Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
BP Community,
This is Shawn Ward of Belle Hampton Properties in Los Angeles. My partner and I just purchased our next flip in South Los Angeles and decided that instead of posting a success story at the end (which I still hope to do), I'd actually post weekly updates here and can take you guys along the journey with us and answer any questions that may arise.
Background:
List Price: $425k
Purchase Price: $410k
Financing: With Hard Money Lender & Private Investor
Rehab Budget: $75k
ARV: $625k
Target Flip Timeframe: 10-12 Weeks
House: Beautiful Craftsman (see attached); it's a 2/1 now and we are converting it into a 2/2.
SIDE NOTE: We just went into contract on a second flip in Montecito so we'll be doing two flips at the same time.
Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
9y
WEEK 8 UPDATES:
Happy Monday! Here are some highlights from Week 8 of 10 in our rehab process. Most of our updates last week were on the outside of the house. Here are details:
1. REHAB:
- Backyard fence has been painted. See attached.
- Back patio has been put in. We built it around a nice tree that was in the yard. Incorporates the old elements with the new and provides some shade. See attached.
- We dry-walled the garage interior and added electrical See attached.
- We are considering adding a front fence if we can get it done at the right prices (less than $1500), but haven't signed off on it yet. We feel this could add some value as it is very prominent in the neighborhood.
2. TIMELINE:
- Completion date is still on track for July 24th.
3. BUDGET: - We were paid our 2nd draw from our HML last week. 75% of the rehab completed. This really helps our cash-flow and payments to subs
4. MISC:
- Been meeting some very interesting people via BP and Meetup recently and I advice anyone on here to go to multiple REIA's and meet at one-on-ones at properties.
Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
9y
WEEK 9 UPDATES:
1 Week to go and some great updates since the last post.
1. REHAB:
- Outside paint has begun
- Kitchen faucet put in
- New auto gate installed
- Master bath faucets being put in (yellow pop)
- All interior paint is done except wall in kitchen
- Mural is 85% done on the backyard wall
2. TIMELINE:
- Rehab Completion date is still on track for July 24th.
- Staging is set for July 25th
- Photography is set for July 27th
- Friends and Family Opening set for July 29th (PM me if you want to attend)
3. BUDGET: - Still on budget, so we are good here.
4. MISC:
- Had a few BP'ers stop by over the past 2 weeks, and was able to take photos with some. They were Christian, Andy, David, Osa (seen below) and Bryan (see below).
Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
9y
WEEK 10 UPDATE COMING SOON!
In the meantime, we are having our Friends & Family Unveiling this Saturday. PM me if you are in LA and want to see the house yourself, and I'll shoot you the details.
San Gabriel, CA · Member since 2017 · 20 posts · 7 votes
9y
Oh i just saw this thread, excellent work Shawn. The rehab and upgrades you are doing no doubt are adding huge value to the property for sure. Can't wait to see it when it's all done.
Los Angeles, CA · Member since 2017 · 13 posts · 8 votes
9y
Wow, the work looks fantastic @Shawn Ward! I just started with learning about real estate investing and live in Los Angeles, and I am inspired by your photos and story! I can't make it out to your unveiling this weekend, but would love to come down and see it sometime if you guys are still going to be around the property!
Investor · Pasadena, CA · Member since 2017 · 613 posts · 523 votes
9y
Looks great so far Shawn, and I'm sure the finish product looks amazing now. Great job! I am very impressed with your timeline and being ahead of schedule, that is a big part of what I need to work on. I'd love to see one of your other flips in progress, if possible.
Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
9y
WEEK 10 UPDATES:
WE ARE DONE! Got it all done on time, as we completed rehab on July 24th as planned. Have details below on the finish line items and also pretty cool that we are now in escrow! We listed it yesterday in order to get back-up offers.
1. REHAB:
- Everything we planned is done
- There will be some touch-ups that we need to do after the staging is removed
- The buyer's inspection report is due this week, so we'll see where we end up on final budget and net profits
- We added lights in the backyard
2. TIMELINE:
- Rehab we complete on July 24th.
- Staging we done on July 25th
- Photography was done on July 27th
- Friends and Family Opening happened on July 29th. It was a great event and had a bunch of people from BP and from the Santa Monica REIA .. much thanks to @Jeff Greenberg !!!
3. BUDGET: - We currently are over budget around $3k before inspection items. This is fine as we had a contengency of about $9k on rehab that was built into our budget.
4. MISC:
- We were going to list it at $657k. We received an offer of $660k in Week 8 and we accepted it. We are now in escrow and all of the inspections and appraisals are happening now. We are also accepting back up offers over the next few days.
I was a little hesitant about the yellow in some of the earlier pictures, but the finished product came out great! Congrats on the offer and I can't wait to see your next flip!
Louisville, KY · Member since 2015 · 7 posts · 2 votes
9y
Shawn Ward Wow beautiful flip Shawn, congrats on your first success flip. Can I ask if you are involved at all during the flip? Are you there everyday to check on it?
Wholesaler · Culver City, CA · Member since 2015 · 185 posts · 56 votes
9y
@Shawn Ward Thank you so much for the invite to the open house/cocktail party. The house is amazing, and I'm borderline jealous! HAHA, an Awesome job you and Zerik did. I can't wait to see the next one, man!