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RK Money, I see you are in the thread. What was the deal on the French Drain? Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Welcome to the world of contractors.

My electrician left for New Orleans after Katrina, leaving the job half incomplete and no final city inspection. I still have not found someone to assume completion and dealing with the city at a reasonable cost.

What about your other bidders? Have you kept in contact with them at all?

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RK Money, I see you are in the thread. What was the deal on the French Drain? Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Welcome to the world of contractors.

My electrician left for New Orleans after Katrina, leaving the job half incomplete and no final city inspection. I still have not found someone to assume completion and dealing with the city at a reasonable cost.

What about your other bidders? Have you kept in contact with them at all?

I have kept in contact with them but their price was so out of whack that it wouldn't even be worth it just to rent it out. I am going to met a developer (may invest, will post that once I get done with him) and at worst he's told me that he knows some pretty good people. I have some other avenues that I am going to explore so I can get this done.

Yes, I already knew the world of contractors, especially in Texas! In NYC, it's ALL about making money so you pay and it'll get done. I can't even believe I've delt with RE Agents who don't work on Sundays. What a joke.

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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Welcome to the world of contractors.

My electrician left for New Orleans after Katrina, leaving the job half incomplete and no final city inspection. I still have not found someone to assume completion and dealing with the city at a reasonable cost.

What about your other bidders? Have you kept in contact with them at all?

I have kept in contact with them but their price was so out of whack that it wouldn't even be worth it just to rent it out. I am going to met a developer (may invest, will post that once I get done with him) and at worst he's told me that he knows some pretty good people. I have some other avenues that I am going to explore so I can get this done.

Yes, I already knew the world of contractors, especially in Texas! In NYC, it's ALL about making money so you pay and it'll get done. I can't even believe I've delt with RE Agents who don't work on Sundays. What a joke.

I thought your bid was low, I did not know the others were so much higher. I know on guy in town that never takes less than six bids and he throws away the high one and the low one.

I think I will be getting a RE licesnse here in a couple of weeks. I will not work on Sundays (at least during football season). Its all aboot priorities.

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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Let this be a cheap lesson for the folks here willing to put 50% down up front.
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RK Money, I see you are in the thread. What was the deal on the French Drain? Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Welcome to the world of contractors.

My electrician left for New Orleans after Katrina, leaving the job half incomplete and no final city inspection. I still have not found someone to assume completion and dealing with the city at a reasonable cost.

What about your other bidders? Have you kept in contact with them at all?

I have kept in contact with them but their price was so out of whack that it wouldn't even be worth it just to rent it out. I am going to met a developer (may invest, will post that once I get done with him) and at worst he's told me that he knows some pretty good people. I have some other avenues that I am going to explore so I can get this done.

Yes, I already knew the world of contractors, especially in Texas! In NYC, it's ALL about making money so you pay and it'll get done. I can't even believe I've delt with RE Agents who don't work on Sundays. What a joke.

I thought your bid was low, I did not know the others were so much higher. I know on guy in town that never takes less than six bids and he throws away the high one and the low one.

I think I will be getting a RE licesnse here in a couple of weeks. I will not work on Sundays (at least during football season). Its all aboot priorities.

Yea, seems like A LOT of people who are in industries where you should work on Sunday don't. I now understand when someone told me if I work my ### off I'll be ahead of most of the people in this town which is great! In NYC working your ### off is required and doesn't mean much.

The bid was not one I proposed and he has done this work before so I don't know if that's the reason. Contractors are flaky to put it nicely.

I would never just throw away the high and low offer, that makes no sense. If you get along and feel the low offer is VERY doable then to just throw it away is silly IMO.

If I got my RE license I would definitely work on Sunday and then take a day off during a day during the regular week.

Before I came down here, someone I know told me "Dude, if you work hard, that alone will give you a leg up on most people here." I didn't really believe that (again, working 70 hours a week in NYC as well as most people I know it became normal) since I came from a place where working hard is pretty normal. I now believe him!

Finally, from a friend, I got a contact from a pretty big developer, I don't know if he wants me to invest or go in on something with him. Whatever it is, we are going to have lunch sometime this week and then I'll post what it's about.

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RK Money, I see you are in the thread. What was the deal on the French Drain? Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Let this be a cheap lesson for the folks here willing to put 50% down up front.

I would NEVER put 50% down upfront. I came to the conclusion that because it was a smaller job, I was going to give him at best 33% upfront.
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Mike and Others following my first property purchase:

Our appraisal on our primary residence came through favorable so we're buying the investment property on our heloc. We've been to the house many times, making detailed lists of what needs to be done in each room. We've made our punch lists on the newspaper print and are ready to roll after closing.

We close Friday and I am absolutely looking forward to getting started then. My brother has partenered with me (basically he's my GC, he works construction), and seems to be as stoked as I am.

A few things we're (re)considering since our initial evaluation of the property.

1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house. The existing stuff definately shows its age.

4) Also, what are your thoughts on new appliances in a flip? Do or dont?

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week. Thanks again to you guys that have helped us get this started.

Edited by Random
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Commercial Real Estate Question.

I am in the early stages of considering a career change. I am interested in purchasing a small bar/restaurant that has been abandoned for several years. Unfortunately, I'll be the first to admit that I am pretty clueless when it comes to the world of commerical real estate, so Im not really sure where to begin. I was able to find the listing on-line so I know the general info on the building.

What is my next step?

Do I contact the agent representing the property? Do I get my own agent to represent me? Do I find an appraiser to get an idea of the actual property value? Are there agents/appraisers that specialize in restaurant properties?

TIA

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Commercial Real Estate Question.

I am in the early stages of considering a career change. I am interested in purchasing a small bar/restaurant that has been abandoned for several years. Unfortunately, I'll be the first to admit that I am pretty clueless when it comes to the world of commerical real estate, so Im not really sure where to begin. I was able to find the listing on-line so I know the general info on the building.

What is my next step?

Do I contact the agent representing the property? Do I get my own agent to represent me? Do I find an appraiser to get an idea of the actual property value? Are there agents/appraisers that specialize in restaurant properties?

TIA

I can figure this out for you - let me know what the details are.

Commercial is a different beast, but you need to know what the rental income / lease income would be for it.

I don't know if you know what local rents are, but that would go a long way to evaluating this one.

I'm always looking for a good commercial RE purchase, so I know how to evaluate these quickly.

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Commercial Real Estate Question.

I am in the early stages of considering a career change. I am interested in purchasing a small bar/restaurant that has been abandoned for several years. Unfortunately, I'll be the first to admit that I am pretty clueless when it comes to the world of commerical real estate, so Im not really sure where to begin. I was able to find the listing on-line so I know the general info on the building.

What is my next step?

Do I contact the agent representing the property? Do I get my own agent to represent me? Do I find an appraiser to get an idea of the actual property value? Are there agents/appraisers that specialize in restaurant properties?

TIA

I can figure this out for you - let me know what the details are.

Commercial is a different beast, but you need to know what the rental income / lease income would be for it.

I don't know if you know what local rents are, but that would go a long way to evaluating this one.

I'm always looking for a good commercial RE purchase, so I know how to evaluate these quickly.

Before I did anything else, I would:

Go to or call the city health inspectors office and get a list of violations for the place as far back as possible. You might find it has some incurable or highly expensive deficiencies. Either would kill the deal, so find out up front and potentially save a lot of time.

Call around and find out market lease rates for this type establishment in your area. You really cannot figure out anything without knowing that.

There's lots more, but those are the first two.

Just so you know, an appraisal on a commercial property will probably be at least $2500 and maybe 3-4x that, or even more depending on the size of the property and our local market. Your lender must order the appraisal to use it for a loan. So if you go hire an appraiser and then go to the lender with that appraisal for a loan, you will find he needs to order it himself and you will end up paying for two. Not a good idea.

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Mike and Others following my first property purchase:

Our appraisal on our primary residence came through favorable so we're buying the investment property on our heloc. We've been to the house many times, making detailed lists of what needs to be done in each room. We've made our punch lists on the newspaper print and are ready to roll after closing.

