All Forum Posts by: John Wooldridge

J Scott.  Sad but true regarding the costs in the Bay Area. The cost difference for what we see for labor and materials vs. what I see on the forum for other cities is astounding.  As an example, I was talking to a painter today regarding a "general price" to paint the interior of 1800sf house (ceilings walls casings doors moldings and baseboards).  The guesstimate (since he did not see the property) was between $8-$12K.

What if you don't plan to hire a GC. You own the house and will hire out all the subs (framers, electrical, HVAC, Plumbing, etc).  At that point, who would pull the permits?

Thank you.  I am planning to jump feet first next year into flipping houses in my area.  Your advise is appreciated.

I am looking to acquire my Real Estate License.  I would love to get recommendations from the professionals that have done this in the area.  On line courses vs. paid for courses vs. community college (I am near Diablo Valley College).  I am concerned a full on line course may be extremely tedious and I may miss some key points that you would get in a classroom setting.  However, I don't want to pay for a class that is no better than just doing it on line.

Any input would be appreciated.

Thank you.

I am preparing to begin flipping houses. To do this, I am trying to get all my ducks in a line (agenets, contractors, subs, understanding construction costs, what market I will buy in, etc). With regards to financing, I have access to money that is around the Prime Rate. Enough to pay for the entire flip (purchase, holding costs, repair, and selling expenses). What would be the reason to use OPM (other people's money) whether it be a bank, HML, or other? I understand the concept of leverage in real estate. However, if I am focused on one flip at a time, do I need to use leverage? Does using OPM offset the risk?

Thanks for your input.

Me too.  Taking the plunge.  Just hope with all us newbies, there is room for all of us to make some money.

I live in the in the "East Bay Area" of San Francisco. Housing prices in the areas I am looking to flip are extreme (can reach $2M very quickly). I am looking in 2 different neighborhoods where the ARV for neighborhood 1 is $600K and neighborhood 2 is $1M (2 "identical" houses (3BR 2BA 2000SF) that need the "same amount of work" (Paint, floors, windows, both bathrooms and a kitchen). I understand the 70% rule, however, in these higher end neighborhoods, the numbers get skewed. Does it make sense to focus on the higher end neighborhood or lower end neighborhood? The labor and material for both would be the mostly the same (maybe the $1M house needs a bit better finish on the materials). Given similar repair costs, what are the plusses and minuses of buying in the different neighborhoods?