All Forum Posts by: Dutch Langley

We just flipped a house in a historic district.  The historic committee had strict rules about what we could do on the outside of the house.  Some decisions would have to be decided by the committee which would have taken months.  A few simple decisions were allowed to be made by staff.  So, on the outside we replaced like for like with approvals on materials, colors, etc.  The inside was open game.  We put it on the market at the absolute worst time of the year...a week before Christmas and got a full price offer first week in January.

Make sure you read the covenants carefully.  Also, with older homes there are many more things to look for that may have to be taken care of....electrical, plumbing, asbestos, structural, etc.

Here I am!  Own a general contracting firm, a real estate investment firm and just passed (yesterday) my national exam for my real estate license.  Charlotte, NC!

Drywall for sure.  Have you tried cleaning stucco on the inside of a house?  Plus any patching later just looks awful.

Back in the early 80s (before you had google and you tube), I learned the basics by doing at home projects myself.  Painting, sanding and refinishing floors, etc.  I learned by screwing things up.  The stories I can tell you!  It gave me a better appreciation of what it takes to even do a small job.  My husband and I own a GC firm and flip houses now after many, many years of doing work for other clients.  While we both know how to do the work ourselves, we depend on good and fast subs so that we can get in the house, renovate it and get it on the market as quickly as possible.  Math wise it makes sense.  Plus if a sub messes something up, its on their dime to make it right...not on mine.

@Nick Monge  Hi Nick....would you send me your lender info you talked about in this thread?  Thanks!

@Vaughn Smith I've been struggling with the answer on what I would gain from JV'ing. I've had a number of people approach me (They start the conversation with "I'm new....you want to JV?"), and if I could see why it would work, I would do it in a heartbeat. The last guy that talked to me, wanted to give me 30K on a project that was a 275K buy, 60k rehab (for a flip) and wanted 40% of the profit (ARV...around 410K. I didn't need the money. We are a GC. My husband is a realtor (I will be soon as well.). I brought the deal. I really liked the guy. Lots of enthusiasm. Very little experience. So if someone could explain a great way to JV where it is worth my while, I might consider it. But I can't figure out how to get the math to work and the effort. And I have yet to have someone come to me with a way that makes sense.

Pick a LVP with a 12mm layer that is installed via floating method.  Durable, pretty cheap on materials and labor.  We have a Floor & Decor here where I can pick it up for around $1 a sq foot and then pay $1.50 for labor, plus shoe mold.

We like to travel, so we rent a lot of STRs....hate staying in hotels.  So even though its the two of us I rent a house...sometimes a 2 story with 4 bedrooms we won't use...but I hate staying in hotels.  Anyhow...to my point....I love when I get a somewhat personal note from the owners...but I'm good with getting that via email.  Then when I get there, I love when they leave a 3 ring binder with nearby restaurants, a note that I clearly know is for everyone, and a journal book that is there for clients to leave their thank you note and what they experienced.  Then when after we leave, another personalized note (especially once they see how clean I leave the place!) is great.  

We have been GCs for years...now doing flips for ourselves 90% of the time, which makes us very happy.  There is always a trade off.  Chances of you getting someone who is very good, quick, and cheap isn't going to happen.  If you have a triangle with time, cost and quality as your 3 point, you will give up some on one area and it will cost you in another area.  If you want someone that is great, it will probably cost more and/or they might booked out for weeks.  If you want someone who is cheap, chances are you are going to get a lower quality.  I have a number of subs I use on our properties.  They cost more, but the trade off is I know it will be done right.  I literally can give them my scope and not show up for a couple of weeks and voila, I have a new bathroom/kitchen, etc..  I have experienced the other side as well. Not fun.  And at this point in my life, I am all about fun...fun..fun.  Network with other investors and ask who they use and why.  Have them give you referrals.

A year ago I clicked a link to Bigger Pockets from an article I was reading. We were just doing high end renovations for other clients but besides one rental home we rehabbed years ago and rented then sold we never flipped homes or did anything income wise in the real estate sector. I started studying, reading articles, going to REI meetings, etc. Cost to do all of that obviously pretty minimal. To make it short, a year later, my husband and I dove in and started flipping houses...finishing up with one last client and doing this full time....and loving it. You can use that money for one or two properties and you are off to the races! Go to the REI meetings locally....so many great people willing to share advice!