We close Friday and I am absolutely looking forward to getting started then. My brother has partenered with me (basically he's my GC, he works construction), and seems to be as stoked as I am.

A few things we're (re)considering since our initial evaluation of the property.

1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

For a flip, I would really consider picking up a used unit. They are easy to find and usually cost 10-15 cents on the dollar. On the other hand, if its a more high end property, most cities offer rebates for purchaing new high-efficiency models (that's one of the big reasons used ones are so cheap).

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

Enamel or latex? I ALWAYs use enamel for the kitchen, but I have not done a flip, so do not know if it is recommended for a flip... Would like to hear some feedback. Get a good count for the hardware, then check the closeout bins at HD or Lowes, can save a lot of money if they have enough of a style you like. Are you replacing the countertops? If you are even thinking of it, schedule it properly with the painting.

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house. The existing stuff definately shows its age.

4) Also, what are your thoughts on new appliances in a flip? Do or dont?

Since appliances may not be expected to convey, spending $$ on them is tough, but a kitchen shows much better with them in place. I would probably pick up new ones at Costco, where I could return them easily if they weren't needed, but have them in place for the showing. I think I would just set them in place and not even hook them up until the sale happened and they were included. That would allow their use as cosmetics and enable you to take them back for refund.

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week. Thanks again to you guys that have helped us get this started.

Good luck, I bet you're excited.
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Mike and Others following my first property purchase:

Our appraisal on our primary residence came through favorable so we're buying the investment property on our heloc. We've been to the house many times, making detailed lists of what needs to be done in each room. We've made our punch lists on the newspaper print and are ready to roll after closing.

We close Friday and I am absolutely looking forward to getting started then. My brother has partenered with me (basically he's my GC, he works construction), and seems to be as stoked as I am.

A few things we're (re)considering since our initial evaluation of the property.

1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

For a flip, I would really consider picking up a used unit. They are easy to find and usually cost 10-15 cents on the dollar. On the other hand, if its a more high end property, most cities offer rebates for purchaing new high-efficiency models (that's one of the big reasons used ones are so cheap).

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

Enamel or latex? I ALWAYs use enamel for the kitchen, but I have not done a flip, so do not know if it is recommended for a flip... Would like to hear some feedback. Get a good count for the hardware, then check the closeout bins at HD or Lowes, can save a lot of money if they have enough of a style you like. Are you replacing the countertops? If you are even thinking of it, schedule it properly with the painting.

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house. The existing stuff definately shows its age.

4) Also, what are your thoughts on new appliances in a flip? Do or dont?

Since appliances may not be expected to convey, spending $$ on them is tough, but a kitchen shows much better with them in place. I would probably pick up new ones at Costco, where I could return them easily if they weren't needed, but have them in place for the showing. I think I would just set them in place and not even hook them up until the sale happened and they were included. That would allow their use as cosmetics and enable you to take them back for refund.

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week. Thanks again to you guys that have helped us get this started.

Good luck, I bet you're excited.

Good info above.

Regarding #4 - If it is a higher end property, put appliances in. If it is mid to lower grade, put them in.

Put them in, but in alignment with the market. Granite countertops = stainless appliances. Builder grade cabinets and laminate = cheaper white appliances.

Call around or check with local investors. For rental units, I've gotten appliances for about $100-150 each, used, but only about 2 years old. Apparently Section 8 houses ditch appliances regularly (every 2 years???) and he sells the "old" ones he replaces for cheap.

Unbelievable waste if you ask me - but I'll take a cheap fridge.

Oh yes - don't put in a washer or dryer. That's kind of a "personal choice" that many buyers expect to pick out themselves. If you have one great, otherwise don't care.

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Mike and Others following my first property purchase:

Our appraisal on our primary residence came through favorable so we're buying the investment property on our heloc. We've been to the house many times, making detailed lists of what needs to be done in each room. We've made our punch lists on the newspaper print and are ready to roll after closing.

We close Friday and I am absolutely looking forward to getting started then. My brother has partenered with me (basically he's my GC, he works construction), and seems to be as stoked as I am.

A few things we're (re)considering since our initial evaluation of the property.

1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

For a flip, I would really consider picking up a used unit. They are easy to find and usually cost 10-15 cents on the dollar. On the other hand, if its a more high end property, most cities offer rebates for purchaing new high-efficiency models (that's one of the big reasons used ones are so cheap).

Sounds great, but I have no idea where to get a used unit. Newspaper? Restore? Retailers?

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

Enamel or latex? I ALWAYs use enamel for the kitchen, but I have not done a flip, so do not know if it is recommended for a flip... Would like to hear some feedback. Get a good count for the hardware, then check the closeout bins at HD or Lowes, can save a lot of money if they have enough of a style you like. Are you replacing the countertops? If you are even thinking of it, schedule it properly with the painting.

Yes, we're planning on replacing the countertops. They're not in bad shape, just dated looking. What do you mean about scheduling it properly with the painting?

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house. The existing stuff definately shows its age.

4) Also, what are your thoughts on new appliances in a flip? Do or dont?

Since appliances may not be expected to convey, spending $$ on them is tough, but a kitchen shows much better with them in place. I would probably pick up new ones at Costco, where I could return them easily if they weren't needed, but have them in place for the showing. I think I would just set them in place and not even hook them up until the sale happened and they were included. That would allow their use as cosmetics and enable you to take them back for refund.

Another great idea.

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week. Thanks again to you guys that have helped us get this started.

Good luck, I bet you're excited.

Absolutely

Good info above.

Regarding #4 - If it is a higher end property, put appliances in. If it is mid to lower grade, put them in.

Put them in, but in alignment with the market. Granite countertops = stainless appliances. Builder grade cabinets and laminate = cheaper white appliances.

Call around or check with local investors. For rental units, I've gotten appliances for about $100-150 each, used, but only about 2 years old. Apparently Section 8 houses ditch appliances regularly (every 2 years???) and he sells the "old" ones he replaces for cheap.

Unbelievable waste if you ask me - but I'll take a cheap fridge.

Oh yes - don't put in a washer or dryer. That's kind of a "personal choice" that many buyers expect to pick out themselves. If you have one great, otherwise don't care.

Excellent advice all around.
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My Coin Operated Laundy Update:

I bought my FIRST ever Coin Op Machines in December, but didn't have them close to running until sort of the end of January.

Let me get this out of the way up front: I pay the water, and I pay the electric for this service. Two 2-bedroom units use this laundry. It's a Buck a Wash, and a Buck a Dry, although I will be raising it to $1.25 each soon, as that is still below market.

Got a great deal as Lowe's was closing out their Coin Op Laundry, and picked up a Brand new set for basically $700.00 (Regularly $1,300.00 New)

$114.00 for the month of June.

$145.00 May

$100.00 April

$138.00 March

$86.00 February

$28.00 January (Partial Month)

That brings me to $611.00 in 5.5 Months.

I have a Local appliance store here that will sell a Used Coin Op Washer/Electric Dryer set to me for $600.00

It's finally time to buy another set for another unit.

I am going to buy more as they pay for themselves, and yes I understand there are other costs involved, but this is the plan.

I should have bought Coin Op Laundry machines YEARS ago. I will update next month.

Looked into buying/opening a coin op last summer. Didn't pull the trigger, but found this board very helpful. Good luck!
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1) Installing air conditioning.  The property has forced air heat, but no AC (minor oversight on our part).

For a flip, I would really consider picking up a used unit. They are easy to find and usually cost 10-15 cents on the dollar. On the other hand, if its a more high end property, most cities offer rebates for purchaing new high-efficiency models (that's one of the big reasons used ones are so cheap).

Sounds great, but I have no idea where to get a used unit.  Newspaper?  Restore?  Retailers?

Best is Craigs list, ebay's a longshot to find one in your area, but worth a look, some a/c contractors will tell you about one just to get it hauled away for free, want ads or classifieds work- you can even post an ad asking for one (also on Craigs List). When I moved into my home I yanked the working, old unit to replace with a HE one. I gave it one one of my subs to get it hauled off.

