Share Your Success! Pics, Flips, and $$$

491 Replies

@Chad Urbshott

I recently walked through my local home depot and could not believe the difference in price between engineered hardwood and actual hardwood. They unfortunately did not have an installed display to showcase the difference in look and feel between the too. 

In your experience is there a big difference? Would a typical first time home buyer be able to tell a noticeable  difference?

Thank you for your insight.

Pete

@Pete Perez

Actually I have seen eng'd hardwood more expensive in some cases in my main market (Florida).  The reason being is that eng'd is more adaptable to fluctuations in moisture content, and does not tend to warp as bad, therefore is in higher demand.  Real hardwood is rarely laid directly onto concrete, and needs a subfloor to prevent moisture being drawn into it.  Given that most FL homes are slab homes, and has an extremely high humidity, eng'd is the best route to take.  

As far as looks are concerned, the top veneer of eng'd is real hardwood, only the composition of the underlay is fabricated therefore is not much of a difference in look once it's laid.  The noticable difference though is that it has more of a manufactured look since there aren't as many inherent flaws as there is with real hardwood.  

Having said all that, the property I posted is actually in a suburb of Cleveland, lol.  

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This partial success is related to the Note side of things.  

In Sept I purchased three NPN 2nd position notes. After closing the purchase and having them boarded with the servicer I started the process of borrower contact. The first contact was the RESPA letter, when we received no response, we went with a door knock to verify that someone lived there and to let them know we own the debt. Third step was the legal process of foreclosure.

The borrower made contact and wants to keep the property.  Sometimes hitting them with legal gets them to come forward.  Hopefully we can workout an agreement to get them back on track.  I will keep you updated as things progress. 

I have never uploaded to BiggerPockets before, so let's hope this works.  This is in a 3-plex that we bought a few years ago.  We spent next to nothing because my husband did the work--not because we tried to save money, but because he's a perfectionist and thinks the only way to get something done right is to do it yourself.  We only have a handful of rentals right now, so he has time for it.  Someday, I'll have to convince him that he needs to get used to the idea of delegating, but the times that I've convinced him in the past did not work out.  He would rip apart what someone else did, and then he'd do it himself.  Ugh.  Anyway, this was an apartment where a cat had been allowed to poop all over and climb on the counters where food was left out.  The range hood looks disgusting because someone had spilled cooking oil down onto it, and then a bag of sugar.  The sugar stuck to it, and it was so gross.  The tenant never cleaned anything, and he let mold grow in the bathroom.  He said it was pointless to clean it because it would just come back.  We let him know that we weren't renewing our lease with him when it expired.  LOL

BEFORE

AFTER

BEFORE

AFTER

Oh, and that fridge was my guinea pig.  It's the same refrigerator in both pics.  I used stainless steel paint on it, just to see how it would turn out.  Not too shabby.   :)

Our latest project was a big undertaking in both budgets and sq ft. With over 5000 sq by the time we were finished the basement renovations and nanny suite. It was also the highest price point we have ever worked in on our flip projects.

Purchase $625,000

Renovations: $147,000

Final Sale Price: $849,400

Lessons Learned: 12/12 Pitch on a roof is incredibly costly to replace, often times roofers would show up see the pitch and leave without even making a bid.

Custom Kitchens and bathrooms make or break homes! They can also make or break budgets so chose your trades carefully.

Before:

After:

We could not add much to the view!

@Chad Urbshott  

I only painted. I hired 3 guys and it took 6 weeks while working on another project. It looked scary but it easier when the demo was done by the previous owner.    

Purchase Price: $220,000

Rehab Costs: $70,000

Finance Costs: $15,000  

Holding Costs/Closing Costs:  $25,000 

SOLD: $386,500

Net Profit: $56,000

Deal structure:  Partnership with partner funding the deal 100%  with interest and a percentage of the Net Profit. 

Lessons Learned

1. Shorten holding time we held this for 18 months

2. Hire more contractors we did to much of the work our selves

Before

I just sold this home in Fenton, MO (Saint Louis).  Purchased in December for $159,000.  4 bed/3 bath, 2100 square foot.  Put $26,000 in it, $7000 for realtor.  Closed today for $244,000.  Roughly a $45,000 profit.  Here are some before and afters...  3 month turn around.

 

 

 

This is a project I completed that was an extensive remodel with a large addition ~1100 to a property. Purchased of $525K Rehab (Soft,Hard, and selling expense) $500K, hold time 1 year, sales price $1.45M. Dramatic change and a large project

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