{"id":170510,"date":"2024-04-15T12:44:04","date_gmt":"2024-04-15T18:44:04","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=170510"},"modified":"2024-06-11T03:30:57","modified_gmt":"2024-06-11T09:30:57","slug":"flip-off-diary","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/flip-off-diary","title":{"rendered":"The BiggerPockets Flip\/Off: My Weekly Progress Diary"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC6676250276\" width=\"100%\"><\/iframe>\r\n\r\n  \n\n\n\n\n<p>If you haven&#8217;t heard, Henry Washington and I are doing something special in honor of the 200th episode of <a href=\"https:\/\/link.chtbl.com\/OTM\" target=\"_blank\" rel=\"noreferrer noopener\"><em>On the Market<\/em><\/a>. We are competing in a Flip\/Off, battling against each other to see who can score the highest return. <\/p>\n\n\n\n<p>We described our deals <a href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-200\" target=\"_blank\" rel=\"noreferrer noopener\">on the podcast<\/a> and what we hoped to achieve, but I want to keep everyone up to speed on how my flip is progressing. So, every week, I&#8217;ll update this diary so you can see how my property transforms into the high-cash-flow deal I know it will become.<\/p>\n\n\n\n<p>Be sure to <a href=\"https:\/\/link.chtbl.com\/cG6BNkzV\" target=\"_blank\" rel=\"noreferrer noopener\">listen to the Flip\/Off episode<\/a> of <em>On the Market<\/em> and leave me your comments below about what you think I&#8217;m doing right\u2014and wrong\u2014in my house flipping victory.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Week 1 in Review<\/h2>\n\n\n\n<p>We started our project on a TEAR. When purchasing flip properties, often times investors utilize hard money construction loans that have expensive interests. Interest expense on flip properties can erode profit and turn good deal into a average or even a bad one.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/flip1-1024x523.png\" alt=\"\" class=\"wp-image-170515\" style=\"width:884px;height:auto\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/flip1-1024x523.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/flip1-300x153.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/flip1-768x392.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/flip1.png 1094w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p>Ways that we prevented having a project drag out was having the property fully bid out with a contractor prior to closing. After reviewing the estimate, to reduce costs, we directly subcontracted for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Electrical panel and mast<\/li>\n\n\n\n<li>Furnace install<\/li>\n\n\n\n<li>Appliances<\/li>\n<\/ul>\n\n\n\n<p>This saved us about $3,100 in costs.<\/p>\n\n\n\n<p>Permits for new electrical we pulled the day we closed which allowed us to install the new electrical panel, have it signed off, and get going with the rest of our project with power. Proper preparation for this project allowed us to hit the ground running and gain some serious ground on the schedule.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What was accomplished this week:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Demo \u2013 On Budget<\/li>\n\n\n\n<li>New windows installed \u2013 On Budget<\/li>\n\n\n\n<li>Framing new bathroom complete, we made some revisions to open the kitchen wall up by an additional 2 feet.<\/li>\n\n\n\n<li>New electrical panel installed and signed off on \u2013 On Budget<\/li>\n\n\n\n<li>Installed new mast and meter base \u2013 On Budget<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Unexpected issue:<\/h3>\n\n\n\n<p>Water meter was SPINNNNNNNNING like crazy, cut off water at the street and checking to see if there is a small water line leak, hiring a locate company to trace the spots \u2013 Price TBD<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Plan for next week &#8211; getting the project roughed in:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Furnace to be installed<\/li>\n\n\n\n<li>Plumbing rough in will begin<\/li>\n\n\n\n<li>Electrical rough in will begin<\/li>\n\n\n\n<li>Spec selection for finishes for property<\/li>\n<\/ul>\n\n\n\n<p>We are in a race to catch Henry\u2019s deal. Naturally, with Henry&#8217;s price point, they can often yield higher cash on cash returns. If I want to be competitive and win this FLIPOFF, we will need to stay in budget and attempt to try and reduce our timelines down by one month. RACE IS ON! I am feeling confident in my team and the JUMP we got on the schedule.<\/p>\n\n\n\n<div id=\"hero-block_258df191abb39fb0eead12433b755531\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Whose House Flip Can Pull In the Biggest Return?<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">A house flipping competition like never before! Henry and James detail two recent flips they\u2019re working on and battle against each other to see who can score the highest return. Which property will win the Flip\/Off?<\/p>\n\n\n\n<div id=button-custom-event-block_174c9da41398026e84b4cabe97343c43 class='button-custom-event'>\n      <a href=\"https:\/\/link.chtbl.com\/cG6BNkzV\" x-on:click=\"window.analytics.track(&#039;OTM Podcast Blog CTA Click | Episode 200&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/flip-off-diary&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-slate-dark-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Listen Now<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/04\/final-Flip-off-James-Henry-yt2-1-e1712932636235.jpg\" alt=\"flip off\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Follow along as I share my progress in my house flipping battle with Henry Washington!<\/p>\n","protected":false},"author":613733,"featured_media":170511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5525,7119],"tags":[],"class_list":["post-170510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-flipping-houses","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/170510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613733"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=170510"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/170510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/170511"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=170510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=170510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=170510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}