All Forum Posts by: Glenn Espinosa

Sure, maybe the drywall quote was a little high. Maybe you can knock off $10k from my estimate. BTW, I was judging framing from what looks like a burnt rafter in the pics.

Maybe you don't hit any bumps in the road and you hit every estimate on the head.

At the end of the day you still have $30k+ into a $45k tops home. I guess it could work but I don't think I've ever done a flip with sub $10k profit margins.

If this was a rental and you can expect $800 - $900 in rent then we have another story.

Windows ~ $2k
Framing ~ $2k
Roof ~ $3k
Drywall ~ $5k
Insulation ~$2k
Ext & Int Paint ~$5k
Kitchen/Baths (+appliances) ~ $4k
Flooring ~ $4k
Plumbing ~ $3k
HVAC ~ $3k
Electrical ~ $2k
----------------------
$35k total

BTW, I am being really really light on the estimates and I haven't even budgeted for everything. Theres still trim, finishes, clean up, landscaping, etc. etc.

Not to mention there is nothing in terms of contingency.. Doesn't seem like a deal to me.

A nice navy blue with bright white trim and accents would look good in my opinion but then again, as J Scott mentioned, the neighborhood plays a factor.

We stage all of our homes and we buy our own furniture as opposed to renting or hiring a stager. As one house sells we just move the furniture to the next one coming to market. If there is a gap inbetween listings then we put the furniture into a storage unit. We have multiple sets of furniture in case we have multiple listings at the same time.

We don't calculate furniture/staging costs per project, instead it is an overall business expense.

It's a costly up front expense but if you plan to do volume it will be much cheaper in the long run.

I also started off using credit cards to fund a good chunk of my first rehab. Brian is definitely right when he says it's a good arrow in your quiver.

Wow, great progress from a lot of you guys!

Mark Ferguson - Incredible! I hope to be at that level sometime soon!

Tim Czarkowski - Judging from your picture, you seem to be another young guy making big moves - I love it! I totally understand the whole assistant thing. I keep telling myself that the harder I work now the more my company can grow and the sooner I can justify hiring an assistant.

Ned Carey - No surprise to hear of such great results from a seasoned veteran like yourself. Congrats on that awesome return you provided to your investors. I, too, aspire to be able to provide such great returns to my investors. Can you just imagine the things they're saying about you when they're out talking to their friends and family?

Kirk Olson - Sounds like a great start!

Tim Gordon - Totally understand the day job thing. Sometimes I feel like my day job is just slowing me down... but hey it pays the bills - for now!

Joel Owens - Good luck with the restaurant deal! Restaurants are tough but Im sure you can figure it out with your analytical skills. I still need to pick your brain about commercial deal analysis sometime!

Kyle Weimer - Still have yet to bag my first cash cow rental so I can't share the feeling. I bet it's awesome though!

Jack Bobeck - Great progress. Don't let that old man of yours beat you now! :)

James Vermillion - Yeah, these threads really get me pumped and sometimes it's a big kick in the pants when I see other people taking big strides. When you have a chance I'd like to pick your brain regarding the behind the scenes moves that you made. I've been looking to making a new entity or two but haven't decided the best route just yet.

Hope I didn't leave anyone out. Keep chugging along everybody! And if you haven't jumped in yet, go ahead and let us know what you've been up to. Accountability is vital when it comes to reaching the goals you set out to accomplish this year.

It seems like yesterday we were celebrating the new year but with the start of April, Quarter 1 2013 just finished! Also, with tax season finishing up, its time for some good ole' spring cleaning. While you're at it, take out that long list of goals you set out to accomplish this year - yeah THOSE goals. Hope you're still making progress everyday.

How are you measuring up now that Q1 is complete? Do you need to kick it up a notch or are you on pace to meet your goals? Any surprises yet? I hope you've at least started!

Let us know and lets try to feed off of eachother!

As for me and my company - we are exceeding some goals while falling behind on others. It's definitely time to sit down, reorganize, and reenergize for the upcoming spring and summer session!

We have a goal of rehabbing 10 houses this year. We have one rehab coming to market this month and a second one following close behind. Our third acquisition this year will start rehab in May. Beyond those three we have no other prospects... It's definitely time to get back out there and put in offers if we wanna meet our goal.

Our other big goal this year was to raise $200k worth of private money and I'm happy to report that we're past 60% on this particular goal. Honestly, I thought this goal would be one of the hardest for us to accomplish this year but so far it's been going pretty well. What a surprise on our end.

That's it for me BP. How about you?

All are viable strategies and there are many factors to consider when deciding which one is best per particular situation. You simply cannot put a blanket answer to your question.

What are your goals and desired return? What is best conducive to the local market? How does the future market look? etc. etc. etc.

Im curious to see what the rest of your numbers are. Anytime someone tells me they're planning to do a flip and are budgeting $10k for rehab I immediately get a little skeptical...

Not saying that it can't be done, but it's hard to expect a huge ARV jump with a $10k rehab, from my experience. Unless you're doing a pre-hab but thats another story.

And, I'm just assuming you're flipping. I don't think you specified what your exit strategy was.

How did you come up with $45k rehab?