All Forum Posts by: Anil Villamkandathil

This is my first flip, it has completely got out of hands. I had relied and trusted incompetent contractors. I have the property on contract but the inspection report is completely out of bounds. I need a good reliable contractor in concord, NC area. Somebody in the group please provide a reference. I would really appreciate it. 

Hello all,

I am doing my first rehab flip. It has turned out to be damm adventureous/scary/ Stressfull/ Sleepless journey. I have my great share of mistakes, and if I survive this , will do it lot better next time. There are these continous moments where I absolutely think I should have not got into bussiness at this time.

I  had the worst contractor whom I trusted till very late in the project who did all jobs very lousyly. The paint job, tile Job and flooring done by him is very bad and pathetic. I will put in a detailed post of How I got here, the story is stupid and miserable for me.

so I have listed the house for 343k in concord -28027 zipcode, the house had very good interest and views on zillow and redfin, but none of these has converted into a offer. I had two semi offer, I think they were the undecided buyers. I had many people tell me how lousy the paint and tile job is. I can see it, nobody need to tell me that and that is the reason why any of these leads are not converting to a offer

As I stand today, I will lose 15k to 20k [without counting my travel and food expense] on this property at the above ask price. And my loss is increasing every day I hold it. I live about 1 hour 30 min from the property. One round trip costs around 25 bucks with the vehicle I own.

I have a hard money on this house costing 2200 every month + 2380 every three months in renewal costs. This is the highest cost line item in my flip.

With credit market in big risk and high costs of capital, I am super stressed/ sleepless /not mention scared and worried how to go about with this now. In short I am worried about my exit.  

So now I am trying to figure out how do I go about this home now.

1.refianance and hold l. I  will lose about 200 or 300 every month. I should be able to rent at 2000. I am looking for a good lender who can help me. Good thing is I have good credit and equity on this project.

2. Suck up and Fix up the issues and sell. It does not mean I will still get the asking. This will cost me another 10k in labour and material. Bigger problem is if I need to mess around with the floor, they are discontinued in lowes.

3. Reduce price, if yes by how much. Will I still have buyers.

Any advise is greatly appreciated.

Thanks

Anil

I guess I got my messaging wrong. When I Say cheap, I meant a competitive Investor level pricing for a level 1 granite. The flips in my market have them. Well, now things have changed and I see all kinds of property listed. I don't mean to cut corner, however I am trying work within the market parameters that I am bond to. As of now my expenditures versus projected income is little scary. The work I put in must be considered as experience.  So I am hunting ways to save every penny I can.@Mordy Chaimovitz@Mordy Chaimovitz

@Mordy Chaimovitz, I am not sure if I am going overboard, but its my intension to deliver a descent product, However the market has nosedived now and my purchase price is no good for the current challenging ARV. Most of the flips in the area have a Solid stone countertops, so I guess the market demands it. But as noted above things are changing.

@Tom Fidrych

Thanks, Can you please guide me  the search terms, Do business show up on google searches. I do not live in the area of my flip, I out by about 1.30 hrs and I work full time. Very hard to drive around. 

If I don't sell it at my lowest bench marked price, My plan B is to rent the property but my concerns are I invested a lot of money into remodeling the property as a flip and I fear when it comes time to sell, I have to redo this exercise again. Renting for me right now is not profitable. I am in line of losing couple of 100 bucks a month.  I am also considering medium term furnished renting at https://www.furnishedfinder.co.. , this would mean, me investing in the furnitures. My contractor thinks this is a good Idea. To be frank I do not understand all the variables here, particularly the vacancies and security of my property in a multitenant setup.

Thanks

Anil

Thanks

Anil

I am fixing up my first flip and the market has changed on me. My budgets are now stretched. Can somebody refer me to a  good granite/quartz fabricator who can provide cheap granite. The prices of materials have skyrocketed and unfortunately the housing market is tanking. So if any one has any recommendations it’s greatly valued and appreciated.

My budget was at 30/sqft, however the prices I am getting is 40+. The kitchen also turned out bigger than I calculated for, so I am now completely out of charts.

Thanks
Anil

I got into a project and got my numbers and the fix list wrong. I am looking for a resource who would help me rewire my 2 wired electrical system to the code to accomodate all new systems to be installed. Can some body please rwcommend a good electrician.

I have been thinking of diversifying my investment. How do really find and analyse a website. How to invest in them. Do you have a link or something.

I would say have enough reserves for repairs. They turn out to be pretty expensive.

All the best.