All Forum Posts by: Tori Anderson

Thanks @Ben Zimmerman for the suggestion to see if the homeowner will consider financing.  I like your thoughts about interest only as well.  The main thing (as I more clearly realize now) is to make sure I own the home before improving it!  Thanks again :)

Thanks @Jeannette C for the reality check!!  I admit that after posting the question some of those sorts of doubts began cropping up.  I began to think that if the homeowner has no problem defaulting with the bank (which she doesn't) she'd probably find it even easier to take that path with me.  It's a home with great bones and I was a bit blinded by the desire to make it beautiful, haha.  But better to wait for a clean deal ... and thanks again for your input.

The thing about Life is that we don't know what we don't know. You may think you know what college holds for you, but you don't. You're 3 years into a venture - it's a predictable pressure point. There's something there for you that you are not facing at the moment. You will gain more in character from gritting it out to the finish than by jumping on the next attractive, passing bus. There will always be another bus, but the opportunity to finish what you started is infinitely more valuable - not only to REI, but to your life in its entirety. I'd suggest thanking the Deity of your choice for the opportunity to complete a college education, then turn around and finish it.

My experience isn't in measuring cabinets, but blinds and intricate drapery hardware.  I'd say it's likely your ceiling and walls are not even or square - I've never seen any that are.  so make sure you allow extra for that.  It's better to have cabinets a bit too small which you can fudge in with a piece of moulding, than it is to have them too big.  I'd make an allowance for both height and width being wonky.  

I measure blinds & shutters top, middle and bottom, as well as right, center and left to make sure of the smallest measurement.  That's harder with a room.  Although if you know principal of measuring the 2 diagonals of a space, you can see how close or far from square your space is.  

Good luck!  post pix when done!

I'm a complete newbie - but am reading The Book on Estimating Rehab Costs by By J Scott ... He goes through each type of common repair and - among many other things - says whether a deposit (and how much) is justifiable and normal on that type of repair.  I highly recommend the book!

I have an idea about flipping a house that I've not heard of before.  Has anyone on BP had experience in making a binding agreement with a current owner to renovate their home, then sell it and split the profit with them?  (Shout out to @Aaron K. for letting me know it's possible!!)   I'd love to hear any experiences along these lines.  

haha!  thanks for the logical conclusion Aaron. You're absolutely right :)  

I'm looking for my first flip, and ran across a neighborhood I like with a foreclosure scheduled for February. Using MLS, I scouted other homes on same street. I ran across this one and can't determine whether it was or was not a flip. The buy/sell margin was very thin AND according to realtor's remarks included full renovation. The MLS says the owner had an unexpected relocation, which may have been true - because the the time it was owned was 6 months. On the other hand, it was purchased as a foreclosure

Bought as a foreclosure for $205K in February 2018.  

Sold for $219,900 in August 2018.

Appears to have been professionally staged

New paint, carpet & vinyl plank flooring.

Granite counter tops which are not at all the norm for the neighborhood.  Seems these must have been in the house when purchased last.

White cabinets - golden oak being the neighborhood standard

New stainless steel kitchen appliances

High-end backsplash tile

So - I'd like some input/opinions from experienced investors.  What's your gut feeling? Flip or unexpected move?

This is a great story - and as a newbie I really appreciate all the detail on the ins/outs, up/downs of your experience. I resonate with your commitment to providing the quality that YOU want as a characteristic of your portfolio.  I also really appreciate your sharing the detail on your tenant standards.  Integrity on both sides is a win/win.  I appreciate also your experience with the search for the right property, and being flexible with your approach when warranted.   I shared your story with my husband and we both agree it's a good win.  ... One last point ... your story also illustrates how much is learned by actually DOING a project.  These are the lessons remembered best.

I'd paint arches and doors a warm, mid-tone grey - about the same value as the brick so it blends, not pops.  Then white trim around doors.  I vote for enclosing dumpster as well.