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

Enamel or latex? I ALWAYs use enamel for the kitchen, but I have not done a flip, so do not know if it is recommended for a flip... Would like to hear some feedback. Get a good count for the hardware, then check the closeout bins at HD or Lowes, can save a lot of money if they have enough of a style you like. Are you replacing the countertops? If you are even thinking of it, schedule it properly with the painting.

Yes, we're planning on replacing the countertops.  They're not in bad shape, just dated looking.  What do you mean about scheduling it properly with the painting?

You may need to modify the cabinetry to fit the appliances, so measure everything first and then remove the old countertops and make any cabinetry mods, then paint, then put in appliances, then put on countertops.

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1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

Sounds great, but I have no idea where to get a used unit. Newspaper? Restore? Retailers?

Local RE clubs will know.

Scratch and Dent shop in Austin is an incredible place to shop... Edited by RKMoney
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1) Installing air conditioning.  The property has forced air heat, but no AC (minor oversight on our part).

Sounds great, but I have no idea where to get a used unit.  Newspaper?  Restore?  Retailers?

Local RE clubs will know.

Scratch and Dent shop in Austin is an incredible place to shop...

Not the cheapest place for used Central ACs by far.
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1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

Sounds great, but I have no idea where to get a used unit. Newspaper? Restore? Retailers?

Local RE clubs will know.

Scratch and Dent shop in Austin is an incredible place to shop...

Not the cheapest place for used Central ACs by far.

What are some cheaper then? Was thinking in wall AC/Heater units.
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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

Let this be a cheap lesson for the folks here willing to put 50% down up front.

:goodposting:
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I am not the Flipper Jeff is, nor do I have the across the board knowledge of Bass.

1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

I'm not exactly sure where you are in OH. I don't bother with A/C here in northern IN on rentals. I doubt I would bother with A/C doing a flip in my area. I work with 100+ year old homes, and it's just not expected. IF you do A/C, and it is a Flip, what I am about to recommend might seem crazy, and get condemned in this thread??? Anyway, the new Legal standard for A/C is 13 SEER. Deals with efficiency and the such. No manufacturers are allowed to produce any lower SEER models anymore. I might just suggest that you look into Heating and Air suppliers and contractors that still have say a SEER 11 sitting around. These lower SEER models are selling for pennies on the dollar. Extremely cheap. Sure you won't be able to buy parts for them, should they break, at all soon, but I might suggest that a brand new SEER 11 unit won't break within the next number of years. End of the day, you are flipping, and it gets A/C for extremely cheap. This will require legwork on your end. Remember, A/C NEVER pays for itself like a High efficiency heater, it's all expense as it is not necessary needed.

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

What do the cabinets look like? If they are Varnished, just strip and bring back in wood. If they are already painted, a GLOSS white paint can do wonders. You can absolutely Paint the counters GLOSS white, put on great hardware, and upgrade the counter top to Tile/Stone/something great. It will look fantastic.

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house. The existing stuff definately shows its age.

Understand that this can be very expensive. Watch your Menard's Adds. About 4 times a year they do a 50% off all cabinet and such hardware. Buy close out, look for bulk. This is absolutely a fantastic easy upgrade, it can just really get away from you before you know it. If you want to go all out here, please go price the cost associated with this. It will surprise you. Not a big deal if you budgeted correctly, just understand there can be some real expense to this.

4) Also, what are your thoughts on new appliances in a flip? Do or dont?

I am not a Flipper, but I would absolutely put in High End appliances in a Flip. Stainless steel or something very high end. Remember that you buyer is the Woman 95% of the time, and she wants to see a spectacular Kitchen and bathroom. Spend all your money in those two area.

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week. Thanks again to you guys that have helped us get this started.

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I am not the Flipper Jeff is, nor do I have the across the board knowledge of Bass.

1) Installing air conditioning.  The property has forced air heat, but no AC (minor oversight on our part).

I'm not exactly sure where you are in OH.  I don't bother with A/C here in northern IN on rentals.  I doubt I would bother with A/C doing a flip in my area.  I work with 100+ year old homes, and it's just not expected.  IF you do A/C, and it is a Flip, what I am about to recommend might seem crazy, and get condemned in this thread???  Anyway, the new Legal standard for A/C is 13 SEER.  Deals with efficiency and the such.  No manufacturers are allowed to produce any lower SEER models anymore.  I might just suggest that you look into Heating and Air suppliers and contractors that still have say a SEER 11 sitting around.  These lower SEER models are selling for pennies on the dollar.  Extremely cheap.  Sure you won't be able to buy parts for them, should they break, at all soon, but I might suggest that a brand new SEER 11 unit won't break within the next number of years.  End of the day, you are flipping, and it gets A/C for extremely cheap.  This will require legwork on your end.  Remember, A/C NEVER pays for itself like a High efficiency heater, it's all expense as it is not necessary needed.

I'm in midwestern OH (about an hour east of th IN border).  The house is 50 years old and already has forced air heat, a furnace and duct work throughout.  It just appears to be pretty simple.  And I called around and can pick up a 3.5 ton for $620 (brand new, scratch and dent).  I think this will make the house that much more attractive at sale.

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

What do the cabinets look like?  If they are Varnished, just strip and bring back in wood.  If they are already painted, a GLOSS white paint can do wonders.  You can absolutely Paint the counters GLOSS white, put on great hardware, and upgrade the counter top to Tile/Stone/something great.  It will look fantastic.

I've got pics, I'll try to get them uploaded.  Cabinets look stained, doors are painted.  The doors appear to be a pretty poor self project by the previous owner.

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house.  The existing stuff definately shows its age.

Understand that this can be very expensive.  Watch your Menard's Adds.  About 4 times a year they do a 50% off all cabinet and such hardware.  Buy close out, look for bulk.  This is absolutely a fantastic easy upgrade, it can just really get away from you before you know it.  If you want to go all out here, please go price the cost associated with this.  It will surprise you.  Not a big deal if you budgeted correctly, just understand there can be some real expense to this.

We've (re)budgeted $1,000 for cabinets (doors and hardware), $250 for door & misc hardware, and $500 for lighting.  Is this too low?

4) Also, what are your thoughts on new appliances in a flip?  Do or dont?

I am not a Flipper, but I would absolutely put in High End appliances in a Flip.  Stainless steel or something very high end.  Remember that you buyer is the Woman 95% of the time, and she wants to see a spectacular Kitchen and bathroom.  Spend all your money in those two area.

Supprised to hear this from you.  We are planning on putting in appliances, but were thinking of going mid grade (white, unless we can get stainless for not much more) and possibly getting used stuff.

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week.  Thanks again to you guys that have helped us get this started.

Thanks for your input. Another property has resurfaced that cought my attention last summer. Its a 16 unit on a small lake for 330k. Ad says it brings in 4800/mo which is 300/mo per unit. Seems like a pretty good deal, but I've never landloarded before and I'm not really sure that I want to. If the flip goes well, I might seriously consider buying the 16 unit. Any thoughts on this place?

pics of the flip

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Edited by Mike Anderson
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I am not the Flipper Jeff is, nor do I have the across the board knowledge of Bass.

1) Installing air conditioning. The property has forced air heat, but no AC (minor oversight on our part).

I'm not exactly sure where you are in OH. I don't bother with A/C here in northern IN on rentals. I doubt I would bother with A/C doing a flip in my area. I work with 100+ year old homes, and it's just not expected. IF you do A/C, and it is a Flip, what I am about to recommend might seem crazy, and get condemned in this thread??? Anyway, the new Legal standard for A/C is 13 SEER. Deals with efficiency and the such. No manufacturers are allowed to produce any lower SEER models anymore. I might just suggest that you look into Heating and Air suppliers and contractors that still have say a SEER 11 sitting around. These lower SEER models are selling for pennies on the dollar. Extremely cheap. Sure you won't be able to buy parts for them, should they break, at all soon, but I might suggest that a brand new SEER 11 unit won't break within the next number of years. End of the day, you are flipping, and it gets A/C for extremely cheap. This will require legwork on your end. Remember, A/C NEVER pays for itself like a High efficiency heater, it's all expense as it is not necessary needed.

