Flipper/Rehabber · Atlantic County, NJ · Member since 2012 · 514 posts · 209 votes
So my brother and I are wholesalers and we have moved into rehabbing and soon buy-n-hold. We would love to start taking advantage of our wholesale deals like we did with this one. Here's a few pics of before and afters. Opinions appreciated.
Property is located in Merchantville NJ. We're not 100% done probably 95% but we're listing it in the next few days and should be done by then.
nice work man.... Everything looks nice congrats on your first flip...I'm in the process of closing on my first rehab property next week and can't wait to see the process...
Awesome work! Do you hire a contractor to do the work or do you work together with your brother? Also how is the neighborhood I have been looking around NJ online and mainly find areas with a lot of crime. Either way that is some good work, and I wish you the best when you finally put this house on the market.
Thanks everyone! My brother and I sub'd the roof, stucco, concrete, flooring, electrical and plumbing. We did the design, carpentry, painting, kitchen/bathroom/office install and every other little thing involved.
Thanks @Aubrey Bailey considering I work fulltime and my wife just had our first baby we're at 2 1/2 months and should have it listed monday. My brother is fulltime in our business so that's huge. Let's hope the start align!
@Nathan Paisley that's not bad at all and congrats on the new baby. Happy to hear the home is all wrapped up and please keep us posted with how the sale goes.
@Kenneth B. there was even more than that! That was about half way through it lol. To be honest there was some stuff worthy of reselling but time was not on our side. I did forget to mention earlier I live 45 mins away from this property adding to the difficulty of it all. Well one done time to get #2 before the new year!
I'll post numbers as soon as I can. They should be pretty good :)
@Kenneth B. there was even more than that! That was about half way through it lol. To be honest there was some stuff worthy of reselling but time was not on our side. I did forget to mention earlier I live 45 mins away from this property adding to the difficulty of it all. Well one done time to get #2 before the new year!
I'll post numbers as soon as I can. They should be pretty good :)
The rehab looks great! Very interested to see the final numbers
Did you paint the cabinets? I'm always curious about that. It seems the time cost of your/or your painters time to paint them would outweigh any savings over replacing them. Can you talk me through your decision and how you painted them?
Hey @Kirk Berryman we did not paint the cabinets, we purchased RTA shaker cabinets. Kinda of a pain but we figured out a system and could put one together in less than 1 minute so we moved fast lol.
Thanks for the compliments everybody! So my brother and I decided we're gonna get a cash out refi from our private money lender. There's just so much equity and the area is awesome. Oh and it's completely rehabbed! We've decided that instead of wholesaling every property, we're gonna acquire every property. So getting the financing in place is taking some time but it'll be worth it in the end.
I'll post numbers as soon as we start moving forward with the refi.
We do have another property lined up to flip with a partner, fully funded by him and we would just do the rehab and split the profits. But again we want to hold that property because our wholesale deals have so much equity and this property is only 9 years old and 10 mins from my house!
Hey @Kirk Berryman we did not paint the cabinets, we purchased RTA shaker cabinets. Kinda of a pain but we figured out a system and could put one together in less than 1 minute so we moved fast lol.
Thanks for the compliments everybody! So my brother and I decided we're gonna get a cash out refi from our private money lender. There's just so much equity and the area is awesome. Oh and it's completely rehabbed! We've decided that instead of wholesaling every property, we're gonna acquire every property. So getting the financing in place is taking some time but it'll be worth it in the end.
I'll post numbers as soon as we start moving forward with the refi.
We do have another property lined up to flip with a partner, fully funded by him and we would just do the rehab and split the profits. But again we want to hold that property because our wholesale deals have so much equity and this property is only 9 years old and 10 mins from my house!
I'll keep you posted.
Funding has been a pain for me as well. I've read a few forums here but still kind of difficult to get a decent quote. I'm currently reading The Book on Flipping Houses and so far it has shown me a lot with regards to rehabbing and marketing, but I feel like I have to read the funding chapter again. I'm meeting a few local banks and investors next week, if I hear anything and you're still looking I'll be glad to get you some contacts.