All Forum Posts by: Shawn Ward

@Dominique Mickles our average rehab is about $120/sqft, which is higher than most, but that is what we use to do a quick and dirty estimate before we ever see the home. 

For your market, if you know 2-3 successful flipper there, get their average by asking them, and use that for now. 

Onward!

sjw

@Justin Westmoreland what we do..and its a good rule of thumb to use, is that with our estimations and projections, after all escrow/taxes and agent fees are paid at the end, we look to make 7-10% of the sale price net. If its less than that, we skip it. 

Thus, if we sell a home for $1.0M, we want to take home $70k-100k free and clear after all escrow closings. 

All the best!

sjw

@Hilary Stalder foundation issues are not deal killers, as long as they keep your timeline and budget goals intact. 

Many flippers run away, but that is why we get great deals with margins, because we are not scared. 

Get 3 different quotes on the work, and make an educated decision on who does it and if the numbers work, do it. 

All the best!

sjw

Congrats @Matthew Rembish !!

@David Vile I use:

1. Excel calendar that we and our Sub sign off on

2. Whiteboard at each flip a a reminder to the Sub and the workers

See attached example of both. 

All the best!

sjw

@Devin Crim for something this small, if you have the means, pay yourself, or target a few friends/family who you'd be willing to pay around 10-20% ANNUALIZED return on their loan in order for them to partner with you.

@Christopher Crean here in LA, for houses we are selling above $1m, we:

1. install Nest

2. WIRE for security, cameras, bluetooth items, USB ports, etc

@Brendan D. expect to pay 1.5-2.5 points at closing of the loan. That will have to come out of your pockets into escrow, and it will be credited to the HML.

@Jeremy Mattson if the door is in good condition, and the house is not high-end, paint it a good color to give it some pop.

Here is a door we painted recently:

@Harley Fowler my partner is a GC and we have a great partnership.

Even though he was able to do some flips on his own before we partnered, and he can do all of the finance stuff himself, after we partnered, and I took over all of the finance, working w/ lenders and investors, getting insurance, creating timelines and budgets, marketing, branding, etc, we have been able to grow much faster than he could have on his own. 

If you have someone in your network that you trust, who is good at the business side, then start a joint venture w/ him/her on a deal, see how it goes, and if it works, maybe you've found a good partner to grow w/.

Onward!

sjw