All Forum Posts by: Dutch Langley

Make sure to get to know lots of other investors at your local REI meetings. Even as long as we have been contractors, they have been invaluable to us on finding better suppliers, lending sources, and subs.

Most of ours are full permitted rehabs...on average around 2500 sq foot homes.  In general, new hvac, new kitchens, baths, flooring, windows, painting inside and out...the works.  Takes us about 3 months on average to complete.

@Patrick Froehlich  My husband and I are general contractors and realtors.  Just started in flipping last year.  He is 60 and I am 58. We are very excited about it.  Yes, I wish I knew about this before, but actually we now have so much experience that makes flips pretty easy.

We just finished rehabbing a 1901 house in a historic district.  What some might think is charming, many just think is old.  As someone said above, keep a few of the vintage touches but update the rest.  Then add back in a few vintage decorating accessories in the house.  I believe you will get more people wanting to Air BnB it if that was the case.

Also, have him sign a lien waiver when you make each payment.

We just bought a house like that to rehab and flip.  We went through and kept some stuff to sell (leather harley goods, brand new Motocross helmets/goggles, a great trunk I refinished for our primary).  The rest we had someone who owned their own 30 - 35 yard dumpsters and hired them to trash the house out. It took 8 of those dumpsters to clear out the house!  But since they own their own dumpsters I got a great price.  Their labor was about the same price as if I rented the dumpsters myself....and no way were we going to take the time to do that ourselves.  

I flip houses...generally in the 300 - 450k range. I have done 2 deals as a customer of Networth Realty just in the last few months. I think I got lucky...got a great broker that understood what we look for. We are also a GC so she is open to my thoughts on the property rehab costs and ARV. It's important that you understand the market, rehab costs, sellability, etc. when working with an investor. I will continue to work with them if they find me the right deals.

We always got paid to do scopes of work...As an investor and knowing rehab very well, I can walk into a house and out in 15 minutes and spit ball the renovation estimate.  Easy.  A true scope of work outlines everything -- cabinets, trim, structural work (including engineer prescriptive) if removing load bearing walls, plumbing changes, electrical updates, etc.  That takes time and knowing what you are doing and writing more than Electrical Work:  $2500.  That tells you nothing.  A SOW should tell you what needs to be done for the $2500.  A GC's time is valuable.  I would always credit back the SOW price to them if we went to contract.  

I always hated when I would hear a client say "I love that HGTV show!!!  I watch it all the time!  That's why we called you!!"  Sigh.  All of those shows are unrealistic and every...I mean every....conversation with a client included us explaining why those shows are unrealistic.  Otherwise they would expect a full home reno in 3 weeks for 30k and no headaches.  That being said as GC's and with lots of experience, we love flipping houses!  My husband and I do some stuff ourselves in each house, but mostly subcontract it.  

We found it to be valuable as we buy and sell our flips.  Financially and intellectually.  Plus will buy and list occasionally for others.