All Forum Posts by: Wil Reichard

@Wil Reichard loved this. Thank you for sharing. I'm closing on my first rental (duplex) on octuber and my goal it's to do a flip also. Honestly I'm scared, but also so excited on this new journey.

It is frightening. One step at a time though. If the numbers work and you've got someone experienced looking over your shoulder, it's hard to fail big. You'll lose some battles, but not the war.

0 Votes

Originally posted by @Randy Bloch:

@Wil Reichard

I think you need to account for the closing cost 6% (9k) and the tax(5k) in profit calculation? Or

Am I missing something?

Hey Randy,

I've already accounted for the closing costs. Tax at 5k is what my CPA suggested I put off to the side for capital gains.

0 Votes

Originally posted by @Eric Ippolito:

@Wil Reichard the house came out beautiful! Would be cool to see a cost breakdown of each of the things you fixed. Judging costs for rehab is something I’m trying to get better about wrapping my head around

Sure thing. I don't have everything on this spreadsheet, there's about 5k of misc stuff not listed. Most of which was to gravel the driveway. Hope this helps!

Demo	Remove half wall in kitchen	$475.00
Dumpsters	Decker Dumpster 15 yard		Wil	$389.00


Foundation	Lift floor in hall and install support (Max 2 hours). Labor and materials	$375.00	GC


Framing	Remove french doors. Frame wall, add sheathing, add insallation	$400.00










Paint - Interior	mudding, sanding, and painting interior	$3,200.00	GC


Siding	Remove and replace vinyl siding. Labor and materials.	$2,972.00	GC


Doors - Interior	Remove and replace bathroom door and frame. Labor and materials	$270.00	GC



Baseboard	Remove and replace baseboard with 3 1/4 colonial primed wood. Labor and materials	$750.00	GC
Quarter round	Remove and replace quarter round with primed white in areas with hardwood flooring. Labor and materials	$625.00	GC
Cabinets - Kitchen	Resand and refinish / paint cabinets	$2,000.00
Cabinets - Kitchen	Unfinished cabinet base & supplies		Wil	$119.98

Countertops - Kitchen	Remove countertops in kitchen and install granite. Install stainless steel undermount single bowl sink and faucet. (Wil provides faucet). Labor and other materials	$1,975.00	GC



Flooring - LVT	Install LVT and primed quarter round in kitchen and in bathroom. Instal over current floor. (Wil provides flooring). Labor and materials	$675.00	GC / Wil pays for LVT	$225.00
Flooring - LVT	Grout / tile spacers		Wil	$28.74
Flooring - Hardwood	Sand and refinish approx 880 sqft of hardwood flooring. Labor and materials	$2,904.00	GC











Faucet	1 Faucet for kitchen sink		Wil	$209.00


Cabinet Hardware			Wil	$146.99












Interior Lighting			Wil	$455.61
Final Clean		$2,000.00



Other	Install tile backsplash. (Wil provides backsplash and grout). Labor and other materials	$400.00	GC, Wil pay for backsplash / grout	$242.74
Other	Haul away trash	$0.00	GC
Other	Repair water damage under back left window. Wrap window frame in metal. Material for repairs on back of house	$825.00
Other	Relocate washer/dryer to new location. Install 30A outlet for dryer and 20A outlet for washer in new location. Labor and materials.	$1,025.00	GC
Other	Dehumidifier			$1,385.00
Other	Moisture barrier patch			$150.00

2 Votes

Originally posted by @Peter Philando:

@Wil Reichard Great move and excellent results. I'm just about finished with my first flip and can't wait to move to the next one although I have major problems with it. Question: the kitchen looks great and I see that you painted the cabinets, how much did the kitchen reno cost you? If you can break out the price for painting the cabinets ... how much was that piece? Thanks and congrats again!

Hey Peter, sure thing. The granite was around $1,975 and that also included the cost and installment of the sink. To re sand and paint the cabinets it cost me roughly 2k.

0 Votes

Originally posted by @Matthew Wetmore:

@Wil Reichard I actually just saw it on a site like Realtor or Trulia but they were asking a lot more than what it was worth (in order to make the 1-2% rule). I just offered what I knew I could make work for me, then a counter offer, then acceptance. My property is located off wade Hampton about 7 minutes from downtown and walking distance to Starbucks and Publix.

Your SFH flip looks amazing! Are you going to be looking for more SFH for flips or are you looking to rent out as well?

That's an amazing location. Near some great schools too!

I am not really looking to flip much anymore. My goal has always been to hold. I just purchased a quadplex and a SFH in Spartanburg SC. That will be my next big project until I can get everything situated there.

0 Votes

Originally posted by @Joseph Walsh:

@Wil Reichard so true haha. My business partner and I quickly realized after three flips that it is not for us, despite profits. We've been growing our multifamily portfolio ever since. Best of luck to you!

The capital gains on the sales are not attractive as well. I think putting a modest amount of work and renting it out while cashing out on a refi is the best play. The cash out refi isn't taxed and you get to hold the asset while it appreciates. Best of both worlds.

3 Votes

Originally posted by @Matthew Wetmore:

@Wil Reichard Congrats man! I'm also in Greenville, SC and 23 years old. I just bought my very first property and close next week. You did a great job on the renovations and keep expenses low. My property is a triplex and my renovations will be a little different, but your pictures are filling me with inspiration! Thanks for sharing!

Finding a 2-4 unit in Greenville is pretty tough. What part of town did you buy on? I'm excited for you man! Would love to know how you came across it.

0 Votes

@Connor Lichtenfelt No I sold it at 22 months. I'll pay roughly 5k in capital gains. It was bitter sweet to sell it early in the summer and not wait.

0 Votes

Originally posted by @Ricky Cassidy:

@Wil Reichard nice job!

Did you have to pay capital gains by selling before two years?

Unfortunately yes. I looked at several options to try and avoid paying capital gains. Couldn't even do a 1031. At the time I had some deals in the works and did not have 2 more months to spare. Plus with the market cooling down after the summer and the talk about the market slowing I figured now would be better than later.

1 Vote

@Joseph Walsh haha seeing the before and after pictures with a nice little chunk of cash showing in the "profit" section makes this look very desirable. With the amount of work this took, this will not be a very often thing to say the least haha. Will keep the pedal down on the rentals but props to people who can handle multiple flips at a time. Definitely a skill.

0 Votes

All Forum Posts by: Wil Reichard

Wil Reichard has started 18 posts and replied 177 times.

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!

Post: My first flip at age 21. Numbers and pictures!