All Forum Posts by: Shannon K.

I have a flip right now with lead-based paint on the 2nd floor stairs. An FHA inspection discovered it and required it be corrected. FHA had pretty stringent guidelines and they accepted encapsulation by painting over it as a perfectly acceptable remedy. They also required a post-painting inspection to certify the lead had been encapsulated.

Our city does not require a permit for LBP removal so if yours is the same, you can likely paint over it and be done with it. The busy road location will bother potential buyers moreso than LBP that has been properly remedied I would think...

I didn't go through the analysis-paralysis stage myself... I had helped other buddies around here flip & designed things for them several times, so I had an idea what it entailed. Then on my own, I prepared well and organized everything I could think of into spreadsheets, charts, guidebooks, Q&A sheets, lists of lenders, SKUs of products, pics of remodels I liked....

Confidence is key. That confidence will come from educating yourself in this field until you feel you know enough to pull the trigger. I studied all aspects of real estate for about 8 months before looking at my first properties. I felt super confident, asked questions about what I felt didn't know, and read everything related to my niche (flipping).

I made spreadsheets, charts, costed out materials, saved money... everything was in place. By the time I completed all these things I was chomping at the bit to buy something!! I knew I was well-educated and ready to begin.

Its like a taking a test in school. Did you prepare? If yes, you'll feel pretty confident you'll do well. If you didn't prepare properly, you're off to a bad start.

Jeez, I'm jealous looking at some of these under $30k properties. I see most people here are renting them out, but I wish I could find a flip here in Buffalo for under $30k. Everything in that range here is in a war zone!  Looks like many people here have found some gems...

Give me another day to let you know... I started with the hepa filter and can definitely tell the air quality is better. Today was the first day I didn't wear an N95 mask in the house and I'm fine.  2 other times I've come home with a sore throat immediately after visiting the house without a mask.

I just put the carbon filter in tonight so I anticipate the musty smell to be noticeably improved tomorrow and the next day.  I'll check back in once I visit the house again and sniff around, haha.

You didn't mention carpets, but if there are any, get rid of them!  Remove whatever old paneling/materials you can afford to.  Then rent an ozonator or "air scrubber" with a carbon filter (and hepa filter if you'd like) to remove all smells. My buddy had one last week going in his flip for a fire damaged house and the carbon filter worked nicely.

I've got one going right now at a place that's been vacant for 5-6 years and smells very mildewy/moldy/musty. Tonight was the first night so I'll see how the air smells later this week. Carbon filter is key for smells.

@Jay Statzer, this deal was dead a while ago. Unfortunately, because I submitted such a nice, well-organized package to the bank (beautiful photos, comps, repair bid, a contract, etc ) for consideration on this home, they thought I was "in cahoots" with the person losing their home and was going to rent it back to them once I bought it.

They flat out rejected my offer and told me not to contact them again regarding buying this home because they'd rather go through the foreclosure process. Bank said they're sure there is something under-handed going on here between me and the foreclosed person and that "they know we're friends" so they didn't want any part of "that collusion"....

(In reality, this was a random contract from a lis pendens letter I wrote along with the other hundreds I found on my city's central appraisal property website, but ok bank!!)

What is the average DOM for your area? Even though its been 80 days on market, I might still stage and retake pics. Even a bed or couch here and there could help. A bowl of fruit on the kitchen counter. Fluffy towels in the bathroom...

Do you have an Aaron's store near you? They rent furniture fairly cheaply for the month. The rehab looks good, so hence the positive comments you're receiving, but is anyone commenting on the price?

If you think you're priced well for the area, maybe the house is quite big and just needs some accouterments to make it look livable for a family. I love staging. Furniture can help people visualize where there things would go and make an empty house more "friendly."

I also would advise against using a "per sq foot model" for estimating rehab costs. So many things can go wrong or change when you begin to demo the property. I have a 2000 sq ft flip I'm working on right now. Do you have a master list of rehab things the house needs?

I have 165 item Excel spreadsheet I have created which details everything from "Order dumpster, get permits, install lighting, order appliances, get matching door hinges, new house numbers, etc...." all with prices and totals.  Each and every single thing I can think of that would need to be done on a flip is in the Excel sheet.

Each house we flip or put a bid on, I load up the 165 item checklist and cross off what doesn't need to be done for that particular house and keep what's left. Then Excel totals up the costs and I have instantly budgeted for the next project! Super organized doing it this way!

Are people stopping into the open houses?  Have you received any feedback thus far?

A comment I will make to help is regarding the pictures. I own another business and take/edit all my own pics. My products are all bright and sunny and shiny and highly contrasted. You can see all the details! 

Your house looks clean and rehabbed, but there is no "wow" factor. Pics are kind of dark, most pics have shadows, half cut-off in the angles, nothing is staged.

I can't visualize where my furniture would go... The pool area looks a little uninviting with a giant shadow overcast on half of it. No pool furniture, no plants, etc.  I think the remodel looks well done, but you're not doing yourself any favors highlighting aspects of it.  If I was searching online, I may bypass this house for poor photography and no staging.

Oh, very cool. I didn't see that thread yet... Thanks.