All Forum Posts by: Matt Jones

@Darwin Lopez I'm sure there are plenty of BP members in South FL that would be glad to meet with you but don't forget to check out your local investor meet-ups(REIA's) and to listen to the BP podcast. I started investing before I became an agent and was amazed at how many agents don't understand the numbers that an investor uses to analyze deals. Learning about investing should help your business even if you never invest in a property because it will make you a valuable resource for local investors. Good Luck!

@Account Closed Thank you, some of that resourcefulness was to help with other overages of my budget but mostly I loved the old features mixed in with the new.  There were a couple great silver light fixtures that were original to the house I was able to save and the old fashioned crystal door knobs, those were my two favorite things that I was able to re-use.

@Aaron Mazzrillo Thank you!  I had really hoped to keep the garage apartment and use it for rental property, there was actually a service road behind it so you could get there without disturbing the house and it's in a popular area of town.  After walking through it with a couple contractors I gave that dream up pretty quick after I saw an estimate.

@Evan Bell  You should have seen the inside...

@Sam Albert it was risky, I actually thought I would get it fixed up for less and that it had a higher ARV when I first looked at it. Fortunately, a great purchase price made up for my miscalculations and learning curve. If a project is bigger or just different than what I have done in the past I always look for a substantial financial cushion beyond what I would have on a deal I was comfortable with.

@Krystal Delaney Essim I had to tear the garage down, it was unfortunately beyond saving(at a reasonable cost anyway).  It filled up 3 x 40 yard dumpsters and made a mess of the backyard.  The rehab took right at 4 months due to some contractor issues and some on the job training for me but could have been done in half that. 

Thanks @Faun Perdue, I have never used the BP marketplace but I have been considering upgrading my account and starting to use it.  Have you had success with the BP marketplace?

Thank you!  I did some work, mainly demo and painting, @Cheryl Vargas.  I subbed all of the other jobs out and shopped hard for competitive bids.  For the bathroom I found a general handyman to do the walls and floors but she had not tiled in a shower pan before so I used the fiberglass pan when I could not find an experienced contractor to do it.  I also had a good network of contractors from some other smaller projects that saved me money on electric, plumbing and sheetrock work. 

@Ryan Johnston Only if you thought there was a very likely chance of strong appreciation and you want to make an appreciation play on that property.  I'm an agent with less than two years of 1099's as well and if I'm not living in a property and it's not making me substantial cash flow I won't hold on to it.  Without easy bank financing I'd rather have the cash at this point and rely on my ability to put together new deals that will have a better rate of return. 

One question about your townhouse, how old is it and when were the major appliances(including heat & air) last replaced?  If everything is new then your maintenance and repair costs could be low enough to make this worth holding for a few years.  If not, I see the maintenance eating up any profit you might make and maybe more. 

That's just my take on it, plenty of other BP folks may see it differently but as an agent I want great deals or I'd rather have the cash, at least until bank financing is a viable option. 

Looks like you did a fantastic job AND you are in position to make a nice profit.  Really great job for your first flip, I'd say you have a bright future in this business!  Congrats!

Personally, in your situation I would sell. It sounds like your condo is unlikely to cashflow much if at all after you figure in CapEx and you would probably rather have the cash to put down on another property next spring. Being an agent you will likely come across better deals than the condo and might be happy to be more liquid and able to jump on them. Good luck with whichever route you choose!

Thank you @Sarah Lorenz !  I tried to keep as much of the original fixtures and touches as possible but update the home enough to have the features that buyers are looking for in today's market.