All Forum Posts by: Bill J Fay

Check comps in your area. If you're the only one with electric baseboard, that could be a problem on your sale. Also, if you ended up keeping this property and renting it out, you may have a lot of 1 yr renters if the electric is expensive. 

Being cautious on your material spend is wise. Big box retailers are going to be the easiest if you are buying materials yourself. Having your GC that purchases in high volume might be able to save some $, but they usually charge a premium for them gathering materials. Being aware of what you are spending your money on is important, but I wouldn't spend too much time on saving a few $ on materials. Spend that time finding a better deal in the market. Don't get too caught up on the small details and spend your time finding the real spread. 

Very dependent on your goal. Do you need the cash from the sale to use on your next flip? You can test the market and see what happens. If it doesn't sell for your price, rent it out for 1 year and see where the market is. With that being said, very dependent on your financial situation. Call around to some lenders to see what your cash flow would look like after refinancing out of your hard money loan.

Put yourself in the seller's shoes, what offer would you accept? Waiving inspection contingencies, not having financing, and no assignment clauses will add up to make your offer the strongest. With that being said, gauge what they already have on the table. Make sure to walk the property with your contractor(s) before waiving these contingencies. With that being said, don't go in too hot with a property that doesn't warrant it.

Definitely depends on the property. If the property doesn't warrant a full stage, we will do a accessory stage (towels in the bathroom, hang some photos on the wall, kitchen items). We will also do a virtual stage. These were very common in COVID times, but still do them on lower price point homes. 

Assuming the two have the same ARVs, can you buy them both for the same price on the initial purchase? Is the higher sq ft home a cosmetic flip while the rowhouse is a take down to the studs reno? If apples to apples, the smaller home should be less risk, but I don't think it is as black/white. 

Does it need to be vented? If so, get a HVAC contractor to do the venting and a handyman/appliance installer that has experience to do the install.

I would just add, be careful using comps across the street, with newer builds. These usually won't compare with a fixed-up property in an older neighborhood. You may attract a buyer that can't afford in the newer neighborhood, but you'll need to price it accordingly. Happy to take a look if you want to shoot me the address. 

You really need at least a 5ftx8ft space to make it a full bathroom. I can't really tell dimensions from the walk through. The easiest spot is going to be to make the half bath upstairs, a full bath, by knocking out the backside into that smaller bedroom. It'll be the easiest since your stack is there from the main bath on the 1st floor directly under it. 

Do you have a RE Agent that you work with yet? They will be able to best help you identify neighborhood class. There are also sites like SpotCrime and other free site to check criminal activity. But Agents will be your best solution.