All Forum Posts by: Emillio Henry

@Cody Hunter Thank you so much for the advice I’ve been stressing about finding commercial grade furniture. Let me ask you, do you have a dishwasher in the unit? I wasn’t sure if it made much sense in the by the room situation. I’ll have two full kitchens, 4 full baths, and 10 bedrooms. I’m hoping this will be a good person to amenity ratio. I’m worried more about deep double sinks and more cabinets so I can label them appropriately so everyone has space. 

Investment Info:

Single-family residence fix & flip investment in Poughkeepsie.

Purchase price: $160,000
Cash invested: $200,000
Sale price: $409,500

Total gut!!! First flip and i learned sooo much for the experience.
thankfully the market went insane and i was able to make a profit even with my inexperience, BP definitely influenced all of my choices and in hindsight if i applied more of the tips i learned from listening to the podcast and reading all the books recommended i shouldn't have made half the mistakes but live and learn. on to the next one!

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

I gave myself 90 days to get a deal and i found one that made sense so i jumped on it!

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

MLS and i became a realtor a few months before so i negotiated the deal on my own, have a very helpful and understand listing agent didnt hurt either.

How did you finance this deal?

Hard money and personal funds.

How did you add value to the deal?

Complete renovation

What was the outcome?

flipped at a profit

Lessons learned? Challenges?

use quality contractors and be clear and exact about expectations and outcomes.

@Shane Siederman Thanks for the reply brother i really appreciate it. im thinking whirlpool commercial washer and dryers all coin operated, all together im looking to have 10 bedrooms so im thinking 4 washers, 4 dryers. i also looked into a used vending machine that i can stock with detergents and dryer sheets. looking to make a little money where i can all while providing a service. 

Hey everybody,

So im currently getting a house under contract that has been college rental house for the longest at least 10 years. I'm going to BRRRR the property and im trying to figure out how to add value beyond the obvious like increasing bedroom count. i currently considering adding three additional bedrooms, add coin operated washer dryers with vending machine for soaps and what not, Cleaning service weekly or bi-weekly. what are some value adds or tips others have done? should i furnish the house with commercial grade couches, TV in common room, Bedroom furniture? bed, dresser, and desk ?

ill be renting by the bedroom btw.

I hope im not over thinking this lol 

Thank you so much for any advice and information you guys can give me,

-Emillio

Hello everybody, I’m currently undertaking a remodel and unfortunately due to an ever changing figure from the now previous contractor he’s been replaced, however he’s claiming there’s a balance owed.

A couple days ago my contractor said “hey, just so it’s not a surprise I gotta charge a little more again” (now second little extra) I asked him what for this time and he stated a few items that blew me away particularly because the majority of the work stated was specifically mentioned in the scope of work and detailed in the architects drawings.

I then proceeded to ask if there’s anymore surprises I need to know about which he replied with “yeah, I’ve been meaning to tell you” lol

The addition “shed dormer” was a little more

Complicated then originally quoted so because; his words exactly “ i didn’t wanna scare you, and I’ve been meaning to talk to you but it’s gunna cost more”. A few thousand more apparently... contractor had architects drawings two months before work started and now we’re in week 9 and he drops the bomb on me.

We needless to say I asked for an itemized breakdown of work needed to be preformed and a balance of what’s owed and based off of our pay schedule and documents he provided were off by a couple hundred bucks.

He’s claiming I owe more money for work performed and never agreed upon.

We do not have a contract, simply a scope of work and receipts of payment.

What actions should I take to protect myself from any type of recourse for example a lien?

The county that we both live in does not require carpenters to be licensed btw. I believe this guy just bit of more then he could chew and now that the rug was pulled from under him he wants money.

Thank you all I’m advance I appreciate any insight into this matter.

Hey everyone, thank you so much for all the useful information. Sorry I’m just getting back to you all I’ve been insanely busy with this property, so many little things have come up in the last week taking all my focus so I apologize but again thank you so much I’ll be contacting my Local insurance provider ASAP! 

I hired an attorney for a house I'm flipping and he asked me if I have insurance for the property. This caught me by surprise, being a first time flipper I wasn't aware I needed any sort of insurance for a property I only intended on holding for 3 to 6 months through my LLC. Can anyone shed any light on this and what insurance if any you've purchased when flipping houses.
Thanks,

E.

 Thank you so much for your advice, i guess I just wanted to hear others say what I’ve been thinking. I have 64 days left in my 90 day challenge and the pressure to find a deal in a market that’s appreciating is growing by the day. I’m going to listen to your advice for sure and allow the numbers to talk, no sense in letting emotions cloud my judgement. 
thank you very much for the advice! 

I found an off market property that is significantly aged “1877” brick colonial duplex, with “carriage house” in rear. Homes in the area are going for $130-140 sqft. this property is 1400sqft.
2- 1bed room 1bath units.

I’ll be walking the property with the home owner tomorrow and I’ve already thrown out a $200k offer depending on condition. Owner believes that’s a low ball offer however that’s actually a great market value based off of the the comps. The home owner is a architectural engineer and im hoping he has applied his skills to the up keep of the property. 

My question is how high above market value would you go for an investment? I’ve run the numbers using multiple scenarios and I can easy get a 7% cap at $250k however I don’t want to over pay out of eagerness. 

Thank you all.