All Forum Posts by: Matt Gragg

Not sure about your local codes but where we are if you put new windows in the front room where currently boarded up. They will need to be safety glass windows since they are so close to the floor.

The house looks like the perfect one to flip. I would ensure no standing water or water leak. By the pictures it looks like possibly mold on the floor and a couple of walls. 

If possible, I would turn the bath with shower only into a full bath with tub/shower combo.

An estimating cost book is useless unless it is for that exact area. 

We have different flip books we have created for different areas with what the buyers expect for the specific areas. 

I would talk to a couple of the top real estate sales people for the area and see what they have to say for price points, styles and most importantly days on market etc.

I would also pick their brain for good contractors as well.

@Monte Misa flipping is a great way to be able to have buy and hold properties. 

As you may know, buy and hold compared to flipping are two very different projects. 

I would suggest having at least 3 contractors (Investor Friendly Contractors) come view the property and get an idea for what it needs to be marketable to that area and what their bid would be to complete said work. 

The design I would suggest is whatever the market is for the area. Some areas require certain styles, textures colors etc to move the property fast. 

I however would use mostly big box store items that are readily available instead of ordering offline for example. If items get damaged it takes too much time to possibly get a replacement if not purchased locally. 

Would love to help you out with any ideas for the project, do you have any pictures? or ideas for budgets or materials, labor etc? or what the house needs to meet today's standards of style and finishes etc?

Here is what is on our walk thru sheet

"Walk thru sheet for flip and / or buy and hold properties"

Temperature day of inspection____

Rain__ Sun__

Day__ Night

Address

Parcel #

City ____ County____

Flip ____ buy and hold ____

Estimated start date __ / __ /____

Estimated completion date __/__/____

Septic__ Sewer__

City water__ Well__ On__ Off__ Winterized__

Power On__ Off__

Exterior-

Paint

Siding

Lights

Windows

Roof

Chimney

Gutters

Trim

Deck / porch / patio

Steps

Handrails ( 3 steps or over 30" off the ground )

Foundation

Vents

Rot

Garage

Curb appeal

Addition

Crawlspace

Moisture barrier

Trash

Shed

Barn

Pump house

Fence

Notes:

Interior-

Bedrooms

Bathrooms

Kitchen

Kitchen Cabinets

Kitchen Countertop

Backsplash

Vanity

Flooring ( carpet bedrooms, laminate - vinyl - tile for bathrooms and kitchen )

Doors

Knobs

Trim

Towel / TP holder

Toilet

Mirror

Tub / shower

Shower head and handle

Faucets

Sink

Lights

Framing

Electrical

Plumbing

Drywall

Heating / air conditioning

Plug ins / switches

Paint

Sump pump

Dishwasher

Microhood combo

Stove

Fridge

Attic

Insulation ( attic & crawlspace where visible )

Trash

Notes:

I personally like the 3 cm white quartz, looks clean and modern. 

We have a couple different suppliers we use, not sure if one is ceasar stone. All quartz will stain and burn as it is a synthetic product

The RTA cabinets are more expensive then big box stores. I used Ikea cabinets a few different times and don't care for them much. If you do have a problem with the product a couple years or sometimes less, the product you used will usually be discontinued and not able to match. Also it should be noted the ikea cabinets never get delivered when they say they will, atleast not on any projects we have completed with them. They also do not come with a riser or toe kick so the cabinet is not all the way against the floor. The risers / toe kicks are additional charges. 

For a rental I would use a higher quality cabinet that is built with plywood boxes not particle board as renters are hard on things. I would also have all soft close doors and drawers as some people like to slam cupboards and drawers and the soft close will help to reduce damage if, or more like, when done by the tenants.

Here are a couple pictures of kitchens and bathrooms we have done with quartz and granite.

Congrats on your first rental unit!

What are the details of the rental unit? Beds? Bath? sq ft? single? or multifamily?

I would look around at other rentals in the area and see what they offer in their rentals as far as granite, tile or formica. Sometimes in a rental, Granite is not a good choice as it cost a lot to replace or repair if damaged by the tenants. However, if all the rentals around you have granite for your same price point (Rental Rate) I would say do granite too.

By the way... I'm sure if you look around and talk to some people you can get better rates then listed above. For Granite installed I wouldn't pay any more than $20-$25 sq ft and Quartz would be just a little more than that at $30-$40 sq ft installed.

If you are paying $1,000-1,500 for a stove, that is too much..... We get our appliance packages at the big box stores. For a fridge, micro-hood combo, dishwasher and range we pay less than $2,000 for all delivered. And this is all stainless steel appliances.

I would look around the area for what is offered as far as comparable to what you have. Extra bedrooms don't sell houses or even rent them.... Kitchens and baths rent and sell houses....

I would not waste the money to expand the existing bedrooms.

Do you have any pictures? Hard to give you advice without seeing anything. 

Pm me the info for the properties you currently have please.

@Charlie John We were the contractor on this one, but can't complain.... As you may know though, rates are a lot lower for investors than retail clients for all remodel work. 

We flip our own properties as well as properties for a few other investors.

We have been very fortunate to connect with some great people and hope to connect with even more each and every year.

Thanks @Jared Cauffield 

@Adam Juodis Thanks. Sometimes people think i'm too picky during the remodel, but I think quality control will make a huge difference on the final outcome of the project and usually always pays off with a fast sale of the property. Whether it be ours or another investors property time is money but so is quality. I have seen properties sit on the market for months and months if the quality of the remodel is poor and the price is too high. This one was not our property, I'm not sure where they were for this project as far as numbers.

@Jennifer Lin The flooring was the $1.50 sq. ft. or so from HD Home Decorators Collection 12 mm laminate floor, if I remember right.

@Wendy Vaidic Thanks

@Murdock Smith A lot of people do what they would like.... But, if your not going to live there, chances are you won't recover the cost for doing the extras.

Just like putting on $30 door knobs on all the doors when the house will sell for the same price with $10 ones. It is not really necessary. There are a lot of places to invest the money if you have extra to spend....

The new owners will add the cable, phone, cat5 etc if they want it and have it installed exactly where they want it too. 

Kitchens and bathrooms sell houses....

Here are some pictures..........

As you can see by the pictures, different areas require different styles for remodel.

@Murdock Smith We don't worry about cable, phone lines or cat 5 etc as most people are using wireless devices these days anyways. The cost of the materials and the damage to the house caused while installing it, isn't worth it in my opinion. 

We always ask our self the question "Will it make me more money?" if the answer is no, we don't do it.

I don't believe we are going to lose a sale on a house because it doesn't have cable or phone lines etc.

This is a 4 bed 2 bath we finished a while back and thought I would share the before and after pictures.

What do you think @Brandon Turner? This house look familiar?