All Forum Posts by: Andrew Cordle

Come hear master teacher- Andrew Cordle teach on the differences between rehabbing a rental and a flip.

This could mean saving thousands of dollars!

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Also learn how to determine if you are being ripped off by your contractor...

Come learn all this and more at the month ICOS (Investment Community of the South) Atlanta Meeting.

@Shawn Thom  No we don't mess with a driveway like that. The house will sale for around 145k so the driveway is not that big of a deal. 

@Account Closed  Thanks man hope you enjoyed the video. 

AC

Ok so here is an update one Phase One of a house we are doing. I will show you several photos of the house then try to explain a little of what we will be doing to the property. 

Here is the list that I compiled for what I call Phase 1 of 8 of a flip. 

Phase 1. Project overview – basic info, size, location, numbers, how found property, budget, blue prints, permits, surveys.

Here is Phase 1 of 528 Angier:

Basic Info: This historical home was built in 1920 and is currently divided into two town homes.

Size: The home’s square footage is 2729sq ft, and it sits on a 6891sqft lot. The home also includes 4 bedrooms and 2 bathes. It is currently divided into two 2 bedroom/1 bath town homes.

Location: Atlanta’s Old Fourth Ward neighborhood has garnered national attention as "a cradle of culinary and artistic innovation and as a symbol of gentrification.” The neighborhood is best known as the location of the Martin Luther King Jr. historical site. In 2010, Atlanta-based newspaper, "Creative Loafing” awarded the Old Fourth Ward neighborhood as “The Best Bet for the Next Hot Neighborhood.” In 2011, the neighborhood celebrated the opening of the “Historic Fourth Ward Park” and saw the kickoff of the “Ponce City Market” project.

Numbers: The purchase price was $230,000 and the rehab budget is $140,000. This homes after repaired value, or ARV, is $550,000.

How I found the property: I located this home through a local whole seller. We bought it from him right after he had placed it under contract. We offered him a full price offer with no contingencies and immediately closed with $5,000 in earnest money.

Budget: We are looking to spend $140,000 on the rehab. This amount may be slightly adjusted depending on our final decision on the master suite. (See blueprints)

Blueprints: 

Survey:

We are adding a HUGE mastersuite upstairs to this house which will add about 700 sqft to the house. The mastersuite will have a huge walk in closet as well as a sitting room, the ceilings in the master bedroom will be close to 15 feet tall. We are really looking forward to starting this project soon. 

Let me know if you have any questions.

Andrew

Here are a couple before and after pics of the exterior:

Here is a cool time lapse video of one of my latest flips. We bought this flip off of another investor who had already demoed the house as well as painted the exterior and did a little landscape work. 

Enjoy!!

@Daniella Ortiz  I do not stage "all" of my houses but I do stage a lot of them it really seems to help. 

@Account Closed  Thanks for the compliment I saw your house when you first posted it and it looked awesome. I saw a couple things that I thought in Denver I hope you enjoyed them. FYI we are having a 4 day training in ATL 2 days on Rehabbing at all my properties and 2 days with Eddie strictly on Marketing. Let me know if you would want to come. 

@Dylan Long  Just a floor mat in the bathroom. And we love the darker colored cabinets.

@Michael Xiong If you need any help please let me know. 

@Corey Beckwith  Hey man, it is brand new tub

Also if you haven't seen my post here on BP called "5 Flips Start to Finish" you may enjoy that, as I break down 5 flips that I am currently doing right now into 8 different phases.

Hope you enjoy!!

The warm color scheme we used on this house really came through beautifully. Once the house was lightly staged with furniture, we put air fresheners throughout the house and listed it on the market. We accepted a full-price offer after five days on the MLS! The water table is high in this community, so we had to install a new drain tile for proper drainage, which was the main expense that we hadn't originally anticipated. Other than that, this property was a terrific buy-fix-sell, and Rebecca's (Ann Lee Interiors) choices by (using Home Depot products) is what really put this house over the top!

Here are some of the SKU’s we used:

Material list (Interior):

Wall and Ceiling Color – Aged Beige (Behr PPU 7-9)
Trim Color – Riviera Beach (Behr PPU 7-7m)
Door Color – Rolling Pebble (Behr PPU 7-23)
Flooring – Hampton Bay High-Gloss Natural Palm (822-042)
Carpet – Arabesque (1000-019-537)
Interior Doors – Jeldwen Continental-Style (729-608)
Living Room Light – 13” Bronze 2-Light Flushmount Twin-Pack (790-545)
Dining Room Chandelier – 3-Light Bronze Riverside by Progress (661-224)
Baseboards – Pro-Pack of 7/16?x3?x12? (143-210)

Material list (Exterior):

Base – Garden Wall (Behr PP 730D-4)
Trim – Cornerstone (Behr PP 330E-2)
Accent – Intellectual (Behr PP UL260-2)
Front Door – Roasted Pepper (Behr PP 180D-7)Door Handle – Kwikset Smartkey (754-825)

I have a flip in Marietta that is purchase price 240k rehab 130k ARV 500k

AC

@Account Closed

You know for an 80k flip I tend to agree with everyone here. 

If you want another fairly inexpensive way below are a couple pics. All those materials are from HD and fairly cheap.

Hope this helps a little. Good Luck.

Andrew

Installing a new glass block window in the main hallway bathroom really added a nice touch, but the tile choices from Home Depot are what really put the upstairs bathroom “over the top.” Just look at the before and after pictures, and you can hardly tell that it’s the same bathroom. But the most drastic change—probably more drastic than any house we’ve done—is the downstairs bathroom. The downstairs toilet used to be located in the middle of a utility area. Our contractor ingeniously relocated the water heater and concealed it behind a closet area next to the furnace and other utilities, thus allowing us to finish off the downstairs bathroom with drywall walls and tile flooring. Instead of an ugly, unfinished utility area, this downstairs room became a very spacious half bathroom.

Here are some of the Home Depot SKU’s we used in the bathrooms:

Floor Tile – 6”x24? Montagna Saddle (193-629)
Floor Grout – Bone (123-852)
Shower Tile – 13”x20” Broadmoor Platinum (1000-012-487)
Shower Accent – Arctic Storm (369-501)
Shower Grout – Bone (123-851)
Vanity – Glacier Bay Renditions (637-327)
Vanity – St. Paul Madeline 24” (628-505)
Shower Faucets – Banbury 1-Handle Tub/Shower (243-261)
Bathtubs – 5? Aloha White (478-640)
Toilets – Dual Flush by Glacier Bay (215-583)
Faucets – Glacier Bay Buildiers 4? 2-Handle (247-368)
Mirrors – 22?x28? Brushed Nickel Frame (481-166)
Lighting – Hampton Bay 3-light Brushed Nickel (610-563)
Towel Bar Set – Greenwich 3-piece Bath Accessory Kit in Satin Nickel (690-977)