All Forum Posts by: Keith Jourdan

Way to go man! Im hoping 2017 loosens up a little bit and more deals hit the market. 2016 was tough finding deals like past years around here.

Went and checked out a interesting house today. 2 bed 1 bath, no garage, no basement. Decent area. Rent for $900 no problem. When it comes time to sell we all know no body wants 2 beds. I have tried to flip a 2 bed and it was impossible to find a buyer. I guess if I can get it cheap enough it will work out.

Metro Detroit area you can buy $50k turn key houses that rent for $900. Not in Detroit, safe suburbs. Working class factory type towns.

he wants $60k. no way am i paying that

ARV $105k. Needs $20-25k in work. Whats the most you guys would pay?

Way to go george! #50 right around the corner.

bathroom is "moth Grey" made by Behr. The flooring was from home depot. It is a porcelain.

Kitchen before and after. Dont know why after pics keep coming up sideways.

Bathroom before and after

I have a contractor that handles about 50% of everything. The rest I contract out myself to save money.  My contractor handles paint/tile/cabinets/ basic plumbing/ electrical/ lighting/ trash/ fit and finish / cleaning it up when done. 

I contract out myself doors/carpet/ granite/ heating and cooling/ floor refinishing. 

Appraisal process was tricky. The first buyer offered 225 on the house with a conventional loan. They later switched to a FHA loan without telling me. The FHA appraisal came back at $225, then the lender required a second appraisal since it was a flip (title transferred less then 6 months ago...FHA flip guidelines) Of course the second appraisal came back in the 170s, killing the deal. The buyer then switched back to conventional loan and got a conventional appraisal and it came back at $225k. House sold for 225k, 1 day short of 6 months from close to close. Way longer then we were expecting but it was a pretty good profit margin.