I'm in midwestern OH (about an hour east of th IN border). The house is 50 years old and already has forced air heat, a furnace and duct work throughout. It just appears to be pretty simple. And I called around and can pick up a 3.5 ton for $620 (brand new, scratch and dent). I think this will make the house that much more attractive at sale.

2) Painting existing cabinets instead of getting new ones, possibly getting new cabinet doors and hardware.

What do the cabinets look like? If they are Varnished, just strip and bring back in wood. If they are already painted, a GLOSS white paint can do wonders. You can absolutely Paint the counters GLOSS white, put on great hardware, and upgrade the counter top to Tile/Stone/something great. It will look fantastic.

I've got pics, I'll try to get them uploaded. Cabinets look stained, doors are painted. The doors appear to be a pretty poor self project by the previous owner.

3) Putting in all new hardware (door hinges, door knobs, light fixtures, cieling fans) throughout the house. The existing stuff definately shows its age.

Understand that this can be very expensive. Watch your Menard's Adds. About 4 times a year they do a 50% off all cabinet and such hardware. Buy close out, look for bulk. This is absolutely a fantastic easy upgrade, it can just really get away from you before you know it. If you want to go all out here, please go price the cost associated with this. It will surprise you. Not a big deal if you budgeted correctly, just understand there can be some real expense to this.

We've (re)budgeted $1,000 for cabinets (doors and hardware), $250 for door & misc hardware, and $500 for lighting. Is this too low?

4) Also, what are your thoughts on new appliances in a flip? Do or dont?

I am not a Flipper, but I would absolutely put in High End appliances in a Flip. Stainless steel or something very high end. Remember that you buyer is the Woman 95% of the time, and she wants to see a spectacular Kitchen and bathroom. Spend all your money in those two area.

Supprised to hear this from you. We are planning on putting in appliances, but were thinking of going mid grade (white, unless we can get stainless for not much more) and possibly getting used stuff.

Anyway, as already mentioned, we start Friday so I'll probably be posting alot this weekend, and into next week. Thanks again to you guys that have helped us get this started.

Thanks for your input. Another property has resurfaced that cought my attention last summer. Its a 16 unit on a small lake for 330k. Ad says it brings in 4800/mo which is 300/mo per unit. Seems like a pretty good deal, but I've never landloarded before and I'm not really sure that I want to. If the flip goes well, I might seriously consider buying the 16 unit. Any thoughts on this place?

pics of the flip

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Interesting property. What were the numbers on the one with the pics?

What did that sign say in the window (... HOME FOR SALE)?

As for the rental on the lake - does it rent all year round?

Get a "rent roll" for how often it rents.

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Interesting property. What were the numbers on the one with the pics?

What did that sign say in the window (... HOME FOR SALE)?

As for the rental on the lake - does it rent all year round?

Get a "rent roll" for how often it rents.

From Post 997

Hey guys,

Im getting closer to joining the club here. Found a HUD house thats listed on realtor.com 20K higher than its listed on the HUD website (84K). Called my realtor, who called the HUD realtor and they verified the cheaper price. The house needs appx 10-15K put into it. It should sell in the 125k range.

I've read HUD needs to net 87% of the asking price so I'm going to structure my bid on that. I've gone to my mortgage company to try to get it bought on my HELOC but need to get reappraised to get the line I need. Hopefully I'll be able to make my bid next week.

Biggest question I have is should I list this place when we are ready to sell or go FSBO? Selling through an agent would eat up a good chunk of profit, but I've never FSBO'd before.

TIA

84K x 87% = 73Kish.

73K + closing costs = 76K, say.

76K+15K repairs =91K.

Selling for 125K, less closing costs (I use 3%) is 118K. This seems like a decent deal. Use a realtor and 7-10K more is gone.

Money for the house and repairs? Interest? Taxes? Chews at the profits. Be careful. Once you're under 10K of potential profit - not worth it.

FSBO isn't so bad. Just tell the title company you use when you buy the place that you intend to sell it inside of 6 months and keep the file warm. They'll be happy to do it again.

Good luck.

You are on like donkey kong!

Anyway here's how we've got it broken down

Not sure what the bid should be, my realtor and mortgage lender think I should offer low 70's (only because its a HUD and say they hate holding onto these) and have never heard of the 87% rule. Anyway lets use 77K for the purchase price.

My brother is in construction and will be doing most of the labor.

Repairs (let me know if anything seems off or if we may have overlooked something):

Windows - $2500 self installed quotes came in at 3900

landscaping - $1000 back yard is a little low and was very wet yesterday. We've had ALOT of rain this week. wont be doing that much to the yard 500 revised

New carpet - $3000. 2200sqft house and we've got a guy that will install really cheap. Hello wood floors under the carpet! revised 1500

Bathroom - $1500. One of the bathrooms needs gutted. The other one only needs paint. revised to 1000

Kitchen Cabinets - $3000. Not alot of cabinets but they are horrible. resurfacing 1000

Misc (paint, faucets, ect) $4000. Hopefully we dont come across anything else major.

Air conditioning mentioned in another post 1000

Appliances from another post 1500

Does anything look off?

Current budget looks like this:

Paid 79,500

Will put about 15k in TOTAL (including interest payments)

Hope to sell between 115 & 125.

The sign says HUD house for sale and has a number to call.

The lake property is a 16 unit year round apartment building.

Edited by Random
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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

RK, you might not have seen my post in your list of things getting accomplished. By definition, a French Drain is NOT what you want. Are you sure that is the terminology?
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4) Also, what are your thoughts on new appliances in a flip?  Do or dont?

I am not a Flipper, but I would absolutely put in High End appliances in a Flip.  Stainless steel or something very high end.  Remember that you buyer is the Woman 95% of the time, and she wants to see a spectacular Kitchen and bathroom.  Spend all your money in those two area.

Supprised to hear this from you.  We are planning on putting in appliances, but were thinking of going mid grade (white, unless we can get stainless for not much more) and possibly getting used stuff.

Random, I buy white Appliances from Lowe's, Menard's, H.H.Gregg, or the ReStore for my rentals. I wouldn't consider anything else. If I pay even close to $400 for a Fridge I'd almost rather kill myself.

But to understand my mentality on my comment, I am looking at a Flip with eyes that are not flipper eyes in my regular day. I don't flip anything, Empires aren't built by flipping, I am only really acquiring. So take anything I say with a grain of salt.

When I think of a Flip, I see going all out in the Kitchen and the Bath. Even on a rental, if it is a bigger space, where you would expect a Couple, the woman is going to be making 95% of the call. Just the way it works.

With that in mind, she wants to see Clean overall, and the Kitchen and Baths over the top. Don't waste money in any other room. Paint them, fix wall damage, and get out, every bit of your cash should go to the Kitchen and Bath.

You know your Flip, I could see White goods in a flip I would do, but the stove better at least be digital and self cleaning. The Fridge NEEDS an Ice maker, and ought to be a Side by side style. I WOULD NOT DO THIS IN A RENTAL, as even an Ice maker is more to break. In a Flip, have a Garbage disposal, I wouldn't do it in a rental.

I provide Washer/Dryer combos in countless rentals, but would never do that in a flip, the woman wants her own W/D set.

In a flip, a Ceramic floor would seem like a must have to me, I no longer waste my time with them in rentals, there is zero bang for the buck.

Most importantly, I have "flipped" two houses total in the last 10 years, and only because I didn't want them anymore, and would have dumped them if pushed. Not sure how strong my advice is here. :unsure:

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4) Also, what are your thoughts on new appliances in a flip?  Do or dont?

I am not a Flipper, but I would absolutely put in High End appliances in a Flip.  Stainless steel or something very high end.  Remember that you buyer is the Woman 95% of the time, and she wants to see a spectacular Kitchen and bathroom.  Spend all your money in those two area.

Supprised to hear this from you.  We are planning on putting in appliances, but were thinking of going mid grade (white, unless we can get stainless for not much more) and possibly getting used stuff.

