All Forum Posts by: Thomas L Hall

Right Jamal, It was cool to do the work with my family and teach them the carpentry skills I had developed over my times in the remodel business. The hard part was that we all had jobs and it took us all summer on weekends that year and we only came out with 15K after expenses. Not much for the hours put in. I should have taken that money and done the BRRRR refi but that was way before I had any idea of doing it that way, so we sold it when the job was done.

Thank you Dmitriy for you suggestions. I have already done some of you recommendations and I listen to podcasts daily. I will find out how to set up the keyword alerts you suggest. 

Investment Info:

Single-family residence fix & flip investment in Renton.

Purchase price: $184,000
Cash invested: $81,000
Sale price: $265,000

SFR with detached garage on a large lot. We replaced all the windows, had to do a lot of interior drywall work due to previous owner had stripped some rooms to the studs. Replaced bathroom floor, repainted interior and exterior, new roof. Minor electrical work. Exterior landscaping improvements.

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

I wanted to rehab a property for myself rather that continue to remodel homes for others.

How did you find this deal and how did you negotiate it?

I had a realtor showing me properties and found one that fit my criteria. I just offered a lower price than the seller was asking and he accepted. No counter was offered.

How did you finance this deal?

Bank financing.

How did you add value to the deal?

We totally rehabbed in the interior, replaced all the windows which required interior and exterior trim, interior drywall where it had been stripped off, new flooring in the bathroom and new fixtures, new roof on house and detached roof, exterior and interior painting. New kitchen counter top, flooring , sink and fixture. New vapor barrier in crawl space. Landscaping clean up and improvements.

What was the outcome?

Successful flip but carrying charges, commissions and rehab expenses only netted us 15K in profit. We did all the work, me, my wife and her son. It took us all summer every weekend.

Lessons learned? Challenges?

Mainly use the BRRRR method and hold the property for rental. Now it tax appraises for over 100k more than we sold it for. Cash flow and appreciation would have been a much more profitable outcome.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. I would refer the agent if requested.

Hello Bigger Pockets Members. Everyone in BP seems to be pretty young. I am coming in at 72 and want to build enough income to be able to quit my job and work a real estate business full time. I have been in residential remodeling my whole life beginning as a carpenter, worked up to superintendent and have had my own GC business twice. I am very experienced with hands on skills as well as estimating and project management. I live in the Seattle area and am looking to purchase distressed duplex, triplex or fourplex to rehab and hold as rentals. I did flip one house a few years back but the big mistake was not doing it again, and again .....