All Forum Posts by: Mike Primsky

Quote from @Tanner Pile:

If you're you're confident in doing rehabs, maybe a BRRRR in the mid-west could be a good option for you. You can get properties that cash flow better and put you rehab skills to the test with organizing contractors

 Tanner- where in the Midwest are you seeing the biggest returns?

Long time BP member and done 3-4 flix & flips. Fortunate enough to have liquidated assets- what to do with 500k in todays market? In Denver, with 7% interest rates the numbers are HARD to make work. Please advise

BP Community,

I’m in a pickle and need advice. My family purchased a home for $730k back in 2019 (2,400 sqft) 4/3 fully remodeled farmhouse with 1 car garage (we finished laundry home and added huge backyard patio, fireplace, etc). Home is worth $970k today and 10,000 sqft lot. Needs new roof, HVAC, insulation and redo front porch due to water damage before sale. Buyer’s market btw

We have permitted plans to build a 2.5 car garage (detached- 24 x 24), add 350 sqft living room and redo the main level (walk in closet, pantry, double vanity master bath) & to convert the 1 car garage to 5th bedroom (3 bedrooms on main). Project cost 300k and will give us 2,900 sqft 5/3. SP of homes ranges anywhere from $350-$500 ppsf

We are not sure how long we plan to live in this house. I don't think the ROI is there for the FULL 300k project plus 6-8 months construction. Homes in my neighborhood skyrocketed and a 2-car garage is rare on my street and many homes are 4/3. Pandemic prices of similar homes are 1.25- 1.4 mil similar sqft with 2 car and 5 bedrooms fully remodeled.

So, should I go ahead with the full 300k project (6-8 months, need to move out, etc)? Or only budget 100k on added 2.5 garage and convert existing to 5th bedroom (1-2 months), HVAC, roof replace a few windows and plan to resell 1.2 mil? Or just do nothing. I don’t want to waste the 30k we already spent on construction plans b/c many homeowners won’t go through with project and $1 mil is already top of entry level budget to get into neighborhood. Any thoughts?

@Jim Goebel Hey Jim- sorry for the delayed response? What platform are you talking about? Did you have a lock box? I have all the original pictures from when Home was purchased brand new 1 year ago. Would it be worth it to use a Redfin and pay 1% fee? Any feedback helps. Thank you

Investment Info:

Single-family residence fix & flip investment in Denver.

Purchase price: $290,000
Cash invested: $12,000
Sale price: $365,000

Bought a 2 bed/ 1.5 bath townhome in Downtown Denver. Fixed everything inside but the walls (new kitchen, 2 bathrooms, floors, paints, carpet, staircase, lights, ceiling fans, etc). Within 1.5 years of fixing and living in we were able to sell FSBO and make 60k on the deal.

Do you think it’s possible to sell a home for sale by owner while your out of state? I bought a new home and cannot sell since the homes in the neighborhood aren’t finished and I want to use it as a rental for 1-2 years. Since I’ll be out of state and have sold FSBO before and seen the benefits is it possible if I’m not living in the area? Can I use a lock box? Would you recommed using a real estate company like Zillow or Redfin which offer 1% fees? Better than giving away 3% on a $500,000 home which I can’t afford to give away. Please let me know thoughts or direct mail me. Thanks