First "Official" Rehab- Pictures

We bought the house after the bank had remediated mold and gutted everything just leaving studs in the whole house- Goes on the market today.
I'll post the before pictures shortly.
https://skydrive.live.com/redir.aspx?cid=3382b6d3b219b592&page=play&resid=3382B6D3B219B592!147

Edit- I've been trying to add images to the post- not working out so great

Edited: 08/25/2011 at 05:23AM by Ophelia Nicholson

Ophelia Nicholson

Rehabber · Silver Spring, Maryland

185 posts
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Aug 25 '11, 05:26 AM

Not sure what I'm doing wrong

Edited: 08/25/2011 at 07:26AM by Administrator : Fixed image

Jonathan Sowinski

Real Estate Investor · Buffalo, New York

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Aug 25 '11, 05:48 AM

Looks great, the staging goes a long way too...simple. Hope it sells quickly!

I don't know if you have posted the #s for this project in another post (if so where), I am always interested in what deals look like in paper if you care to share.

Pictures are just the icing on the cake.

Ophelia Nicholson

Rehabber · Silver Spring, Maryland

185 posts
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Aug 25 '11, 05:53 AM

Sorry Jonathan,
I was so busy trying to get the picture in my post that I forgot the numbers.

Purchase price $62900
Closing cost on purchase $3100
Total = $66,000
Rehab= $45000- I just rounded up to the nearest $1k
Holding costs- We bought cash so holding costs like light and utilites were under $100
Realtor fees +5% closing cost help $19,700
Sales price $197,000
Expected profit $66,300

Jeremiah J.

Contractor · Grand Rapids, MI

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Aug 25 '11, 06:03 AM

Absoulutely incredible job of staging that property. Looks spectacular. Are there any before pics?

Jonathan Sowinski

Real Estate Investor · Buffalo, New York

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Aug 25 '11, 06:08 AM

Anticipating your sale...Congratulations on your First "Official" Rehab.

Shouldn't it be "Asking price $197,000" "Sale price TBD".
No worries, I am just giving you a hard time...

It looks like you positioned well to capitalize on this one, again good job!

Luis A.

Real Estate Investor · Atlanta, Georgia

249 posts
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Aug 25 '11, 06:14 AM

Originally posted by Ophelia Nicholson

Sorry Jonathan,
I was so busy trying to get the picture in my post that I forgot the numbers.

Purchase price $62900
Closing cost on purchase $3100
Total = $66,000
Rehab= $45000- I just rounded up to the nearest $1k
Holding costs- We bought cash so holding costs like light and utilites were under $100
Realtor fees +5% closing cost help $19,700
Sales price $197,000
Expected profit $66,300

Gotta love those numbers.

The pictures look amazing. Hard to believe that was "just" a $45k rehab. Would love to see some "before" pictures.

It is so awesome to see a finished rehab product. I get giddy just looking at the pictures. Feel like going out and buying something...oh wait, I did :D

Good luck with the sale.

Amanda Hensley

Real Estate Investor · Camas, WA

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Aug 25 '11, 07:21 AM

Looks beautiful! I hope you get every bit of your asking price.

Justin S.

Rehabber · Chandler, Arizona

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Aug 25 '11, 07:24 AM

Wow, looks great and your potential profit is huge. I may need to move to Maryland.

Justin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer

Ibrahim S

Real Estate Investor · Union, New Jersey

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Aug 25 '11, 08:26 AM

Great job!

I would look to cut down on the Realtor/marketing cost by becoming a Realtor and going with a broker who does (at least) 70/30 your favor. It's an excellent way to keep track of market trends, find your own buyers for your rehabs, control the marketing (you'd be surprised at how many Realtors have cost their sellers buyers by not being professional yet the seller has no idea) and keep costs down.

Again good job Ophelia! I think you've made me a fan of staging. How many bedrooms and baths?

Ibrahim S

Real Estate Investor · Union, New Jersey

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Aug 25 '11, 08:33 AM

Also any roof or siding work involved in the rehab? I guess I'm trying to get an idea of rehab costs compared to what we spend up here in NJ. Thanks!

Kevin C.

Real Estate Investor · North of Dallas, Texas

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Aug 25 '11, 08:47 AM

WOW - NICE Job Ophelia!

Like the others, I'd like to see some before pictures if you have them. How long did the rehab take?

J Scott

Real Estate Investor · Atlanta, Georgia

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Aug 25 '11, 09:10 AM

Originally posted by Ibrahim S

I would look to cut down on the Realtor/marketing cost by becoming a Realtor and going with a broker who does (at least) 70/30 your favor.?

I would go one step further and suggest staying away from the big firms that take a big percentage of your commission.

As an example, a 30% split on this $200K sale would equate to about $1800. You can probably find many smaller brokerages who would take a flat couple hundred dollars (or less). Over a few transactions per year, the savings adds up!

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com

Ibrahim S

Real Estate Investor · Union, New Jersey

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Aug 25 '11, 09:20 AM

Agreed J Scott. I only suggested the 70/30 outfits because I'm thinking any less (correct me if I'm wrong anyone) may not offer much support at all. I see the 50/50 outfits like Weichert and they offer tons of support for the newbie agent who has no real working experience in real estate. My 70/30 EXIT Broker gives some support. The folks at Remax where I hear there's no commission split but do require a $1k/month desk fee (again this is what I hear) expects you to be able to swim with the rest of the sharks. Might not be good for Ophelia who is sort of new. Just my opinion.

Ophelia Nicholson

Rehabber · Silver Spring, Maryland

185 posts
3 awards
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Aug 25 '11, 09:30 AM

I'm at work and only able to access the site via blackberry so will post before pics later as well as answer questions however with my current full time job the bank doesn't allow me to hold a realtors license as it's a conflict of intrest. So all discussion about that is null and void until I do real estate full time or work for a company that doesn't have the restriction.

Justin S.

Rehabber · Chandler, Arizona

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Aug 25 '11, 09:54 AM

In your first post, you used "we bought this house". Have your partner get the license then. Plus, if you are buying REO's, you get the buy commission as well. Just food for thought.

Justin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer

Raj R

· Ellicott City, Maryland

2 posts
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Aug 25 '11, 11:04 AM

Hi Ophelia, I'm also located in Maryland. If you don't mind me asking, is this property in Southern Maryland...Montgomery/PG Counties?

Zak Ols

Real Estate Investor · Anaheim, California

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Aug 25 '11, 11:51 AM

Congratulations Ophelia, and good luck on a quick sale.

Stinson Bland

Wholesaler · Dallas, TX

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Aug 25 '11, 09:35 PM

Great job! The kitchen is sure to be a show stopper during your showings. Thats a really nice fridge your selling with your house. Are most homes in Maryland sold with a fridge?

Good luck on your sale!

Tim Gordon

Wholesaler · San Diego, California

148 posts
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Aug 25 '11, 11:11 PM

Great work, looks fantastic. How did you find the property?

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