All Forum Posts by: Kevin Fletcher

I bought a condo in a retirement community for a flip, and the purchase closing which I did with my own Real Estate license was closed on December 18th of 2016. After getting all of my plans approved through the HOA I started the demolition on the 27th of December. I used contractors through the whole process and it was the first flip I have done with out doing any of the actual physical labor myself. I did design and buy all of the finishes and delivered most of them to the job site, but for the first time it was a relatively hands off experience. There were a lot of problems, as there always are but I am really excited with the finished product. I finished the rehab on the 19th of February and I just listed the property on the MLS. This is also will be the first project that I have bought with my license, project managed, designed, funded, and sold by my myself from start to finish.

Below are some numbers on the project and photos.

Condo 2 beds, 2 Baths, 1200sqft.

Purchase Price = $153k $158k- $5k (waived commission)= $158k

REHAB = $28K

HOLDING COST = $3K

LISTING PRICE = $232,900

BUYER COMMISSION/CLOSING COST= $10K

AFTER PICS CLICK THE LINK

http://tours.virtuance.com/471780

Id be happy to share my last deal. I bought a condo in a retirement community for a flip, and the purchase closing which I did with my own Real Estate license was closed on December 18th of 2016. After getting all of my plans approved through the HOA I started the demolition on the 27th of December. I used contractors through the whole process and it was the first flip I have done with out doing any of the actual physical labor myself. I did design and buy all of the finishes and delivered most of them to the job site, but for the first time it was a relatively hands off experience. There were a lot of problems, as there always are but I am really excited with the finished product. I finished the rehab on the 19th of February and I just listed the property on the MLS. This is also will be the first project that I have bought with my license, project managed, designed, funded, and sold by my myself from start to finish.

Below are some numbers on the project and photos. 

Condo 2 beds, 2 Baths, 1200sqft.

Purchase Price = $153k   $158k- $5k (waived commission)= $158k

REHAB = $28K

HOLDING COST  = $3K

LISTING PRICE  = $232,900

BUYER COMMISSION/CLOSING COST= $10K

PROJECTED PROFIT = $38,900

BEFORE PICS

AFTER PICS  CLICK THE LINK

http://tours.virtuance.com/471780

yeah I feel like 1800 per month seems a bit high, but what are the top comps showing and is there room to do a small rehab to increase that ARV a little bit?

WELCOME TO BIGGERPOCKETS!!!

Hello @Ian Martin welcome to BP. Let me know if you need anything

I think you just need to remember that its important to disclose your intentions.Its a hard coversation because most Realtors and sellers probably dont love giving you money that they could possibly have themselves. The art of the deal i guess

Congrats @Bill S.remember my name when you have good wholesale deals. I just finished my flip and am currently starting to look for my next project. 

Ill inbox you my guy, honest hardworking and reasonably priced. @Mitch H.

I would agree with @Bill S. that I would stick with your normal screening process, and include an early termination clause in the lease. I actually have a lease prepared by an attorney for some of my tenants with similar language if you'd like to take a look.

Welcome to the site, I have been investing in the Denver area for some time now and I'm willing to help any new up and comers. I have gotten so much from being on this site and I love to give back. I also have lofty goals and I appreciate people who think the same way. Denver is a tough market but as with anything in business if you keep powering through the obstacles, a clear path to your goals will illuminate eventually. I like working with investors as an agent so let me know if you need any help