All Forum Posts by: Patrick Speller

@Leo Watts not yet. We have a few builders coming out this upcoming week. What would you say is a more realistic price/sq ft to budget for?

@Leo Watts sorry, I'm just seeing this. They're 2 adjacent lots. Each lot is about half an acre. As of now we plan on having about 2.5k sqft of living area in each home; likely 4bed/3bath. The homes will be mid-century modern style. We'd like to keep construction costs under $125/sqft if possible. 

Thanks so much for your response

Hello BP fam!

Does anyone have any recommendations for reputable builders/contractors for new construction in Northern Virginia. Specifically Henrico County, VA.

Feel free to reply or message me directly if so.

Thanks a million!

Investment Info:

Condo fix & flip investment.

Purchase price: $240,000
Cash invested: $40,000
Sale price: $385,000

This project was done with a partner.

Garden style condo 1bd 1ba built in 1936 in Petworth (NW DC) within walking distance to the Petworth Metro. (Great Location)

This deal closed 8 months ago.. writing in retrospect so some details are missing. Plus I didn't have enough characters to tell the whole story.

*Purchase price was $220k*

How did you find this deal and how did you negotiate it?

Cold Call

How did you add value to the deal?

Renovations included but weren't limited to: Point-up & sand walls, new paint, new floors in kitchen, new cabinets, new appliances, added washer and dryer, completely remodeled bathroom, bathroom door replace with a barn door, fixed pipes and installed portions of new piping in bathroom, recess lights added in living room, remodeled the back "patio" into living space (could be used for an office or den), steps in the back were fixed, new doors and locks throughout, new thermostat installed.. etc

What was the outcome?

Sold within the first week on the market above asking price.

Lessons learned? Challenges?

Hiccups: Seller's wife became unhappy with our agreed price (Solution: There was a language barrier so we "hired" a translator. The translator was a fellow real estate agent that my partner had worked with in the past).
Nosy neighbors that liked to complain (Solution: Stayed friendly, offered to have our guys fix up some minor issues they may be having in their units)
11th Hour bathroom plumbing issue (Solution: Easy fix. Had to remove the toilet, cut open the dry wall and fix the pipes
Etc

Investment Info:

Condo fix & flip investment.

Purchase price: $240,000
Cash invested: $40,000
Sale price: $385,000

This project was done with a partner.

Garden style condo 1bd 1ba built in 1936 in Petworth (NW DC) within walking distance to the Petworth Metro. (Great Location)

This deal closed 8 months ago.. writing in retrospect so some details are missing. Plus I didn't have enough characters to tell the whole story.

*Purchase price was $220k*

How did you find this deal and how did you negotiate it?

Cold Call

How did you add value to the deal?

Renovations included but weren't limited to: Point-up & sand walls, new paint, new floors in kitchen, new cabinets, new appliances, added washer and dryer, completely remodeled bathroom, bathroom door replace with a barn door, fixed pipes and installed portions of new piping in bathroom, recess lights added in living room, remodeled the back "patio" into living space (could be used for an office or den), steps in the back were fixed, new doors and locks throughout, new thermostat installed.. etc

What was the outcome?

Sold within the first week on the market above asking price.

Lessons learned? Challenges?

Hiccups: Seller's wife became unhappy with our agreed price (Solution: There was a language barrier so we "hired" a translator. The translator was a fellow real estate agent that my partner had worked with in the past).
Nosy neighbors that liked to complain (Solution: Stayed friendly, offered to have our guys fix up some minor issues they may be having in their units)
11th Hour bathroom plumbing issue (Solution: Easy fix. Had to remove the toilet, cut open the dry wall and fix the pipes
Cont..

Welcome to BP! I'm new to the community as well but I've already learned tons. Good luck

I grew up and went to high school in Nashville, 4 years removed. Yes, most public schools are bad, however, other than private school options, there are great public schools such as Meigs and Head Middle Magnet (middle school) that funnel into MLK and Hume Fogg (2 of the top 100 public high schools of the nation). Many families may not have money for private schools so these lottery schools are great options and provide public transportation via the city bus. And as a side note: Pearl Cohn and Stratford have made HUGE strides in their facilities, curriculum and the overall environment that they offer students, as of right now their ratings are far underrated.

You can reach out to businesses that would have interest in your particular audience (make sure you know your expected attendance and demographic); such businesses may include local car dealerships, fashion accessory companies, hair/beauty care product companies, catering companies, etc. Then, set up different level packages for sponsorships, and find out a WIN-WIN situation when courting these companies so you can tailor your packages to what they may need and can offer your event. I worked briefly with an entertainment agency and this is how we'd usually go about it. As far as the legal paper work to secure the sponsorship money, I don't know exactly how that works. That was handled by a different department lol. Good luck

Very Inspiring! Thanks for sharing

I appreciate it @Christopher B. . Thank you for your time and your advice, which I will definitely act upon. 

Good luck to you as well!