21 Day Flip Journal! Day 3 Saturday June 6th.

Yep. It's a Saturday and I am working. Maybe the rest of America is cutting their lawns, roaming Shopping Malls, having a BBQ, I am out at the project trying to figure out, "What's Next?".

You need to remember that time is money! And there is nowhere than the Flip business that this is true. Figure on a $230,000 purchase and a $180,000 hard money loan, interest only holding costs are in this case $64.11 a day. And what the money that we put in? Shouldn't we be paid for that too? Add to that, insurance, utilities etc. I calculate it out to $100 a day!! That's right, every day that this project does not move it's another $100 a day out of pocket. Saturdays and Sundays are no exception.

6:26 AM Met with Kevin at the office put together quick project budget got him set up one OneNote and created the Anchorage Notebook. We use Microsoft's OneNote to journal and track our projects. This way we can add notes, and photos, punch lists, a whole myriad of information, including bids, invoices any kind of document within the Job Notebook and share the information with anyone.

10:00 AM Went to job site met with Russ the Plumber, talked about Bathroom layouts, (this is where we are taking the upstairs front Den which is very large and turning it into another Master bedroom complete with walk in closet and its own full bath en suite. Because we are adding another bathroom we have to bring in a widr pipe to tien into the main sewer line. Permitting and cost to bring in new sewer line. Sewer line from house to street main needs to bigger diameter because of number of toilets in the house. I guess everyone cannot flush at the same time, but anyway. Permit  process is one day and cost maybe $6,000 ouch. Kind of puts the budget out of whack. But could be worth it because of the potential upside, we bought it for $225,000 and the potential is $330,000. If we want a real master in front of the house instead of a den, then we do not have a choice. We just make less money. If we turn fast and have no holding costs we are better off.

Went to granite place picked out kitchen granite and awesome slab for the old shower walls. Instead of tiling the walls we are going to use slabs. I have pictures below;

To the left is the Kitchen Granite and to the right is the old Master Bath shower granite. We are going to slab instead of tile the shower walls. Pretty Cool! The shower slab looks like someone took river rock and sliced right through!!

Then we stopped by our flooring place found a great Wood Laminate flooring product which was on sale at $1.09 a foot. Installed we would be in for $2.59 a foot. This is a large house, with the exception of the bathrooms we are looking easily at around 2,400 square feet (this includes excess product). We are also putting laminate on the stairs, and I always use the wider two inch edging for the leading edge of the stairs. Looks much nicer and wears better. By the way, NEVER, NEVER take your eyes off the Budget Ball! It will run!!

 So with that kind of footage our total flooring  costs with pad and installation, comes in at  around $5,800. Now  you need to baseboard and  corners. Typically  500 feet of Baseboard and  about 60 corners cost  me about $320. The  money is starting to add  up! Better watch that  budget. Our rehab budget  is  at $31,000, but I  also understand that things  always cost more  and take more time than  originally anticipated.