All Forum Posts by: Andrew Cordle

@Kien Hua

Sorry for the delay response. 

So I do houses in Atlanta that range from 500k to 1 million ARV.

My designer will do the following:

1. Laser draw the entire house and give me a drawing of the existing floor plan

2. He will meet with the artichet that is doing the blueprints and work with how the house should be laid off. 

3. He will give me a entire spreadsheet of every last detail that I will need to put into the house and where I need to put it. That is everything from wallpapers to mosaics tiles, paint, shingles, door stops, quartz, cabinets etc etc

The only thing he doesn't really give me is landscape design or staging. He will periodically stop in and make sure my projects are moving along the right way. 

All of that will cost me around 2k to 2,500 depending on the size of the house. 

Now my designer for the most part only works on rehab projects or new construction houses. He is not a designer that designs for random home owners. 

check out some of his work here to see if it is what you are looking for:

http://intowndevelopers.com/

Again these house on this site are complete gut rehabs they not only include all material selection but he conceives the the layout and does the laser drawing.

AC

@Fred Sams

I didn't necesarily take posssesion for 2% I locked the property down for about 2% or 5k. Then I closed on the property about 45 days later. Now the 45 days was not my choice it just so happen it took that long because the house was in probate.

Hope that shines some light on it, let me know if you have any other questions.

AC

@Bill Sargeson

Replacing the window with glass block window with a vent maybe the easiest option for you. Like the other guys stated above. 

The other idea is to close off the window completely. I am not sure what your outside texture is some are easier than others. Such as Vinyl Siding or Hardiplank, of course brick is a lot more difficult to match. 

So at the end of the day there is really only two options:

1. Glassblock Window 

2. Close it off and redo the outside

Hope that helps.

Andrew

PS If you want to see a full bathroom rehab with the SKUs from HD for a glasblock window you can search a old forum post of mine titled:

LOOK! Bathroom Rehab pics & SKUs! - Merriville, IN

@Account Closed

First let me say congrats on this new journey and I hope it works out well for you. To answer your questions there are a couple things:

1. It is not so much that you would be a GC as you would be a PM (Project Manager). You normally hire a GC or a type of GC that will be working with a lot of the guys. With your full time job I do think that it is doable for you to PM well let me rephrase that I KNOW it is doable that is pretty much where all flippers start out at.

2. As far as the investor, couple thoughts: 1. It would be determined on the interest of this investor? Also in general I think on my first flip if I could use someone elses money it is a much better way than to risk all your money up front on your first deal. Unless it is family money :) 

Andrew

@Philip Cutting

 How long did the rehab take? What was the cost of it? How did you find it! Share the dirt :)

1. Rehab about 3 1/2 weeks

2. Rehab was around 45k

3. Wholeseller

@George P.

 How much did it cost? You have a crew? 

1. (around numbers) Purchase 60k Rehab 45k Sales 145k

2. Wholeseller

Let me know if you guys have any other questions.

AC

@George P.  @Dan Hooper  @Aaron N. @Karyn T. @Aaron N. 

Hey guys, Thanks for the comments I am looking for to build this property out. I really think it will be one of the best houses I have ever rehabbed. Please keep in touch if you have any questions. 

@Joe Demonte

Yes the natural light will be huge and we will actually be adding a couple lights such as at the top of the spiral we will be adding two more windows. 

@Mark Breaux

Good questions, let me see if I can answer them. 

How much risk do you have built into your rehab numbers?

If by risk you mean construction overages or things that I did not see before I started demo etc. I think the normal best case budget would be 200k so I am expecting 25k to 50k of extras or uh-ohs.

Did you have your contractor go through the property before bidding? You said it was on the market for less than an hour so I was wondering. Were you confident in your numbers because of your experience?

I did not have a contractor go through it before I put it under contract. Please understand I would not have bought this if it was my first flip or even 25th flip, but I am well into 200 plus flips. Saying that it does not mean I know everything or can't make a mistake. But I am very comfortable with this flip.

Were you the highest bidder?

I was the first person in with a signed contract and wire in to the wholeseller. There were multiple back up contracts on this property the very same day. And yes some of them were more than mine even by I believe 50k more.

I hope that helps. 

Andrew

Michael, 

Something maybe a little off or I am missing something. 

