All Forum Posts by: Lisa Johnson

@Chris Vaught, thank you for your advice.  I really appreciate it.

Charlie DiLisio Investor from Lake Worth, Florida

@Charlie DiLisio and @Wayne Brooks, Thank you so much for your advice.  I agree with you.  Personally at this price point and in this neighborhood, buyers will expect it.  I know I would.  The driveway is approx. 140 feet so not that long, but it will definitely make a good first impression.  Especially since the houses across the street on the water all have them.  Comps for those homes range from 652K to 800K.  I think the concrete drive will give my house a higher end look.  As I mentioned, I am meeting my contractor and investor there this morning and because of your valued opinions, I feel very confident about my decision to go with concrete.  Thank you both again.  Lisa

This was a very interesting post.  I'm still a little confused about the best way to pay the GC.  Tomorrow, my team is meeting and touring a potential first flip.  I really want to learn from people who have been in the pits and have recovered.  To me, it doesn't get any more real than that.  With that said, I have two (maybe more) questions:  What is the best way to set up payment with the GC?  On a schedule once work has been completed or weekly?  My gut tells me on a schedule after work has been completed.  The other question is about insurance.  I have read many posts that say, just have your GC add you as an additional insurer, another says you only need Builder's Risk and then others say get a standard homeowners policy.  What's the best way to go and do you have any recommendations as to who to use?  Please help, I'm nervous about tomorrow and I really want it to go well.  Thanks so much.

Thank you @Josh Compton.  I agree with you and I would feel the same way if I were buying it for myself.  I also know it will drastically improve the curb appeal and first impressions are everything.  That is a good idea to wait and use it as a negotiating tool.  Buyers will see the value and it could assure me of a full price offer.  Thanks for your in site. 

Hi everyone,

I am on the verge of my first flip.  My team and I will be doing our walk through tomorrow and then I will be running numbers to decide if this will be profitable.  With that said, I would like to tell you a little about the house and the neighborhood to get your thoughts on the driveway.  With regard to the house, it is a brick ranch, 4/2 - 2671 sq ft.  2 car garage and double carport w/ storage.  My goal is to get the property in the low 2's and  hopefully put no more than 50K in renovations. (I will know more after the walk through with my contractor tomorrow) The neighborhood is very nice.  Several of the houses are waterfront and those homes sell in the high 4's up to 800K.  Very few of the interior homes have sold in the last year so there are few comps.  With that said, the majority of the homes in the neighborhood both on the water and not,  have concrete driveways.  The house I'm looking at is an interior lot with water views.  It has a grown over gravel driveway.  My question is, will adding a concrete driveway add value to my flip or not?  If I just add new gravel and clean it up, I would be saving thousands.   Experienced flippers, what would you do? Please let me know your thoughts.  

Hi Jared, great post.

I, like you, watch all of the HGTV shows and pick out what is useful and throw away what is not.  They have taught me about staging, the latest materials that buyers expect, to be prepared for unexpected things to come up (even though some of the shows may be staged), the importance of getting a home inspection, and on one flipping show, the importance of having a great team in place.  The show I'm referring to about the team is "Zombie House Flipping".  If you haven't watched it, you should.  It's a good show.  In fact, Justin the Project Manager on the show introduced me to BP and told me to join.  I'm really glad I did because this is one of the best sites I've ever been on.  Everyone is very knowledgeable and wants to help.  Currently, I am sourcing my first flip.  I know it will be a success because in part from watching the "shows" but, mostly due to people like you that take the time to put your thoughts and experiences out there for all of us to see.  Thank you!  p.s. Keep an eye out on the "Success Stories" posts because you will see my first flip there soon.

@Marcusjohnson, yes, I trust him.  He has been a long time friend and a very sound business man in our community.  However, everything will be in writing.

@Nuhandemirkan, I am not the money person in this arrangement.  I am the project manager and designer, he provides the money only.  He will provide the funds to purchase the houses and cover all of the rehab costs and then he and I will split the profits.  I have a title company in mind along with an insurance broker but still lacking when it comes to an attorney.  

I guess my question is one of convenience.  He is a very busy man and I do not want to add to that.  I would like to be able to set up an account and take care of bills as they arise.  The only thing I want him to do is collect his profits at the 2nd closing.  

So my question is, is it normal practice to set up an account with joint users when flipping houses?

Hi everyone, 

I am getting ready to launch my career in flipping and this one issue has been on my mind.  I have built my team;  I am the PM / Designer, my contractor, my Realtor and my investor.  It is probably a very similar set up for most flippers.  However, since my investor will be paying for the properties and rehab, but will not be on site, is it better to establish a joint checking account so I can pay the contractor and material cost rather than bothering him for every little expense?  Is this how it is typically done?  This business endeavorer is new for both my investor and myself and I want to get off on the right foot.  Any advice you offer would be greatly appreciated.  Thank you!  Lisa

Great job, really nice!

I left out FSBO. I check that as well.