First Flip Almost Complete

[David Olson]

Hello everyone,

I am about two weeks away from being complete with my fist flip. It is located in Katy, TX and there were some unexpected repairs but nothing that set us back to much. I will be uploading complete before and after pictures once it's staged on December 3rd and ready to go on the market, but for now I'll upload a few to give you all an idea of just how far we've come. 

A few things we did to note:

• Ran all new pex water lines throughout the whole house and placed a large manifold in the garage so each water source has its own isolation valve
• Added a 4th bedroom making it a 4bed 2bath home
• Relocated the washer and dryer to the garage. Previously in the kitchen pantry
• Removed the fire place
• Repaired the foundation
• All new exterior fencing and landscaping
• Removed all the sheetrock in the home as well as the ceilings and replaced the old insulation with new insulation in the walls as well as blew new insulation in the attic.
• I am sure I'm missing a handful but those are the major ones

We plan to use Listing Spark to list the home and I will be doing the open house myself. I've heard both ends of the spectrum on this one. Most realtors strongly advise against this for good reason and most investors I have spoken with advise using a listing company and holding the open house myself. I can definitely speak to it as far as what's behind the walls like all new pex lines, anti-mold sheetrock in the bathrooms etc. so I feel comfortable in that regard. 

Thanks to all the previous members who have posted on BP in the past because your posts and comments have contributed to me finally taking the step.

P.S. Long term goal is still to buy rentals but I always looked at flipping as an opportunity to create more reserves to buy more rentals. That and my business partner has his own crew and a successful construction company of his own so it just made sense. (We have everything in the partnership in writing and in legal form)

KITCHEN

LIVING ROOM

[Natalie Schanne]

David Olson - You can possibly find a buyer yourself or agree to pay only a buyer’s agent (whatever you negotiate, maybe 2-3%) or also pay a listing service. Zillow will get a lot of traffic. You can also try Facebook community pages. Statistics state that you’ll get a lower purchase price because they know you’re saving the 4-6% commission (negotiable).

Next flip you should post your phone number on a lawn sign or in the window like Another amazing renovation by D.O. Homes! Call xxx for more information. Often neighbors can help you find a buyer.

I sold a flip house off my Zillow.com listing and had posted open houses on there. It helped my neighbors house WAS on mls. I paid the buyer’s agent 3% (on 145). I might have found a buyer without a buyer’s agent, but I found it’s nicer to have someone walking the other person through all their worries, inspections, etc.

I don’t know if Texas is like New Jersey, but there are a lot fewer buyers until the spring. You want to carefully vet your buyers because you don’t want to be locked into a contract with a buyer who ultimately can’t perform. I’ve had a lot of delayed closings from the mortgage paperwork not getting in order quickly.