All Forum Posts by: Alex Smith

PHEW! Finally closed on the sale of our flip yesterday after being under contract for 60 days! This was our biggest rehab yet, with many subcontractors and moving parts. It was our first flip with cesspools, underground oil tank and well, so we got to experience the process of installing a septic system which literally took FOREVER to get approved, but we learned A TON along the way! This was a 1750 sqft rancher with a full unfinished basement. We finished the basement adding 1000 sqft of finished space to the house. 4 bedrooms, 2 bathrooms. Brand new roof, windows, driveway, full interior rehab, HVAC, plumbing, electrical. 

Here are some numbers and pics.....

Found this deal off market through a referral

LIST PRICE: $390,000

SALES PRICE: $410,000

Purchase and Closing costs: $111,000

Rehab: $173,000

Holding Costs: $11,500

Commissions, Closing Costs, Referral fee on Sale: $24,000

Profit before Taxes: $90,500

@Scott Mac I think we can get enough electric, but yeah, I'm going to have to verify with an electrician. Good point!

@Scott M

@Scott M. that is a great idea (laying the ground work). I think we will try to get all 3 central a/c units in on the front end, but if we don't, at least they can be added in later with ease if we go the route you had mentioned. Thank you!

Good Morning BP! 

Just thought I'd stop in here to see what others would do or have done....

We recently purchased a 6 unit distressed property. The property is comprised of a triplex, duplex and single family home. 

We are currently working in the triplex and when we purchased the property, everything was a little odd. I believe at one point this triplex was a single family home, so it had 1 oil tank servicing the heater for all 3 units- yikes. We got rid of that and had 3 gas meters installed. We are getting new ductwork/heaters for all 3 units so now I'm wondering...should we take that one step further and do central a/c too?? 

We just installed all new windows in the building and it would be really nice not to have a bunch of a/c units hanging out of them in the warmer months. Yes, it's more costly up front, but I'm assuming in time it would pay off and obviously add value to the property. Thoughts? What would you do or what have you done?

This is a newer topic as it just migrated not too long. I did search Cozy.co and the first 10 posts that popped up were from 5 years ago. Thanks for your help

Anybody else having issues with apartments.com and wishes Cozy.co never migrated over?? Looking for alternatives now for rent collection. What are you using?!

@Bronson Massas - does Civic offer portfolio loans / long-term rental financing?

@J. Mitchell Bernier the interest rates in the high 6 range are my current rates with a local bank. Lending home was willing to refinance in the 5s but I felt the fees were too high and there wasn’t any benefit once I learned that. 

@J. Mitchell Bernier yes it is high!! It’s actually a local bank from the same town I live and invest in. We just financed a duplex last fall with them and the interest rate is 4.5% but I guess the prime rate was just higher when we purchased and financed the properties mentioned in this post 

@Bronson Massas I always have trouble finding lenders that are investor friendly and don’t want to see pay stubs and that type of stuff. We don’t have traditional 9-5 jobs.