How is the ARV 130k to 135k and the AS IS value 115k to 120k?

Meaning what ever rehab money you put into the house you are at best only getting back, where is the forced equity?

AC

Michael, 

This is a game or a process that as flippers we go through on every flip we do. But I can tell you not getting your house to PAR will most likely make your house sit on the market. And of course over building will eat up all your budget. So every flipper every house as to determine what that line is and flip accordingly. 

There are a couple things that you have to look at to help you you determine what to do:

1. Have you seen any of the interior pics of your comps that you are using?

2. What is the ARV?

3. Have you been inside of and walked around other properties in your area that are on the market that are similar to your house?

I think first you have to determine what does the market expect, determine that first then we can determine what to put in the house. 

Remember there are 3 things that sell a house:

1. Price

2. Product

3. Presentation

Skimp on one of them and it could be detrimental to your flip. 

Andrew

HERE WE GO!!!

Phase One (& a Little of Phase Two) - Grant Park: 417 Augusta, Atlanta GA

We're very excited to presentour first post for our five Atlanta-area houses that we will be teaching on during these series. We have multiple jobs starting right now, some of which are not even these 5 houses that I am discussing right now as well as flips going on in 3 different states. I have done well over 200 flips and continue to do more, but I first want to discuss my favorite house of all time, a Historical Victorian House located in Grant Park in Atlanta. In a previous post, we established and defined “The 8 Phases of the Flip,” and today, I want to discuss Phase 1 and a little of phase 2 for this historical Victorian house. Since this is a historical rehab, there is plenty of extra "red tape" so I bounced a little between phase 1 and phase 2 on this flip.

PHASE 1: Project Overview -

Size - 3 story, Main 2 floors over 3000 sq ft with additional 600 sq ft in usable attic. As it sits now, 4 bedroom, 5 bathroom house. Master suite includes private sitting room, 10x10 balcony overlooking historical Grant Park along with 2 original fireplaces in the sitting room and the master bedroom. The househas a formal living room, study, and dining room on the lower level.

Location - As they say in real estate, "LOCATION, LOCATION, LOCATION!" This is a prime example of that. We are on a huge corner lot that overlooks the historical Grant Park and Atlanta Zoo. An extra bonus to this house is that it’s located one block away from a highly acclaimed charter school, giving the owners of the house first selection into this school.

Numbers - Purchase 225k, rehab 250k, after repair value 750k. We had $5000 earnest money (all cash) closing immediately, no contingencies.

How I found property - Through one of our local whole sellers. We put the home under contract within 1 hour of it hitting the market, this house also had multiple cash backup offers on the property

Budget - 225-250k, finalizing final numbers with general contractor and subs

Blueprints - see attached, laser drawing stage. We are taking our time on this house because of what it is, as well as the market is continuing to skyrocket here in Atl. So we are still working on official new layout but I attached the as is existing floor plan.

FIRST FLOOR

SECOND FLOOR

Permits - in process, historical house causes longer duration

Surveys - see below

PHASE 2: Demo (part one) -

Landscape cleanup - Due to this house being unoccupied for over 12 years and the fact that the people previously living there were hoarders, we had an excessive amount of cleanup and landscaping demo to do at this property. One of the reasons we skipped to Phase 2 and did the landscape demo is because this house was buried in overgrowth, as you can see in the photos. We wanted to bring this property back to life by getting the neighbors and community excited and talking about this property being restored. I can assure you - this idea for marketing works! We had well over 50 different neighbors stop by and thank us dearly for making the neighborhood better and cleaning up this property that’s been an eye sore for over a decade. Several of the neighbors even mentioned that they did not even know there was a house sitting there because of the landscaping being extremely unattended! Stay tuned for our next post regarding a different property in Atlanta - a brand new house!

17 Dumpsters on cleanup and landscape cleanup. $5,950

Labor for cleanup was $4,500

Hope you enjoyed the post so far feel free to ask questions I will be posting again this upcoming week on a different house.

Andrew

PS I will try to get my assistant to post some more pics later.

@Philip Cutting

Thanks. Have you check out my series of "5 Flips Start to Finish"?

I think that maybe what you are looking for, if you go to the Forums and type that in the search bar, you should find a forum series on 5 of my flips. 

Check that out and let me know if it is what you are talking/looking for.

Andrew