All Forum Posts by: Brett Tvenge

We'll be closing on a condo in Scottsdale soon and have been exploring the cost for a rehab. This condo is approx 1000 sq ft, 3 bed 2 bath, and we plan to keep as a short term vacation rental. It needs a lot of work, except for 1 shower, basically everything needs to be replaced. Attached is an estimate from a local general contractor and I'm just curious how this sizes up compared to other estimates you've all seen - and if we'd be better off managing the project on our own and sub contracting specific parts out. Would love to hear your thoughts. Thank you so much.

Fellow investors!

I certainly lucked out in my first flip down in San Antonio. Purchased it through a wholesaler after doing a walkthrough with the contractor. Per wholesaling contract, I have to do all due diligence upfront and did not do a thorough inspection. Turns out this house does not have a sewer connection. My contractor says this is a first for him after 18 years of flipping homes. How often does this sort of issue happen?

Regardless, I am now facing a significantly larger plumbing bill that blows my contingency out of the water. At this point, I don't know what to do other than accept the loss, hope the market continues to climb and increase the ARV, and move on.

Is there anything else I can do at this point?

Thanks!

Hey @Brett Tvenge Bought it in Oct 2020 and just sold in March 2021.Yes, I am flipping in Phoenix, always on the lookout! How about you? Whatre you working on currently?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $375,000
Cash invested: $110,000
Sale price: $647,000

Complete remodel on this one

What made you interested in investing in this type of deal?

My business model has been to fix and flip enough homes to save up money for rentals.

How did you find this deal and how did you negotiate it?

Wholesaler tied up this deal and flipped it to me for a fee.

How did you finance this deal?

Hard money and HELOC

Hello All! 

I was hoping to get some contacts to wholesalers that people are having luck with in the Phoenix AZ area. I've been looking at the properties that some wholesalers are sending me and none of them are 15% - 20% below market value....I'm not sure if I'm just running my numbers wrong or if anyone else if having this problem as well. I'm even seeing properties being offered by wholesalers that are taken from the MLS (pending status in the MLS)....Is this normal? Any contacts or information/insight would be greatly appreciated :)