Flipped That House!!

[al cole'holic]

I mentioned it here a few times so I thought I'd finally get some threads of the "flipper" pre and post condition. Began work in early January and finished 1 week ago!
...gonna take me a few posts to get it all in.
http://members.aol.com/hevythreds/front1.jpg
http://members.aol.com/hevythreds/prekitch1.jpg
http://members.aol.com/hevythreds/prekitch2.jpg
http://members.aol.com/hevythreds/dine1.jpg
http://members.aol.com/hevythreds/living1.jpg
http://members.aol.com/hevythreds/2ndbath1.jpg
http://members.aol.com/hevythreds/2ndbath2.jpg
http://members.aol.com/hevythreds/master1.jpg
http://members.aol.com/hevythreds/master2.jpg
http://members.aol.com/hevythreds/mbath1.jpg

[Mandelon]

Good Lord, I am hoping those are the "BEFORE" pictures... :D

[al cole'holic]

http://members.aol.com/hevythreds/front1p.jpg
http://members.aol.com/hevythreds/poskitch1.jpg
http://members.aol.com/hevythreds/poskitch2.jpg
http://members.aol.com/hevythreds/2ndbath1p.jpg
http://members.aol.com/hevythreds/mbathp.jpg
Now for the good news...sign went up last Monday, put it on the MLS Thursday, open house Saturday & Sunday, went into multiple offers Monday Morning @ $579,950!! Can't remember the last time I've seen multiple offers!! Purchase price was $460k with $10k back, and the budget we used was $50k.
House next door has been listed for over 6 months for $529k, across the street is a foreclosure @ $495k, and the last sale 2 weeks ago was @ $529k down the street :D :D :D

[al cole'holic]

..damn double posts!

[Rexone]

For God's sakes this is Tom Brown's old house isn't it
http://members.aol.com/hevythreds/2ndbath1.jpg

[bigq]

Looks good. Looks like 50k went a long ways.

[Mandelon]

Very nice. I'd be curious to see what you actually net out once all costs are figured in. Market around here is still dropping slowly in price. But they are moving. I am not brave enough to buy anything yet.

[al cole'holic]

Very nice. I'd be curious to see what you actually net out once all costs are figured in. Market around here is still dropping slowly in price. But they are moving. I am not brave enough to buy anything yet.
..we do have a different situation being the agent, and we did go in knowing it wouldn't be a 'get rich quick' scheme but it is very well for a 3 month time frame. I drafted an offer tonight on the next one already that is a sweet candidate to do it again. :)

[YeLLowBoaT]

is that purple carpet? :eek: Oh yeah the painter needs to over lap more... that or back roll. :D
I would also be intrested in what the out come is after every thing done.

[al cole'holic]

Looks good. Looks like 50k went a long ways.
...thanks! It's good to have friends in different areas of work which was crucial for the budget. All in all, after going over everything that was done there was no large $$ spent on any 1 particular item.

[al cole'holic]

is that purple carpet? :eek: Oh yeah the painter needs to over lap more... that or back roll. :D
I would also be intrested in what the out come is after every thing done.
...actually very earthy brown color, lighting was really bad at that time the pics were taken I guess :(

[edog_103]

Good Job. I broke out into a cold sweat looking at the pre pictures. Reminded me of the house Ii grew up in as a kid in the 70's

[Hustler]

Good job. Not a bad deal for the short time frame.

[al cole'holic]

..shooting for a 2 month time table on the next one :eek:

[eman1625]

Nice Job!!! Now just hope the appraisal comes in OK.

[plaster dave]

You did a great job on the house looks good.

[RaceFace]

Nice work Al!!! Looks great!! I'm not suprised there were multiple offers....its all brand new! Very cool!!!

[al cole'holic]

I found the next house for sure but the escrow we're in will not allow me to move with the particular time constraints involved. If anyone here is interested at all in a fixer in Simi PM me for details. I don't think this will be on through the weekend. We are listing a nice house on the same street without a pool for about $620k and this fixer has a pool...if you're a contractor that wants to work for yourself for the next couple months, perfect scenario! :D

[Trailer Park Casanova]

Good Show Bro!!!

[al cole'holic]

Good Show Bro!!!
:D
...you gotta hear what we did in Long Canyon!