Random, I buy white Appliances from Lowe's, Menard's, H.H.Gregg, or the ReStore for my rentals. I wouldn't consider anything else. If I pay even close to $400 for a Fridge I'd almost rather kill myself.

But to understand my mentality on my comment, I am looking at a Flip with eyes that are not flipper eyes in my regular day. I don't flip anything, Empires aren't built by flipping, I am only really acquiring. So take anything I say with a grain of salt.

When I think of a Flip, I see going all out in the Kitchen and the Bath. Even on a rental, if it is a bigger space, where you would expect a Couple, the woman is going to be making 95% of the call. Just the way it works.

With that in mind, she wants to see Clean overall, and the Kitchen and Baths over the top. Don't waste money in any other room. Paint them, fix wall damage, and get out, every bit of your cash should go to the Kitchen and Bath.

You know your Flip, I could see White goods in a flip I would do, but the stove better at least be digital and self cleaning. The Fridge NEEDS an Ice maker, and ought to be a Side by side style. I WOULD NOT DO THIS IN A RENTAL, as even an Ice maker is more to break. In a Flip, have a Garbage disposal, I wouldn't do it in a rental.

I provide Washer/Dryer combos in countless rentals, but would never do that in a flip, the woman wants her own W/D set.

In a flip, a Ceramic floor would seem like a must have to me, I no longer waste my time with them in rentals, there is zero bang for the buck.

Most importantly, I have "flipped" two houses total in the last 10 years, and only because I didn't want them anymore, and would have dumped them if pushed. Not sure how strong my advice is here. :unsure:

Mike, I think you're pretty much dead on. The only difference of opinion is that I advise people not to provide wash/dry. Most people in my market have their own and I don't want them tearing up my owner's units just to have to repair them.

Side note...why do all you Yankees bring your refrigs with you. You can almost buy new ones for what they cost to move/ship.

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Thanks for your input. Another property has resurfaced that cought my attention last summer. Its a 16 unit on a small lake for 330k. Ad says it brings in 4800/mo which is 300/mo per unit. Seems like a pretty good deal, but I've never landloarded before and I'm not really sure that I want to. If the flip goes well, I might seriously consider buying the 16 unit. Any thoughts on this place?

$4800 a month.

GRM (Gross Rent Multiplier) of 100 gives $480,000 value. (Weak estimate).

$4800 x 12 = Gross rent of $57,600 a year.

You have to figure out what expenses you have - management, taxes, insurance, maintenance, vacancy factor, etc. Let's say 33.3% of the rent (could be more or less).

Down to $38,400 a year NET.

This number is your NOI, Net Operating Income.

Now you need a "Cap Rate". 10% is a good deal.

Value = NOI / Cap Rate = $38,400 / 10% = $384,000.

At $330K, this seems like a good deal to me.

Again - it all depends on your expenses.

Let me know where this 16-plex is.

You'd also be in a commercial loan, by the way - a different animal - and the payments are usually higher. All depends on the lender.

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Thanks for your input.  Another property has resurfaced that cought my attention last summer.  Its a 16 unit on a small lake for 330k.  Ad says it brings in 4800/mo which is 300/mo per unit.  Seems like a pretty good deal, but I've never landloarded before and I'm not really sure that I want to.  If the flip goes well, I might seriously consider buying the 16 unit.  Any thoughts on this place?

$4800 a month.

GRM (Gross Rent Multiplier) of 100 gives $480,000 value. (Weak estimate).

$4800 x 12 = Gross rent of $57,600 a year.

You have to figure out what expenses you have - management, taxes, insurance, maintenance, vacancy factor, etc. Let's say 33.3% of the rent (could be more or less).

Down to $38,400 a year NET.

This number is your NOI, Net Operating Income.

Now you need a "Cap Rate". 10% is a good deal.

Value = NOI / Cap Rate = $38,400 / 10% = $384,000.

At $330K, this seems like a good deal to me.

Again - it all depends on your expenses.

Let me know where this 16-plex is.

You'd also be in a commercial loan, by the way - a different animal - and the payments are usually higher. All depends on the lender.

Yeah, with a cap rate of about 11.5% this sounds very good. But at that rate I would expect that it either has quality of construction issues, nearing the end of its economic life, or in an undesireable area. If none of those are accurate, it sounds like a helluva deal (based on the assumptions we made for expenses, etc., altho 1/3 is typically realistic)..
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RK Money, I see you are in the thread. What was the deal on the French Drain? Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

RK, you might not have seen my post in your list of things getting accomplished. By definition, a French Drain is NOT what you want. Are you sure that is the terminology?

I must have missed it, do you have a link?

French Drain is one that is underground with pebbles on top of it. Do you recommend another type of drain? One part where we can't dig, we will have to use sheet metal (one piece) on one side of structure to drain it off.

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pics of the flip

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I HATE to paint wood, but time is money, and I would paint the cabinets out in a GLOSS white (Like Dover White in Gloss from Sherwin Williams). Is that the "fake wood" style counter top? Dear god lose that and put in a Hard material. You know your flip, but rip up the counter top, screw down Backer board, and use a Nice 12"x12" ceramic/stone tile. The biggest thing to know is that this is a Cheap, easy, down and dirty way to get it done, and it looks GREAT! Just spend the extra to get the Counter top corners. You will never match it up right, and this product "wraps" the exposed corner, and makes it easy. It will seem expensive, but it is worth every single last penny. Dear god, please scrap off that border at the top of the room. Please! What is the Flashlight in the foreground on? Whatever that is, it looks very weird. I assume the floor is VCT?? I haven't looked at any other pictures yet, I'll comment as I go.

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What the HECK is that "Shelf" in free space on the left? That is wild out of place, rip that out if it doesn't do something important. The Ceiling fan has seen better days, and is sagging. Replace it, trust me, people will notice it. If it were your Home or Rental, ONLY buy a Hunter fan. They are the best without question. As a Flip, put in anything cheap that looks good. Is the paneling behind the cabinets, the cheapest way is to paint it with GLOSS white and be done with it. I like Dover White in GLOSS from Sherwin Williams. There are other ways. If you really want to look sharp, use the tile from the counter top to create a backspash. The Wainscoting in the "Dinning area", what is that made of? That doesn't look right

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The wall paper border HAS to go. Scrape it off. I have a Wall paper remover that uses steam, and is Awesome. You can rent one from the hardware store for maybe $30 a day at max, and they work great. Looking into the corner, on the left hand side, is there a Hole there? Does that need a "grate", or am I seeing it incorrectly? Looks like a Black and a Red stain on the carpet. The black you can get out, the red you will not be able to. Don't bother wasting money on a Cleaner guy if you have a red stain. The light fixture is OK. Visit your local ReStore to see if you can go spectacular for a reasonable price. It's basic, and common, but what a great place to make a statement if you can do it cheaply.

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Nothing to see here, move along.

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Nothing to see here, move along. However, IF you were renting, NEVER do the Ceiling in a GLOSS. It shows, no highlights, every single imperfection in the drywall work, and is a Pain going forward.

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Did Some SOB Cable guy really just punch a Cable through the HARD WOOD FLOOR and forget about it to save himself some time and ruin your floor? Seriously, they legalize murder, and I am going after Dish and Cable guys first. They are the lowest of scum. (There is a HUGE post here, but I don't have the energy tonight, someone remind me later, lots of Legal FCC stuff I can comment on for Dish and the such. Certainly how the LL can avoid being taken advantage of using the law on your side). Anyway, at this point, you need to cap the line off in the corner of the floor, and put in a plate that future lines can be screwed in to. You want a clean look, and for a couple of bucks, you can get rid of the line out in the room, plate it off, and it will look professional. If you can't do this yourself, post back, and I will walk you through it, or just have a professional do it.

