All Forum Posts by: Shawn Ward

Congrats @Courtney Y. ! I just bought a cabin in Sevierville, and I 100% would not own it if it were not for the great advise and insight from @Julie McCoy . Listen to her and you'll be fine!

All the best!

sjw

@Wade McGowan I am a huge proponent of staging. We've never sold a house without it. Many buyers do not have vision, so great staging helps deliver a glimpse of what the house can look like as a HOME. We budget for it on every flip. And, as everyone knows, rooms look smaller empty.

All the best

sjw

@Gaege Root You should continue to analyze deal, but go ahead and get a relationship with at least 2-3 HMLs so you are pre-approved and then when it's time to put an offer in, you can get final terms from them and can move quickly. 

All the best.

sjw

@Brigitte Via if it were $100k, form my experience and current market conditions:

- $50k in diversified ETFs

- $50k toward buying a STR in a vacation friendly holiday destination town

All the best!

sjw

@Account Closed our team is:

- Contractor - analyzing the work needed; permits; etc

- Agent - analying the ARV and comps

- operator/finance guy - analyze deal, numbers, investment, etc

- lawyer - look over all paperwork

- interns - help support all items throughout

@Ryan Kerr that is a smaller demo...so I think you could get away with around $2000-$3000.

@Michael Caro agree that you should check w/ City Planning...especially if its in an HPOZ. However, usually, if you are adding less than 500 sqft, you can get over the counter permits. Anything over, you have to do a bit more work. 

As far as fix/flip vs renting out, you have to decide if you want to make money off of this now (flip) or hold and keep an asset that may not bring much money now, but will grow in equity over time. 

All the best!

sjw

@Brett Kash we have a standard contract that includes a Lien Waiver. We just customize the ACTUAL WORK, TIMELINE, AND PAYMENT SCHEDULE to each for : Contractor, HVAC contractor, etc. 

It's simple. 

All the best!

sjw

@Robert Tinker We pay as the work is done:

Demo is 1/2 way done, we pay 1/2

Demo is complete, we pay balance

Framing is 1/2 done, we pay 1/2

Framing is complete, we pay balance

And so on. Its the best way to keep your finances in check and to keep the contractor in line with getting money as they work.

All the best!

sjw

BPers,

Wanted to share my latest rehab project with the forum. This previous 2 bedroom / 2 bathroom home is now a 3 bedroom/3 bathroom in the Glassell Park neighborhood of Los Angeles. It's the 7th completed fix & flip in the past 2 years for my partner and I. The home has a brand new roof, flooring, electrical, plumbing, landscaping, appliances, and much more.

Purchase: $605k

Rehab: $215k

List Price: $1.075M (Listing: https://www.redfin.com/CA/Los-Angeles/3922-Roderick-Rd-90065/home/7073451) 

More Before & After photos below:

Thanks!

Shawn