All Forum Posts by: Kate J.

alright, 550000 purchase price, 120k rehab, 950 arv, all cash, no financing. Holding cost, aka property tax 26000 per year.

not enough info for what? I am not asking about a specific house, but the deal that you closed already. My question is what was your best net on houses above 500000?

Hi! I wonder what is the best case scenario that happen to you when you were purchasing a flip house for 500000 and above? I know 70% rule etc, but I don't know if I should put down so much cash for an average return. To me, the more money one puts in, the more risk one takes. So how much return would you need to jump into this deal?

Adam, thanks for returning my desperate message :-). When do you think the students are searching? Do you think I should advertise it at MLS as well? I have several ads on the university's website and local craigslist.

Hi, 

I am closing on a 5 bedroom and 2 bathroom house, which has students in it and leased till September. It was leased to students for the last 3 years (at least I have recorded leases on it). I recently advertised it for the rent a week ago, and very surprised that nobody contacted me so far. Here are the setting: it is currently leased for 3300$ per month. I will add one more bedroom (there will be 6 bedrooms in total) and the price in ad is 3750$ per month, all utilities are paid by the tenants. I am worried that it would be hard for them to find 6 roommates. I saw some ads in the nearby 6 bedroom apartment for 4300 with all utilities paid by the landlord. I am writing to ask the community on what strategy should I take. Should I aim one lease for the house, or I should list 6 bedrooms separately? The quarter in the university ends on the 10th of June. Is there any possibility that they did not start to search for the housing yet, and I am worried for nothing?

Hi Valerie, I finished everything except floors and the stairway so far. We have left for a vacation for 2 weeks with my husband and there will be a delay with floor installation. I will put HW in all areas. Kitchen is tiled. I decided to put a door in the hall and make a dining room as 3rd bedroom. I can do another video when we return. There were several delays in the project, but it turns out well. I am still thinking about rails, should I change them or keep? Of course I will refinish the stairs to match the floors. I would say 1 month left till the end of this project, mainly because the floors should sit in the apartment for a week to be installed, and I have to do granite counter tops for the kitchen.

Jeff, this is 1300 sq.f. Currently there are no units for sale in this building, there is one pending sale and 3 sold during the last year. Cabinetry are white, I am thinking to continue HW to the kitchen as well. Not sure this is the best idea. To be honest this is the most destructed property I had to renovate so far. I am thinking HW in the following tone (not brand)

http://www.coswick.com/hardwood_flooring/country_n...

I would opt for carpet upstairs as well. I am not sure I understood anything from what you mentioned on balustrade, but I absolutely agree it should be worked out more. Would you mind to send pictures of examples of it? Also ideas on colors of the guest bathroom...

Valerie, the stairway looks weird on video, in reality it had ripped off carpet and stained rails, I can see the structure of the wood. I am thinking either to sand the rails and make the stairway lighter or stain everything. Ideas are welcome.

Thanks a lot of all your comments! I am thinking to add a crystal lamp like 

https://www.amazon.com/Petrelking-Crystal-Chandeli...

Or something similar to 

https://www.amazon.com/dp/B00NGZIEF4?psc=1

The kitchen is going to be white, all of the hallway walls will be very light grey to add light to the room. The tiles in the hall will be removed. I am thinking to make the half bath in white colors.

The layout is on the left of the entrance there is a living room, on the right is a room. On the upper floor there are 2 more rooms, with a full bath. I am thinking how to kick out the best of it. The thing is that most of the apartments in the building (with no renovation) of this size are sold for 285-300 range in the last 6 months (of course higher in 2006-2008), they are usually listed as 2 bedrooms, and the room downstairs is listed as dining room. My original plan is to make it 3 bedrooms by staging the dining room inside the living room. This can increase price up to 340. The building is considered more upscale then the neighboring, so I said "luxury". Of course this is not a true luxury, as we can see in 1mln houses...

Would you tile the kitchen or HW? I am thinking that it would be the easier to demo all floors on the lower level and set the whole floor (except tiny area in the half bath) as HW or engineered HW. What do you think of click HW? It seems to me that they can be resanded more times the engineered ones.

Once again, thank you so much for your feedback!

Do you mean that engineered wood is considered as laminate? Yes, I plan to stage this place. Would you advice to go with dark wood or with lighter one? I still can sand the stairway to lighter, it seems to be oak.