done deal. Close on Thursday

18 Replies

Well after many calls and hassles we are closing on Thursday. Got title insurance all set. Here's some numbers.

final cost: 24,307

150 taxes a month

3,000 all floors need to be done

700 paint interior / exterior

kitchen is the question mark on this one.

I will take out all the cabinets and might try to paint them. They are in great shape just that ugly *** honey oak.

1,400 Needs all new fridge, stove, dishwasher

1000 yard cleanup (trees)

350 for dumpster

Furnace and water heater look to be in good shape.

At worse

1200 for new furnace

500 fix windows

600 3 exterior doors

1500 for who knows what

1500 bathroom

so 24307+12000=36,307

3000 fee

ARV=55,000

55,000-39,307=15,693

well that number would be nice for my first true flip.

I am excited and eager to get going on this.

Showed the wife after we closed today and she didn't kill me so that a great start to the flip.

Hope the weather this weekend will be good enough to work outside.

What is the square footage? $700 seems low for painting. What size dumpster are you getting for $350?

Originally posted by @Mike D. :
What is the square footage? $700 seems low for painting. What size dumpster are you getting for $350?

I will do all the painting myself. I am just pricing the cost of paint, prime, and supplies. I got lucky the dumpster is in the driveway already so that might be free for me.

20 cy dumpsters are around 350 in Michigan.

Strong #'s for your first deal! ~40% return on your money is great. What does the $3,000 fee indicate? Also, how are you financing this deal? I don't see holding costs in there...

i get 30 yarders for $350.

post tomorrow morning to confirm that she didn't clean the gun near the bed overnight. :)

20 yard dumpsters are $450 minimum here. I actually ended up closer to $600 after the overage charge. Stuffed three tons into a two ton rental.

Congratulations, @Scott K.

I would be up for stopping by and checking the place out some time when you are over there working.

@Scott K. Congrats. Keep us updated. Where is the home located?

@George P. Hey George, I actually need a 30 yarder for this weekend likely. Can you inbox me a number?

@Thomas I.

i can't find your PM in the inbox. i think somehow it got deleted...

you wont have hard time with pretty much anyone you call since that's the going rate for a 30 yarder. i also haggle with them to give me a better price. i tell them, "You guys are closer and i want to use local, but so and so gave me a 30 yarder for $330 and you are at $350. Match it and i will pay over the phone right now".

i have gotten many discounts this way.

the few places i have called are:

Rent-a-dumpster
Detroit Dumpster
Michigan Dumpster rental (farther for you)
Dumpster Rental 4 less

Honestly, i called 10 places a month ago and all were within $15 of each other.

Also check Waste Management since they offer the 40 yarder. but they are pricier in my area, so i stopped using them

@Scott K. Congratulations on getting the deal closed. For your first flip, it looks really good! Please continue to update us.

Congrats @Scott K. on your first flip. Be sure to post before and after pictures. Good luck!

Congrads on your first deal

Did I overlook your realty commissions in your price list? Or is that the $3000 fee?

Best of luck on your first flip

Originally posted by @Scott S. :
Strong #'s for your first deal! ~40% return on your money is great. What does the $3,000 fee indicate? Also, how are you financing this deal? I don't see holding costs in there...

paid cash just forgot to throw in taxes and insurance. will do some refiguring on that

Originally posted by @Thomas I. :
@Scott K. Congrats. Keep us updated. Where is the home located?

@George P. Hey George, I actually need a 30 yarder for this weekend likely. Can you inbox me a number?

Right up the street from you in Roseville. behind the Macomb mall.

I learned something today.

I AM OLD.

I never used a chainsaw but I bought one today and cut up a ton of wood. I figured I just got a free chainsaw with how much money I just saved myself. Still not done but it looks much better

Met the neighbors also. Always good to get the neighbors happy about fixing up the property. It has been empty for a while. The yard was trashed and the paint is peeling on the outside so they will be happy to see it be redone.

Are you planning on installing the doors yourself? I know HD installs for $270, but you can get a local guy for likely less than $100. Also, what kind of window repairs are you looking at? Depending, $500 might be low. Replacements are probably $200ish each (or more).

Good luck and keep chopping!

Originally posted by @Brandon Krieg :
Are you planning on installing the doors yourself? I know HD installs for $270, but you can get a local guy for likely less than $100. Also, what kind of window repairs are you looking at? Depending, $500 might be low. Replacements are probably $200ish each (or more).
Good luck and keep chopping!

No way will I pay that for door installs. A local handyman can do that at much cheaper rate. Yeah it does look like I will need to replace at least 6 windows.

well today we had a major shopping spree at home depot.

I will have to replace the windows. They are already replacement windows so I can do this myself pretty simple.

We chose our tile for the kitchen and also picked out the floor in the living room. Also got the exterior paint. Went with the Behr exterior primer and paint.

Decided against tiling the tub surround I am going to jut take out the window in the shower instead of replacing it. That will save me about $700.

Found a guy to lay the tile in the kitchen and foyer area for 800.

Still trying to get the plumbing all done.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.