All Forum Posts by: Caleb Rigby

What's the sq footage and bedroom/bath count of your property? @Matt Faircloth asked the question I was wondering - how many of these houses have sold in the past 180 days? Or even 90 days? I have no idea what the temperature of the market is there. Depending on how nice those top 3 flips were (from $174,153 and up), you could argue that yours might reach there in the end (you probably don't want to plan for that, but might be icing on the cake at that point). 

The most I've spent on a rehab is ~$60k, and that was a 2,100 sq ft house that needed new everything down to the studs, so $80k seems like more than enough cushion, but I only know labor/material prices in Utah. Good luck @James Masotti!

@Chris Eley, great job on your first flip! Wanted to ask a couple of questions - did you stay within your original budget for labor and materials? Now that you've successfully rehabbed, do you think you'll begin wholesaling as well? Pics looks awesome. Nice work.

I like Vumber - they have some pretty cheap options if you only need a couple

@Cameron Eaton, something I've done is get detailed reports from my realtor for sales in specific city or zip code and then I only look at the houses that sold in less than a month (from listing date to closing date) and more often than not, those buyers are cash buyers. Then you can look up on the county records to see who the buyer was (usually an LLC that you can search on Utah's business registry site) and get their name and address. Good luck.

I think it totally depends on your market. If it's super competitive, then you might just squeak by with a $15k profit, but if your market is untapped, then you could make $25-$40k. For us right now, we're shooting for a min of $20k gross profit (in Utah) as it's pretty saturated with flippers in my farm area.

Bob, I didn't mention taxes because I was just showing my gross amounts. I won't know how much I'll pay in taxes until 2018 when I file my 2017 tax returns. 

@Matt Sanford, not really, no. There's something way sexier about saying "I flip houses" rather than "I buy homes at a discount, rehab, rent, refi, and then repeat." :)  Being landlords right now isn't what we're interested in doing, but I agree it's probably the smart thing to do and we will eventually do it.

@Andrew Adamany, we only did carpet in the bedrooms. This is much more common in Utah (at least in this price range). Carpet is cheaper and way less time consuming to install. 

Honestly, the bathrooms are where we lucked out. We painted the cabinets and walls and that's about it. The floor and shower tiles were updated when we bought the house. I really wanted to change them out because the tile color wasn't what I would have chosen, but my wife convinced (wisely) that it was perfectly fine as it was and that we didn't need to spend another penny on it. As a new investor it's still sometimes hard for me to draw the line > does this need to be updated, or is this just a want that I have. 

@Andrew Adamany, I'm also color blind, so that's why I let my wife pick everything! But, essentially we like 'cool' color tones because of how trendy and how they don't exclude any buyers (whereas bright colors might). We like dark floors with white cabinets - pretty popular in our area at the time. Gray paint with light gray granite seems to tie them all in nicely. Just finished our 3rd flip this week and decided not to change anything up either - I'll share another post once this one sells as well.

That's awesome, especially with how the state of affairs are in Eastern Utah. Nice job. Can I ask how you guys acquired these - MLS? Auction? Did you have a previous relationship with your PM team, or did you just go out and find them?