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What is the "Line" coming down at the bottom of the window in the center of the window? PLEASE get rid of that Wallpaper boarder. That stuff hurts you more than you think. You think, "hey, it's in good shape, no big deal, heck it adds". Really, if the woman buying doesn't like it, it will kill your deal. Neutral as you can, let the next buyer put in that tacky crap. If that is a Florescent light over the mirror, consider going to "make-up" lighting". That is the strip with a ton (Say 5, 7, 9) 25 watt light bulbs. Looks better, and is useful. Fluorescent lighting in the bath and kitchen is not the play. You want to dominate those tow areas.

pic

GUT and START OVER. If you are doing it yourself, feel free to post as you go on this project, and I can assist. I do this type of gut at least once a month as units add to the empire, and units come open that need it where I just didn't deal with it last time around. If this is not your area, hire it out, just understand you need to start over, The Tub MIGHT be salvageable, but that is the ONLY thing in this picture you MIGHT save, tear it all out, and start over. Hire it out, but if you attempt it yourself, please use this thread as your ongoing daily diary so I can help get you through it. I seriously have done an entire bathroom gut and rebuild with my own hands every single month for some 18 months running. I get one at least every month.

pic

I can't help you with the Ugly as sin Mongoloids in the picture. ;) That said, take a look at that ceiling fan, something is wrong, as it is "off" but I can't pull out the problem in two dimensions. Look at the bulb.

pic

What the heck room is this? It reminds me of a 3rd floor with a railing. If it is a second floor, I can assume that you have a "foyer" for the second floor? Looking all the way back, is that a room over a Garage with a badly slopped room ceiling?

pic

What a freaking mess. You will need a darker color to get over that blue in as few of coats as possible. My Color for this situation is "Squirrels Tail" from Sherwin Williams. While I am here, go into Sherwin Williams and tell them you are a Land Lord, and they will set up an account for you and give you a standard 20% discount, mine is 30 days net. Everyone should do that if you are a LL or not, anyone in the RE business qualifies for a standard 20% discount from SW. My discount is actually 35%, so haggle. Anyway, this room is a mess, and you will need to cover it. I would keep the shelves on the far wall if they are even close to professionally installed. I think they add alot, but if they are attached in a tacky way, lose them. With the Ceiling, go Eggshell finish at most, really, go flat. The more the shine, the more the imperfections show up. The higher the shine, the easier it is to clean (Like for Kitchen Cabinets, but who is scrubbing a Ceiling?) Go buy a two pack of low profile light fixtures at Menard's for $10 and use one here, whatever that is on the ceiling is terrible. Keep the stained wood Floor board, don't paint it.

pic

Dear god, another one. You can clearly see the style of this house from the last two pictures. Carpet looks fine, and if you are going to save it, and not add the expense (I just did two big rooms of high quality carpet on Monday for $700.00 with great pad, save anything you can). So to save the carpet if it is good repair, you have to go white here. I would use "Antique White" from Sherwin Williams here, as it is darker than normal white, but still white. It will take a number of coats, but it is cheaper than replacing the green carpet. Light fixture has to be changed, use the one left over from your two pack. Wall Paper board is terrible.

pic

I would try and keep the floor as it is not completely terrible. Remember, you are trying to get out with the biggest profit possible. Would it be better in 12"x12" tile? You betcha, but you want to maximize profit, and I believe the floor is a pass. I see this room has Make-up side lights, and that is great. Here is the Quick and dirty, so you don't spend a fortune and a ton of time here. You can make this bath 1000% better in say 3 hours. Get rid of the wall paper hearts boarder. Hopefully, it is paint, and you can just go over it. The entire non Tile area of the room, Walls: Dover White in GLOSS. Now, for the Terrible Green tile with the tan accent, (I had two EXACTLY like this earlier this year, only the accent was Black). Goto Menard's, goto the Paint section. Look for the Tub and Tile paint. It comes in a Box. There are 3 Shades. Really WAY too freaking White that shows imperfections, "Bisque", and something darker that always looks dirty. You want the Middle Color called "Bisque". It will cost about $17-18. Now, if you were using it on a Tub, there is a ton of prep work, and you have to everything just right or the product will fail (Trust me, experience here), however, if you are taking out the tacky as heck green wall tile that never gets water on it, here is what you do: Open the box, there will be a Bigger can of the paint, and a smaller can of the epoxy. Open both, and mix them together. WAIT, WAIT, WAIT for say 15 minutes to let it set up. If you start painting right away, you will NOT like the result (Trust me, experience here), anyway, use a Small roller and a GOOD paint brush that you are going to just throw away. If you think you can use a Cheap Chip brush for a buck to just throw away to save money, you will not like the result, (Trust me, experience here, the epoxy pulls the cheap brush apart, and you have Paint brush strands/hairs/fibers all over your wall, use a good brush to get into corners). One box can do two entire bathroom walls, and you will have an Epoxy coated sheening white bathroom walls that won't fail as they never get water on them. I have personally done this say 20 times to get rid of that ugly Green Metal (Yes, it's tin, NOT ceramic) tiles that they used in the 50's and 60's. It works. Certainly you know to replace the toilet seat. Comes off easy. BY CODE: That plug beside the mirror should be a GFI plug. It is VERY easy to switch, if you need walking through the switch, post back, certainly don't pay anyone to do that, it is very basic electric that anyone can handle.

pic

I commented above. You can either make this a VERY expensive and time consuming project gutting this bathroom, or you can follow the advice above. Put that missing tile back on with Waterproof construction adhesive. Works out of a Caulk gun. If you don't have one, buy a Professionals Caulk gun with the "bars" running down the side on opposite sides, a quality cutting edge, and a reamer attached to the gun. Don't buy the cheap one that has a solid single side. The difference is $4 or so, spend the $4. Anyway, construction adhesive will put that back in place. The three that are chipped can be corrected with Bondo (Not my favorite), or Architectural Putty. I use the putty. Just rebuild it so it is smooth, (you will need to sand either product down with a Sander, oscillating orbital is better), as you will be covering the whole room with Tub and Tile Epoxy paint. Oh, make sure the area is VERY ventilated. This stuff will have you remembering your college days/haze, trust me, knock you on your but kind of stuff. The Tub spout is one of the old screw on types. You might need to go to the local plumbing supply house. You will pay more, but you might have a hard time finding what you need in a big box store. You are looking for a Front end screw on tub spout. In a Rental, I would say DO NOT ACCEPT a plastic one, as so many retro fits are plastic, but in a flip, what the hell, they LOOK good, just never put any pressure on them. You will need to Caulk the back side once it is in place as it won't be self sealing. If the Handles are dripping/leaking, post back here, that style is an easy repair, but it is very old school, and I could walk you through it.

pic

What is this mess? Only concern here is the wall on the left hand side. Is that Mildew at the bottom? Keep the wood, paint the yellow door, and clean the carpet. It's a basement, so don't worry about it, although the light fixtures suck.

pic

OK, we all know it is Mildew now. Say it with me, it is never M#LD, it is ALWAYS Mildew. M#LD is NEVER even in your vocabulary. You don't know the word, practice NEVER saying it. EVERYTHING is Mildew. Period. What is the smell of the carpet? I would want to save the carpet. Say it with me, YOU NEED to install and provide a Dehumidifier. As big as you can get. The other choice is to spend a ton of money and time Fixing whatever it is that caused this issue. A big Dehumidifier would solve this problem just as well, and be under $200. Hopefully you have a Utility room, and you can hard drain it right into the sump pump or whatever. You DON'T WANT to take on the solve of this issue, you just want to keep it from happening. I couldn't sleep at night knowing I just make it look good, but it would happen again, I am not out to screw anyone. You can solve with a Big Dehumidifier for under $200, and it will stop the problem.

pic

Like I said, a Big hopefully Hard Wired but absolutely Hard plumbed Dehumidifier for under $200 solves the water issue. Hit everything with Bleach like you were a Ghost-buster. Screw back up the sag in the Ceiling with a Drywall screw in a "Fender" Washer and paint. Never know the difference. Get a Good gray floor paint for the Floor. It's a Basement, make it not look scary, forgettaboutit after that.

pic

I hate Vinyl Siding for the obvious reasons, but I LOVE the look of this house, GREAT curb appeal!!!!! Watch the branches touching the roof if there are any, they can tear up the shingles on the roof in a big storm.

pic

Very, Very nice Curb appeal. I think you did well here with the Property. I couldn't begin to comment on your price in your area, but the house itself could be a fast, cheap, and easy flip if you go about it right.

