Fantastic Flip! How many days was it on the market? Did it sell around the Holidays? Mt. Rainier is a good first time home buyer area. I invest in the same area. DC, MD & VA. Just wrapping up a condo rehab in Adams Morgan. Way to go!
Congratulations Jonathon! Looks great! In my immediate area, I would be reluctant to put $67,000 total costs in a house that size. It seems as anything under 3b2ba.,12-1300sf is much slower to sell. Again, great job!
@Jonathan C. Can you say WOW! What a complete transformation. Next time you do one of your projects, you might want to post it on the forum Investor Deal Diaries so that everyone can follow along. It's great to see properties of all different types, sizes, etc. being done. Congrats!
In this case, purchase price was well under half ARV, so it had fair flip potential even before rehab.
Rehab means value added. Is there a way to do rehab remotely, with a degree of confidence? i.e. without being on hand to supervise the job? or does the true flipper just look for someone who can it take it off his hands for a modest profit?
1- I track all my expenses for all my rehabs in a simple excel sheet. Did 22 rehabs in 2014 and it was still good enough for me, though I'm sure quickbooks will be better and will switch to that at some point
2- I use a pretty autonomous GC who I don't have to oversee very closely. The costs are higher than managing myself, but I'm attempting to do this as a high volume business, so willing to sacrifice some profit so I can spend more time on the stuff that makes me the most money: finding deals.
To find a good GC my best trick would be to search out run down properties bought in cash in last 15-30 days and then spend a day driving around to all of them collecting contact info for the people working on those houses. I find addresses of these properties through MLS as I am licensed as a Realtor. You'll find that these are sometimes properties bought by investors.
When you come across someone working on the house let them know you have a business flipping houses and are looking for people to do work on your jobs. Ask them if this is a job for investor or homeowner, then ask if they work primarily with investors or home owners (you're looking for GCs who work mostly or exclusively with investors).