All Forum Posts by: Phil Z.

I like that idea about the double lock .. but is that a safety hazard? (i.e. house is on fire and you can't get out!)

- Notify the police, they will probably drive-by more often.
- Post no-trespassing signs.
- Put motion lights.

Check the basement sills for signs of termites.

Investors probably wont buy a remodeled condo. They want dirt-dirt cheap units with low taxes and low condo fees.

Single Family and Condo make good flips in any market.

Multi-Family make good flip and hold in this market. But in my opinion there is not a big enough investor-buyer pool willing to pay retail value with 25%+ down on a 3+ family.. it's an added re-sale risk.

Sounds like your using too much compound. Also, are you mixing it yourself or using pre-mixed?

Do not goto a bank for rehab financing. You need a Hard Money Lender.

Dark walnut colors are trending in our area, but they are hard to keep clean (Shoes off!). You can also ask your hardwood floor person what is 'hot' or look at new construction.

Do you mean a Repair(s) check list? ..

Depends on what your buying, where your buying it and if its from the same place at the same time.

I would never buy a flip with a $13k profit. You're absolute minimum should be $25,000. However, your calculation of 70% minus repairs is a very good number that is supposed to include all the holding costs. So I would say you are spending too much on your carrying costs.

1. For starters, a $30,000 rehab shouldn't take you longer than 3 months to fix and close in another 3 months (if your ARV is right). (6 months total).

2. Second, what is a Contingency 10%? Overages buffer? If so, 9 months is already an overage buffer.

3. I can't figure out why your re-sale costs are so high. Commission (4.5-5%, Closing $1,500 (~1%), Conveyance Tax .05%) = 6.55%

4. If you are an experienced rehabber then you shouldn't have an inspection on any rehab deal. If you want wholesalers to make you their first point of contact .. I would not have inspections.

5. If you are using hard money, you should have a financing contingency.