so we connect and potentially work together. Thanks!

@Joel Florian, closing costs calculate out to about $14,000 which is not included in my numbers above. So, Net for me will be about $51,000.

Thanks @Dmitriy Fomichenko!

Thanks @Account Closed!

Investment Info:

Single-family residence fix & flip investment in Rollinsford.

Purchase price: $220,000
Cash invested: $265,000
Sale price: $330,000

My very first fix and flip! Wholesaler (friend of mine) presented me with a property he purchased for $195,000 at Auction. Sold to me for a $25,000 market up for $220,000. Invested roughly $45,000 to renovate over a 2 month period. Property was purchased on 11/17/20 and listed for sale on 1/17/21. Had one offer (over asking) back out and had a back offer accepted at asking price. Closing date is 4/3/21!

What made you interested in investing in this type of deal?

At the age of 40 I decided to shifted my focus away from Financial Services (life insurance, investments, retirement planning) and focus solely on real estate investing. Having full autonomy has always been a dream of mine.

How did you find this deal and how did you negotiate it?

Wholesaler presented an opportunity and I purchased it. No negotiating. If I didn't take it he had others that would.

How did you finance this deal?

HELOC and personal cash.

How did you add value to the deal?

Renovated everything: floors sanded and refinished, completely new kitchen and floor, paint inside and out, simple landscaping, and perimeter drain in the basement.

What was the outcome?

All in at $265,000... Sold for $330,000.

Lessons learned? Challenges?

1. Take quick deliberate action every step of the process, from purchase to rehab to sale, and not being burdened or paralyzed by over-analysis.
2. Being cheap on the rehab MAY net you a slightly higher profit, but is it worth it to then sacrifice peace of mind? Spend it, get it done right, and move on. Cutting corners with cheap labor is most definitely not the answer when building a business. Lots of quotes will save you money, save you stress, and save your sanity.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

@David Robertson Wow, thanks David!

Thank you @Greg Dickerson. I’m starting to do just that. Hate not having someone to show me each step of the way. I’ll figure it out just the same with time. 

@Don Petrasek @Aaron K. Thank you both for the quick responses. I completely get it now. I thought there might be a simplified guideline I could follow while building a SOW but what you both are saying is each project is so different from each other that you really have to take the time, walk the property, and build your SOW based on budget and need. Although this is all new to me I’m starting to understand what exactly would be needed based on the project I’m working on now. Thanks again guys!!!

Ok, I've scoured the internet and BP and found a lot of info on SOW's but they are so overly detailed it's pretty overwhelming. Does anyone know of or have a template for a basic SOW for each area of work needed in a flip? I'm looking for basic, 1. 2. 3. 4. etc, of common work to be done. For example:

Demo SOW: 1) Remove carpets, 2) Remove wall between kitchen and living room, 3) Remove wood and any loose items from basement.

Plumbing SOW: 1) Sewer inspection, 2) Boiler inspection, 3) Reroute bathroom sink from 1 to 2 sinks

Electrical SOW: 1, 2, 3... 10

Contractor SOW: 1, 2, 3... 10

Something like that... I'm very new to this and would love just a simple template to go off of. Thanks!

@David Robertson Wow, thank you Dave! Appreciate the help. Might need to pick up that software of yours. 👍