My First flip... High $$ in my home town. Follow along

79 Replies

Before and after Entry way, looking into kitchen with sunken living room to the right.  We opted to just take the walls back a bit heading into the kitchen...vs a whole removal, and beams...  it really opened it up a lot for the $

Dining room.  we did nothing in here but paint, floor, baseboard, and lighting.

Back patio.  We painted the deck the body color of the house, replaced bad boards, and removed part of it that blocked the sideyard... It makes it MUCH cleaner looking

Kitchen!  We are very proud of this transformation!  The only real change was taking a foot or so OFF the end of that peninsula, it allowed better flow.  Shaker style cabinets that DW picked out....

another view of the kitchen... this home has lots of great light, so we wanted nice light colors!

and the front!  This house sits on a corner.. culdesac to the left as you look at it... but busier street on the right.  They were smart in that they put the driveway deep in the culdesac, and the entry on that side as well... but the landscaping and curb appeal was GONE.  We pulled everything out of the front and side front except the larger foundation plants, landscape fabriced it, dripped it, and planted some california natives...  Front door got painted and two nice pots with citrus in them sit on the stoop.  We knew the curb appeal was going to be huge, as this house is unique... so to get people to get past the wierd (for this area) modern flat roof design... it had to look clean and presentable!

the family room off the kitchen. not much change here... updated the cans, flooring, and redid the fireplace.  fireplace is just MDF and trim from my GC, and tile over the existing hearth.

My wife has gone nuts with the pictures... totally spamming our facebook... but we hope to get action on it fast!


Originally posted by @Cody Winter :
Great job! Did you end up staying within your rehab budget? it looks really good.

HMMMMMM.  No.  But purely due to lack of bids and research.  we didnt do or spend any $ outside of our scope/plan... but things that I assumed would be "x" dollars (landscaping mainly)... werent.  we had no real surprises.  We got all the appliances at lowes, the whole Kitchen for $2800.  was really stoked on that.

I had a budget of $87k for the rehab.  it will probably be like $95k by the time all the nick nack stuff happens.  Bulk of that is the landscaping and tree removal being more.  I way underestimated that cost.

we had two offers.  We ended up offering 1  the chance to match the better one, as that buyer had tried to buy it half done, and we had told him we would give him chance to match.  

No numbers until we close, dont want to jinx.. but it was over, and as is... with all closing and transfer tax covered by the buyer.   All they asked for was a clear pest, and clear city resale... neither of which should be an issue.

We resisted the urge to start playing offers against another... as it is a high $ market, but also a fickle market... with $5k in holding costs per month... we decided against playing games.  Bird in the hand and all that.

Originally posted by @Carson Wilcox :

we had two offers.  We ended up offering 1  the chance to match the better one, as that buyer had tried to buy it half done, and we had told him we would give him chance to match.  

No numbers until we close, dont want to jinx.. but it was over, and as is... with all closing and transfer tax covered by the buyer.   All they asked for was a clear pest, and clear city resale... neither of which should be an issue.

We resisted the urge to start playing offers against another... as it is a high $ market, but also a fickle market... with $5k in holding costs per month... we decided against playing games.  Bird in the hand and all that.

 That's great, and sounds like the right thing to do with not playing them against each other since you will already be making a profit (hopefully) and holding costs add up quick. Can't wait to see it close and hear the numbers! 

Cheers!

awesome. Sometimes I think bp gets a little rah rah rose colored glasses. Like no one ever fails. So i wanted to be real. I am gonna kill $ wise on this deal. But there was still mistakes and learning. 

Thanks for sharing this level of detail, Carson. I hope you'll continue to share your subsequent deals. Question: How did you finance this one? Earlier in the thread you mentioned 100% financing via HELOC, and conventional borrowing. If so, will you elaborate on how you were able to have 100% financing while also having a conventional loan as part of the mix (hard money, friends and family)? Thank you

@Carson Wilcox This was really great to follow along; super appreciate the visuals and high level of detail.

I'm also in Northern California and am currently engaging a seller on a potential seller finance deal in Solano County.  

This will be my first seller finance deal (have done wholesaling in the past); any tips?

well, we are in escrow... so now the fun begins.  Of course I have been mentally counting my profits since I signed the as is no repairs offer, but we all know thats a myth.

well, Home inspection went really well.  A couple little things that were overlooked on my end... contractor banged those out.  

Inspector for the HVAC found critter damage on the ducting and then debris in the ducts.  Buyer stated they would repair the critter damage, but asked us to pay for duct cleaning since hvac guy stated it was remodeling debris... drywall dust, sawdust etc...  $750.  I discussed it with my realtor team.  He recomennded we do it.  good faith blah blah... we did.

Then the real kick in the bean bag... the NEWER (2012) of the 2 hot water heater's  gas control died.  We had hoped it was just the thermocouple... but nope.  $500 plus a week AT LEAST to get the part and install it. (which we all know means 2 weeks)  This would also hold up the sign off from the city.  I debated just crediting them the $ in escrow... But the city wouldnt sign off on the house without hot water, the home inspector was pissed blah blah... so I said screw it...  Coupled with a city that charges you $125 for a permit for a new hot water heater... poof goes another 1250...  

that SHOULD be the last of it... but who knows!  Always fun!  Is there anything worse than escrow?  24 days of MISERY!

Highly detail oriented with tons of visuals.  Great job on making us all feel like we were right there with you.  Fingers crossed that the hot water heater is the last of it.  Excited to see final numbers.  Cheers!

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