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Random, I took the liberty of adding numbers to your Pictures as it took me an easy extra half hour to work through them as I kept getting lost and had to recount all the time. Hopefully that is cool with you, and please put a number with you Pictures in the future, it was complete monstrous a bare to keep straight, so I added numbers for anyone else who wants to work with the pictures.
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pics of the flip

pic

I HATE to paint wood, but time is money, and I would paint the cabinets out in a GLOSS white (Like Dover White in Gloss from Sherwin Williams).  Is that the "fake wood" style counter top?  Dear god lose that and put in a Hard material.  You know your flip, but rip up the counter top, screw down Backer board, and use a Nice 12"x12" ceramic/stone tile.  The biggest thing to know is that this is a Cheap, easy, down and dirty way to get it done, and it looks GREAT!  Just spend the extra to get the Counter top corners.  You will never match it up right, and this product "wraps" the exposed corner, and makes it easy.  It will seem expensive, but it is worth every single last penny.  Dear god, please scrap off that border at the top of the room.  Please!  What is the Flashlight in the foreground on?  Whatever that is, it looks very weird.  I assume the floor is VCT??  I haven't looked at any other pictures yet, I'll comment as I go.

pic

What the HECK is that "Shelf" in free space on the left?  That is wild out of place, rip that out if it doesn't do something important.  The Ceiling fan has seen better days, and is sagging.  Replace it, trust me, people will notice it.  If it were your Home or Rental, ONLY buy a Hunter fan.  They are the best without question.  As a Flip, put in anything cheap that looks good.  Is the paneling behind the cabinets, the cheapest way is to paint it with GLOSS white and be done with it.  I like Dover White in GLOSS from Sherwin Williams.  There are other ways.  If you really want to look sharp, use the tile from the counter top to create a backspash.  The Wainscoting in the "Dinning area", what is that made of?  That doesn't look right

pic

The wall paper border HAS to go.  Scrape it off.  I have a Wall paper remover that uses steam, and is Awesome.  You can rent one from the hardware store for maybe $30 a day at max, and they work great.  Looking into the corner, on the left hand side, is there a Hole there?  Does that need a "grate", or am I seeing it incorrectly?  Looks like a Black and a Red stain on the carpet.  The black you can get out, the red you will not be able to.  Don't bother wasting money on a Cleaner guy if you have a red stain.  The light fixture is OK.  Visit your local ReStore to see if you can go spectacular for a reasonable price.  It's basic, and common, but what a great place to make a statement if you can do it cheaply.

pic

Nothing to see here, move along.

pic

Nothing to see here, move along.  However, IF you were renting, NEVER do the Ceiling in a GLOSS.  It shows, no highlights,  every single imperfection in the drywall work, and is a Pain going forward.

pic

Did Some SOB Cable guy really just punch a Cable through the HARD WOOD FLOOR and forget about it to save himself some time and ruin your floor?  Seriously, they legalize murder, and I am going after Dish and Cable guys first.  They are the lowest of scum.  (There is a HUGE post here, but I don't have the energy tonight, someone remind me later, lots of Legal FCC stuff I can comment on for Dish and the such.  Certainly how the LL can avoid being taken advantage of using the law on your side).  Anyway, at this point, you need to cap the line off in the corner of the floor, and put in a plate that future lines can be screwed in to.  You want a clean look, and for a couple of bucks, you can get rid of the line out in the room, plate it off, and it will look professional.  If you can't do this yourself, post back, and I will walk you through it, or just have a professional do it.

pic

What is the "Line" coming down at the bottom of the window in the center of the window?  PLEASE get rid of that Wallpaper boarder.  That stuff hurts you more than you think.  You think, "hey, it's in good shape, no big deal, heck it adds".  Really, if the woman buying doesn't like it, it will kill your deal.  Neutral as you can, let the next buyer put in that tacky crap.  If that is a Florescent light over the mirror, consider going to "make-up" lighting".  That is the strip with a ton (Say 5, 7, 9) 25 watt light bulbs.  Looks better, and is useful.  Fluorescent lighting in the bath and kitchen is not the play.  You want to dominate those tow areas.

pic

GUT and START OVER.  If you are doing it yourself, feel free to post as you go on this project, and I can assist.  I do this type of gut at least once a month as units add to the empire, and units come open that need it where I just didn't deal with it last time around.  If this is not your area, hire it out, just understand you need to start over, The Tub MIGHT be salvageable, but that is the ONLY thing in this picture you MIGHT save, tear it all out, and start over.  Hire it out, but if you attempt it yourself, please use this thread as your ongoing daily diary so I can help get you through it.  I seriously have done an entire bathroom gut and rebuild with my own hands every single month for some 18 months running.  I get one at least every month.

pic

I can't help you with the Ugly as sin Mongoloids in the picture.  ;)  That said, take a look at that ceiling fan, something is wrong, as it is "off" but I can't pull out the problem in two dimensions.  Look at the bulb.

pic

What the heck room is this?  It reminds me of a 3rd floor with a railing.  If it is a second floor, I can assume that you have a "foyer" for the second floor?  Looking all the way back, is that a room over a Garage with a badly slopped room ceiling?

pic

What a freaking mess.  You will need a darker color to get over that blue in as few of coats as possible.  My Color for this situation is "Squirrels Tail" from Sherwin Williams.  While I am here, go into Sherwin Williams and tell them you are a Land Lord, and they will set up an account for you and give you a standard 20% discount, mine is 30 days net.  Everyone should do that if you are a LL or not, anyone in the RE business qualifies for a standard 20% discount from SW.  My discount is actually 35%, so haggle.  Anyway, this room is a mess, and you will need to cover it.  I would keep the shelves on the far wall if they are even close to professionally installed.  I think they add alot, but if they are attached in a tacky way, lose them.  With the Ceiling, go Eggshell finish at most, really, go flat.  The more the shine, the more the imperfections show up.  The higher the shine, the easier it is to clean (Like for Kitchen Cabinets, but who is scrubbing a Ceiling?)  Go buy a two pack of low profile light fixtures at Menard's for $10 and use one here, whatever that is on the ceiling is terrible.  Keep the stained wood Floor board, don't paint it.

pic

Dear god, another one.  You can clearly see the style of this house from the last two pictures.  Carpet looks fine, and if you are going to save it, and not add the expense (I just did two big rooms of high quality carpet on Monday for $700.00 with great pad, save anything you can).  So to save the carpet if it is good repair, you have to go white here.  I would use "Antique White" from Sherwin Williams here, as it is darker than normal white, but still white.  It will take a number of coats, but it is cheaper than replacing the green carpet.  Light fixture has to be changed, use the one left over from your two pack.  Wall Paper board is terrible.

pic

I would try and keep the floor as it is not completely terrible.  Remember, you are trying to get out with the biggest profit possible.  Would it be better in 12"x12" tile?  You betcha, but you want to maximize profit, and I believe the floor is a pass.  I see this room has Make-up side lights, and that is great.  Here is the Quick and dirty, so you don't spend a fortune and a ton of time here.  You can make this bath 1000% better in say 3 hours.  Get rid of the wall paper hearts boarder.  Hopefully, it is paint, and you can just go over it.  The entire non Tile area of the room, Walls:  Dover White in GLOSS.  Now, for the Terrible Green tile with the tan accent, (I had two EXACTLY like this earlier this year, only the accent was Black).  Goto Menard's, goto the Paint section.  Look for the Tub and Tile paint.  It comes in a Box.  There are 3 Shades.  Really WAY too freaking White that shows imperfections, "Bisque", and something darker that always looks dirty.  You want the Middle Color called "Bisque".  It will cost about $17-18.  Now, if you were using it on a Tub, there is a ton of prep work, and you have to everything just right or the product will fail (Trust me, experience here), however, if you are taking out the tacky as heck green wall tile that never gets water on it, here is what you do:  Open the box, there will be a Bigger can of the paint, and a smaller can of the epoxy.  Open both, and mix them together.  WAIT, WAIT, WAIT for say 15 minutes to let it set up.  If you start painting right away, you will NOT like the result (Trust me, experience here), anyway, use a Small roller and a GOOD paint brush that you are going to just throw away.  If you think you can use a Cheap Chip brush for a buck to just throw away to save money, you will not like the result, (Trust me, experience here, the epoxy pulls the cheap brush apart, and you have Paint brush strands/hairs/fibers all over your wall, use a good brush to get into corners).  One box can do two entire bathroom walls, and you will have an Epoxy coated sheening white bathroom walls that won't fail as they never get water on them.  I have personally done this say 20 times to get rid of that ugly Green Metal (Yes, it's tin, NOT ceramic) tiles that they used in the 50's and 60's.  It works.  Certainly you know to replace the toilet seat.  Comes off easy.  BY CODE:  That plug beside the mirror should be a GFI plug.  It is VERY easy to switch, if you need walking through the switch, post back, certainly don't pay anyone to do that, it is very basic electric that anyone can handle.

