All Forum Posts by: Shayne Stuart Dawe

Is it necessary to have a letter report done for In Rem tax Foreclosures conducted by the county?

Seeking advice on deciding if I should go fourth with a 6 month fast track couching program for flipping houses into turnkey rentals, with fixandflip hub. The program last 6 months and costs 15,000. Just looking for some input before I spend that much money.

@Darrin Taylor

Honestly that one was kind of a shot in the dark on the purchase. I was working with a inexperienced realtor and I to was inexperienced I never ran any numbers or even looked at the ARV. But the actual rehab was completed in 5 months from September until January mostly just me working by myself with occasionall help from friends. The electric, plumbing and plastering were all hired out. It was put on the market in March and I excepted a offer in 2 weeks with the help of a great realtor.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $45,000
Cash invested: $37,500
Sale price: $115,000

Outside Work - Remove chimney, repair roof, add roof over entry way, all new siding, new gutters, soffit and fascia painting, porch staining, stucco foundation, sloped the yard for water control, overgrown vegetation removal, and new landscaping.

Inside Work - Completely gut the entire house including the latte and plaster, and remove knob and tube electrical. All new plumbing, electrical, windows, light fixtures, drywall, paint, cabinets, luxury vinyl, carpet, bathroom fixtures, and kitchen. Added a bathroom to the main floor.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $45,000
Cash invested: $37,500
Sale price: $115,000

Outside Work - Remove chimney, repair roof, add roof over entry way, all new siding, new gutters, soffit and fascia painting, porch staining, stucco foundation, sloped the yard for water control, overgrown vegetation removal, and new landscaping.

Inside Work - Completely gut the entire house including the latte and plaster, and remove knob and tube electrical. All new plumbing, electrical, windows, light fixtures, drywall, paint, cabinets, luxury vinyl, carpet, bathroom fixtures, and kitchen. Added a bathroom to the main floor.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $3,500
Sale price: $189,500

This is an old victorian farmhouse on a bluff overlooking Lake Michigan. I lived in it and had renters while I was working on it. Since I was working full time on an oil rig out of state I only worked on it when I was home.

This was a relatively easy flip that included major cleanup, refuse removal, replacement of rotted wood around windows, eaves, siding, and porches. The roof required a tear off, repair, and replacement. Cosmetically it required a facelift with paint inside and out.

What made you interested in investing in this type of deal?

I was working full time on an oil rig out of state but wanted something to do with my time and money. So I invested in this house to live in it, have room renters to cover the mortgage, and work on it when I was home.

What was the outcome?

The house paid for itself with the renters and a place for me to live. Plus I made a profit.