24: The Fix and Flip Edition
The following is an account of my last 24 hours as a fix and flip investor. The events described here are real. The names of those involved have not been changed because you’ve probably never heard of any of them. Some of the details are graphically mundane and may bore you to tears. You have been warned.
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Wednesday, 7:00a â My phone rings. It's my contractor, Jay. He's running an hour late for our walk through at the first of three houses he's finished remodeling for me this week. I told Jay if this contractor thing doesn't work out he could always become a doctor. They love to keep people waiting.
7:40a – I arrive at 713 E. Gemini to inspect the rehab and take pictures for the MLS. I find about 10 minor things that need to be corrected. 30 minutes later Jay calls me again. He’s stuck in traffic so we agree to meet at the next house in an hour.
8:50a – I’m on my way to 1653 E. Frye, walkthrough number 2 of the day. Unfortunately, two tanker trucks crashed on the freeway, shutting down the lanes in both directions. It takes me an hour to drive about 15 miles. I made good use of the time though. One of the Realtors I work with called me about a short sale offer we made 3 months ago – looks like the bank is going to accept our offer.
9:30a – Because of the detour I decide to run into Lowe’s to pick up a towel bar for 1653 E. Frye (the lady that stages our houses forgot to bring one for the bathroom) and a lock set for the next house I need to inspect, 10858 E. Cosmos. After wandering around the store aimlessly for 15 minutes searching for the towel bar (strange how the employees there all disappear when you really need something) I’m finally on my way to meet Jay at the Frye house.
10:15a – Jay and I finally meet at 1653 E. Frye. The house looks amazing. We spent 2 ½ weeks remodeling this property. It’s a high end deal, at least it is for me – list price will be $450,000. After hanging the shower curtain and taking my pictures it’s on to north Scottsdale where 10858 E. Cosmos is located.
Noon – Lunch time. I meet my wife at our favorite spot for Mexican food. Regardless of how busy I am, I NEVER MISS A MEAL. A big reason I went into real estate is for the power lunches.
1p – I arrive at Cosmos for the walk through. It looks fantastic. The plantation shutters were installed the day before. The shutter for the rear patio door interfered with the lever handled lock set so I had to replace it with a round one. I quickly take pictures and head back to the office.
2:30p – Back at Rising Sun Capital Group, LLC headquarters in downtown Gilbert, Arizona I get busy reading and replying to emails. I chose the funny ones from my Dad first. I electronically sign addenda for two different short sale offers I wrote over the weekend and email the pictures for Gemini, Frye and Cosmos to my listing agents.
4:45p – I arrive home and find the newspaper lying on the kitchen counter, opened to my horoscope for the day. It reads “It might feel like you’re getting nothing done, but you will be accomplishing much of your business.” Creepy.
8:00p – I upload and email more listing pictures for Gemini, Frye and Cosmos and then put my kids to bed.
Thursday, 7a – I electronically sign the listing documents for 713 E. Gemini and put 10858 E. Cosmos on the multiple listing service.
7:15a – I sit down to write this post. And check my horoscope. It says “Today will be full of surprises because unexpected events will take place. Quite likely, you will meet new faces and see new places.” Certainly sounds more exciting than my last 24.