[Devil's Advocate]

Nice Job! Looks Great!
The shower wall in the before was pretty scary.:jawdrop:

[al cole'holic]

Nice Job! Looks Great!
The shower wall in the before was pretty scary.:jawdrop:
..thanks! So were the shower doors, never seen em fold up to the ceiling where you gotta duck under to get in :eek:

[totenhosen]

Morning @ $579,950!! Can't remember the last time I've seen multiple offers!! Purchase price was $460k with $10k back, and the budget we used was $50k.
So your buy-in cost was $450k
if you represented yourself you got back perhaps 3% so another $13800 max
So total buy in $436k
rehab $50k
fees to selling agent realtor $17k
tescrow costs on both transactions $5k
Interest only loan $11k
prop. taxes $3k
estimated costs $86k
approximate gross profit $58k
Nice work!!!

[AirtimeLavey]

Nice. Congrats. Who'd a thought you could make money in RE nowadays. :idea: :D

[al cole'holic]

So your buy-in cost was $450k
if you represented yourself you got back perhaps 3% so another $13800 max
So total buy in $436k
rehab $50k
fees to selling agent realtor $17k
tescrow costs on both transactions $5k
Interest only loan $11k
prop. taxes $3k
estimated costs $86k
approximate gross profit $58k
Nice work!!!
...fees were a bit lower than that, and it was 2.5% offer to the selling agent who opted to kick in .5% to secure his deal as the highest out of the multiples :D
Nice. Congrats. Who'd a thought you could make money in RE nowadays. :idea: :D
...unheard of, yea right :D

[YeLLowBoaT]

So your buy-in cost was $450k
if you represented yourself you got back perhaps 3% so another $13800 max
So total buy in $436k
rehab $50k
fees to selling agent realtor $17k
tescrow costs on both transactions $5k
Interest only loan $11k
prop. taxes $3k
estimated costs $86k
approximate gross profit $58k
Nice work!!!
But you forget...hes going to eat alot of that in capitol gains on that house.

[al cole'holic]

But you forget...hes going to eat alot of that in capitol gains on that house.
...there is a 1031 option ;)
Or take the hit and offset the construction costs, etc...in that scenario I look at it as something to deal with in '08, which if we can get 3-4 done by then..:)

[Brady Bunch]

Multiple offers are nice! So you have an appraisal for the purchase price??? I just had one that fell at of escrow when the appraisal came in 46K under the sales contract price. The home was completely remodeled but the market could not support what the buyer was willing to pay. The majority of buyers do not have the cash to come into an upside down purchase. Good luck and congrats on the remodel!

[al cole'holic]

I found the next house for sure but the escrow we're in will not allow me to move with the particular time constraints involved. If anyone here is interested at all in a fixer in Simi PM me for details. I don't think this will be on through the weekend. We are listing a nice house on the same street without a pool for about $620k and this fixer has a pool...if you're a contractor that wants to work for yourself for the next couple months, perfect scenario! :D
...this fixer I was talking about is in the Texas tract, which if you are familiar with Simi is a very good neighborhood for this price range...$500k will do it, close to 8400sq' lot with a pool :)

[skygod73]

...this fixer I was talking about is in the Texas tract, which if you are familiar with Simi is a very good neighborhood for this price range...$500k will do it, close to 8400sq' lot with a pool :)
PM sent!

[Hallett19]

Need me to list it?

[al cole'holic]

PM sent!
PM and email back at ya :)
Need me to list it?
...hey H19, I was writin offers in your area this weekend..one on Kenneth and one La Tierra. :)

[Cole]

I just went through 2 properties that were a flip and the biggest cost you need to factor is the carrying cost (monthly expenses) ....it took at least a year to sell both properties at 4K a month!! Good luck you did a GREAT job!! .

[riverracerx]

Good thing you got that Pepsi fridge out of the garage! :D

[al cole'holic]

I just went through 2 properties that were a flip and the biggest cost you need to factor is the carrying cost (monthly expenses) ....it took at least a year to sell both properties at 4K a month!! Good luck you did a GREAT job!! .
...thanks! A year...??? :confused:
Good thing you got that Pepsi fridge out of the garage! :D
...haha, I knew I had to get it outta there quick but damn :D
By the way Bernard is kickin some serious ass at my pad..I should put up a couple snaps..