All Forum Posts by: Ed L.

Jake,
I ignored/left almost everything lol... For the price, size, and condition of the home it is above average for the local market.

The Master bath is basically brand new. Not a knockout IMO, but nicer than average.

The hall bath is the one with the original tile from 1945... It's in really good condition for the age, and alot of people who buy these town houses like the nostalgic/retro detail....

Would loved to have gone wild in the kitchen, but again it's functional, clean, and nice for the price. The photo is missing the butchers block that goes over the dishwasher.

George,
I'm taking that Valance down asap..

I thought about removing the iron, but it would be a ordeal removing it..

That huge master bath is a puzzle to me.... Worst part is it's on the front of the house and has a exterior door and 2 windows... It's the weakest link due to the odd factor, but I can't afford to have 1 bath.... It also doesn't have a shower which is a huge detraction to me... I was thinking about doing a shower stall where the right hand vanity is and doing a double vanity on the left side.. I was out voted by the bean counters (wife & mom lol)

My game plan is to give it 30 days at 109,900. If it doesn't sell I'm going to reduce to 99,900 *My original target price* Give it 2 Months, and if still no movement then it's time to start running the rental ads..

That's the wifey doodling on her iphone as usual lol...

Will,
I should have been more specific. Rehab and holding cost= $5,000.00

Shouldn't even call it a rehab..... It was more of a clean up, touch up, and staging..

Installed crown in Master and 2nd big BR.
Installed new dishwasher, stove top, and vent.
Painted screened porch
Had AC serviced
Clean, Re clean, and clean again...

Rest was just miscellaneous touch up and painting...

They did a complete Rehab in 2008. The work that was done was too good to redo, but not up to my standards and taste..... Laminate---Yakkk....

Most of the time spent was due to me debating on what to do with the house.... I wanted to do a lot more, but I also didn't want to spend my way out of the market, and a possible rental..

Luckily I'm mainly competing with asbestos siding bungalows with 1/2 the sq/ft.... I think it will go quickly

Had a bunch of showings already! Hopefully we will get a offer over the weekend!

This is my first deal with $0 invested. I used my business LOC for the %15 down payment.

The balance was financed by a different bank at 5% annual on a semi annual payment... That bank did a 2nd LOC for repairs.... Pretty sweet deal if it works

I just had Lowes do 1000 sqft at my office. Carpet was $.55 loop carpet. Whole install was $1,300 including pad, labor, tac strips, & tax...

Stuff looks and feels great.

They were very fast, and did a great job on the install..

Home depot is a completely different story.

Pretty infuriating to hear what some of you are dealing with..

I've never noticed such shenanigans in my market, but I will make sure to keep my eyes open from now on....

I often lose on HBO and the properties sell, so I'm guessing they aren't playing games over here as bad as some..

I'm a Realtor with a conscience and I can't imagine the burden of being a lying sack of S%#%...

Just out of curiosity.. Where the heck did $13,000 come from???

If the sheet rock isn't in, I'm sure the fixtures are not in??

Cabinets??

Appliances??

Attic Insulation??

Hot Water Heater?

HVAC??

Flooring??

Trim??

Framing a house up is cheap... The finish work is what eats a budget..

I did cold calling when I first started out.

My results were pittiful at best.

I found that most FSBO's were udnerwater sellers who couldn't afford a agent in most scenarios. They tend to be overpriced and selling a sub par product that nobody would buy regardless of how much advertisement I put behind it....

Even more confusing is the concept that wholesalers can somehow buy these underwater homes and convince a rehabber into buying them... I just don't see how the concept works in a soft market where the majority of sellers are underwater...

Hope it works out!

15% is high IMHO...

I usually try to get 5% from my buyers, but I usually put down less than that when buying personally...

100-110 per sq/ft is the going market rate for new construction in my area..

That of course is for a finished home including the lot cost..

Paying over 20-30 K for a middle class lot seems kinda scary to me.

For flipping it would be okay, but crazy lot prices are a good sign of a over inflated real estate market that can come crumbling down in todays shaky world...

If you look at areas that have lost 50% in home values it was usually a result of tumbling land values... Housing materials and labor haven't changed that much...

Just finished a 3/2 2,300 sq/ft house in town. I'm embarrassed to say that it took me 3 months and 6 days to get this house ready, but life has been busy and the flip has been on the back burner.

Luckily the PO had done a complete renovation in 2007-08..

PP was $65,000... Need to calculate all my expenses but it should be under$5,000 including interest to date from my procrastination.. Just minor stuff such as room painting, crown in a couple rooms, stove top, etc, etc.

Amazing what a difference cleaning and staging made on this place.

Listed today for $109,900... It compares favorably to everything in that price range so hopefully it will move quickly!

Plan is to give it 3-4 months on market.. If no sale then I'm going change strategy to long term hold... I'm pretty sure it will bring 1100-1200 on the rental market.. $1000 is like the glass ceiling, but I think it can be broken considering the condition of the home.

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