All Forum Posts by: Kevin Ivey

I always think of it as two buckets.  The systems roof, hvac, plumbing, etc are expected and add 0 value to a sale but save you from home inspection surprises, or lower than market offers. 

The touch points Kitchen, bath, google nest, light fixtures, are what cause a buyer to ohh and ahh, and you only need a few to create the interest fall in love factor.    We have good success with this as all our flips push the top of the market/ appraisals. 

I know in WA state for plumbing and electric you have to have x# of hours as apprentice & pass a comprehensive knowledge test.  Not true for a regular "contractor" license that is just money & insurance.

I do similar projects & can pull the permits listing the contractor doing the work.  I use licensed plumbers and electricians when I need permit work done.  The ones I use I work with and do prep work to reduce my cost.  Gotta find the right team

good luck

If your mentioning flooding concern, find out if it's subject to FEMA flood plains. I am caught in the middle of a project, where my remodel is improving the building value to much & now may require lifting the house & new foundation.

I have started keeping  track of my average expenses  & breaking them down by Sq ft or room.  Example I average $4/Sq ft of flooring between  carpet & hard surfaces including install for the materials I prefer to use.  I have costed a typical 10x10 bedroom trim, paint,electric fixtures, light fixtures door knobs hinges etc... so that I have a ballpark per bedroom I can put into my budget.

no perfect method with out decades of experience and great awareness of current price/ trends

I would also be looking for a new completion timeliness schedule. 

what does he think will be done each week? You can touch bases weekly vs expectations and see if he is on track or falling behind. I usually carry HML for the flips I do and am very honest on what each extra week/ month of not getting on market costs me on top of his change orders.

Do you know what products or techniques he used?

thanks great results.

I definitely agree with get your money in order or you don't have a real idea of what your carrying costs are going to be, which with HML will be signicant.

if its a real flip most conventional loans won't want to do it as they want to carry the loan for x number of years and are very conscience of appraisal values, which a house in need of flipping will scare a typical appraiser.

as to what scares me away foundation issues and roof lines otherwise just make sure you have enough money to work with.

I go the online ready to assemble cabinet have had great results with Best Online Cabinet, cabinets to go were the easiest to put together, and my aunt did one I believe with Nelson cabinets out of Texas.

We have cleaned out a number of flips, and now have contacts with collectors, swap meet folks, have "garage/estate" sales were we don't price anything let them make offers, then a "free sale".  Also have used Mecari online auction/ sale sight for collectables 75$ for a garfield fishbowl.  

Crazy Crazy.... Great job taking a cost into revenue!!

Auctions are a game of keeping taking shots and the staying true to your numbers.  Don't get emotional and there is always another auction next week.  (may not be the home of your dreams, but.... )  Have you thought of tracking Notice of Foreclosure sales through your county when they first get filed and then talking with the owners before it gets to auction?   They will probably be hit with wholesalers but they are trying to be the middle man and need a steeper discount than you the end user.  This is common practive for wholesalers but you can pick and choose which your interested in.