All Forum Posts by: Victhor Soares

@Karen A. It was simply a new construction home where you could work for down payment, so I did that. I just checked in everyday and asked a lot of questions to make sure things were moving along and going the way I wanted, so in a way, I was kinda managing the whole project. The construction company already had all their team and sub-contractors in place, but if I didn't like the price I would shop around to find better deals with other companies. All I did manually was the flooring, painted the interior of the house, installed the bathtub surrounding, shopped for the custom-made kitchen I wanted and used the allowance they provided to buy whatever else I wanted for the house. Most of the fixture for the house I bought on amazon. I took a lot of the work out of their hands and made it my responsibility. Anything extra I wanted I would have to add from my own pocket, but I had extra cash to use as necessary. Like I said before, you just have to negotiate things and see if it's a good fit. It worked out for me, not sure if it would work out for everyone. Hope that clarifies things a bit more.

 Hi @Karen A. I have experience in the housing industry so I knew what I was doing. I turned a new construction into my own personal project since I found a nice location where house value were beginning to go up, so I took advantage of the opportunity. I pretty much became the project manager of my own house. I have prior experience with remodeling homes before undertaking this project, but it's one of those things that you learn as you go...fortunately enough I have done other projects in the past that gave me the confidence I needed to do it. If you ever have questions about how to do the work all you need to do is go to youtube "how-to" and they'll show you a video on how to do anything. Either that or go to home depot or lowes and those guys will answer any questions you have. Building a nice network and knowing where to go when you need help really pays off. The tiles were wall tiles, made specifically for bathtub surrounding or walls. It was very light weight, easy to install, I think the dimension were 9" by 11". Highly recommend it. 

 Nice flip!

1) Bought and managed my own new construction home project

2) Negotiated the price of the house from $257,000 to $250,000, rearranged the interior of the home and selected the color scheme for the exterior of the house

3) Shopped around for custom-made kitchen cabinets, carpet, hardwood floors, tiles, light fixtures, and appliances

4) Installed the hardwood floors, tiles and bathtub surroundings, and painted the whole house all within a week

5) Finished a room in a basement from scratch – framed it, sheetrock, door installation, walk-in closet, electrical, wall texture, painted, and hired the right people to finish the carpet and window seal installation - Total cost about $2300

6) Sold the house 22 months later for $285,000 and made a net profit of approximately $35,000.00 after escrow reimbursement, cashflow from rental income, interest on property tax return and amortization.

Great experience and good return on my $13,000 initial investment. 

See link below for pictures on zillow:

http://www.zillow.com/homedetails/3691-S-300-E-Salt-Lake-City-UT-84115/83816665_zpid/?utm_source=email&utm_medium=email&utm_campaign=emo-postingconfirmation-fsbo&utm_content=hdp 

Just wondering what some of the real estate investors are doing these days. Is it better to buy land and build on that land or is REO and Short Sale good enough deals for now in this buyers market to invest in? Anyone has some experience they'll like to share?