pic

I commented above.  You can either make this a VERY expensive and time consuming project gutting this bathroom, or you can follow the advice above.  Put that missing tile back on with Waterproof construction adhesive.  Works out of a Caulk gun.  If you don't have one, buy a Professionals Caulk gun with the "bars" running down the side on opposite sides, a quality cutting edge, and a reamer attached to the gun.  Don't buy the cheap one that has a solid single side.  The difference is $4 or so, spend the $4.  Anyway, construction adhesive will put that back in place.  The three that are chipped can be corrected with Bondo (Not my favorite), or Architectural Putty.  I use the putty.  Just rebuild it so it is smooth, (you will need to sand either product down with a Sander, oscillating orbital is better), as you will be covering the whole room with Tub and Tile Epoxy paint.  Oh, make sure the area is VERY ventilated.  This stuff will have you remembering your college days/haze, trust me, knock you on your but kind of stuff.  The Tub spout is one of the old screw on types.  You might need to go to the local plumbing supply house.  You will pay more, but you might have a hard time finding what you need in a big box store.  You are looking for a Front end screw on tub spout.  In a Rental, I would say DO NOT ACCEPT a plastic one, as so many retro fits are plastic, but in a flip, what the hell, they LOOK good, just never put any pressure on them.  You will need to Caulk the back side once it is in place as it won't be self sealing.  If the Handles are dripping/leaking, post back here, that style is an easy repair, but it is very old school, and I could walk you through it.

pic

What is this mess?  Only concern here is the wall on the left hand side.  Is that Mildew at the bottom?  Keep the wood, paint the yellow door, and clean the carpet.  It's a basement, so don't worry about it, although the light fixtures suck.

pic

OK, we all know it is Mildew now.  Say it with me, it is never M#LD, it is ALWAYS Mildew.  M#LD is NEVER even in your vocabulary.  You don't know the word, practice NEVER saying it.  EVERYTHING is Mildew.  Period.  What is the smell of the carpet?  I would want to save the carpet.  Say it with me, YOU NEED to install and provide a Dehumidifier.  As big as you can get.  The other choice is to spend a ton of money and time Fixing whatever it is that caused this issue.  A big Dehumidifier would solve this problem just as well, and be under $200.  Hopefully you have a Utility room, and you can hard drain it right into the sump pump or whatever.  You DON'T WANT to take on the solve of this issue, you just want to keep it from happening.  I couldn't sleep at night knowing I just make it look good, but it would happen again, I am not out to screw anyone.  You can solve with a Big Dehumidifier for under $200, and it will stop the problem.

pic

Like I said, a Big hopefully Hard Wired but absolutely Hard plumbed Dehumidifier for under $200 solves the water issue.  Hit everything with Bleach like you were a Ghost-buster.  Screw back up the sag in the Ceiling with a Drywall screw in a "Fender" Washer and paint.  Never know the difference.  Get a Good gray floor paint for the Floor.  It's a Basement, make it not look scary, forgettaboutit after that. 

pic

I hate Vinyl Siding for the obvious reasons, but I LOVE the look of this house, GREAT curb appeal!!!!!  Watch the branches touching the roof if there are any, they can tear up the shingles on the roof in a big storm.

pic

Very, Very nice Curb appeal.  I think you did well here with the Property.  I couldn't begin to comment on your price in your area, but the house itself could be a fast, cheap, and easy flip if you go about it right.

GB this insomniac.
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Thanks for your input.  Another property has resurfaced that caught my attention last summer.  Its a 16 unit on a small lake for 330k.  Ad says it brings in 4800/mo which is 300/mo per unit.  Seems like a pretty good deal, but I've never landloarded before and I'm not really sure that I want to.  If the flip goes well, I might seriously consider buying the 16 unit.

Random, Two thoughts, and this is as good as anywhere to put them.

1) On the 16 unit building: BEFORE you start to get into it, but at least when you are serious, repost here. I have a ton of comments once you are close to reality and thinking about it for real. At this point, anything I post will just get lost.

I am trying to help, but really in over my head on your flip. The advice you want is from guys like Jeff, Bass and the sort with Flipping experience. I just know what is right to me, and not necessarily the right advice on flipping. When the time comes, I can be deadly on the apartment building.

2) On the Flip, now that I have seen the property, go with White good Appliances. I doubt I would even pony up for the Side by side fridge, but the Digital self cleaning stove is a Must.

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pics of the flip

pic

I HATE to paint wood, but time is money, and I would paint the cabinets out in a GLOSS white (Like Dover White in Gloss from Sherwin Williams).  Is that the "fake wood" style counter top?  Dear god lose that and put in a Hard material.  You know your flip, but rip up the counter top, screw down Backer board, and use a Nice 12"x12" ceramic/stone tile.  The biggest thing to know is that this is a Cheap, easy, down and dirty way to get it done, and it looks GREAT!  Just spend the extra to get the Counter top corners.  You will never match it up right, and this product "wraps" the exposed corner, and makes it easy.  It will seem expensive, but it is worth every single last penny.  Dear god, please scrap off that border at the top of the room.  Please!  What is the Flashlight in the foreground on?  Whatever that is, it looks very weird.  I assume the floor is VCT??  I haven't looked at any other pictures yet, I'll comment as I go.

pic

What the HECK is that "Shelf" in free space on the left?  That is wild out of place, rip that out if it doesn't do something important.  The Ceiling fan has seen better days, and is sagging.  Replace it, trust me, people will notice it.  If it were your Home or Rental, ONLY buy a Hunter fan.  They are the best without question.  As a Flip, put in anything cheap that looks good.  Is the paneling behind the cabinets, the cheapest way is to paint it with GLOSS white and be done with it.  I like Dover White in GLOSS from Sherwin Williams.  There are other ways.  If you really want to look sharp, use the tile from the counter top to create a backspash.  The Wainscoting in the "Dinning area", what is that made of?  That doesn't look right

pic

The wall paper border HAS to go.  Scrape it off.  I have a Wall paper remover that uses steam, and is Awesome.  You can rent one from the hardware store for maybe $30 a day at max, and they work great.  Looking into the corner, on the left hand side, is there a Hole there?  Does that need a "grate", or am I seeing it incorrectly?  Looks like a Black and a Red stain on the carpet.  The black you can get out, the red you will not be able to.  Don't bother wasting money on a Cleaner guy if you have a red stain.  The light fixture is OK.  Visit your local ReStore to see if you can go spectacular for a reasonable price.  It's basic, and common, but what a great place to make a statement if you can do it cheaply.

pic

Nothing to see here, move along.

pic

Nothing to see here, move along.  However, IF you were renting, NEVER do the Ceiling in a GLOSS.  It shows, no highlights,  every single imperfection in the drywall work, and is a Pain going forward.

pic

Did Some SOB Cable guy really just punch a Cable through the HARD WOOD FLOOR and forget about it to save himself some time and ruin your floor?  Seriously, they legalize murder, and I am going after Dish and Cable guys first.  They are the lowest of scum.  (There is a HUGE post here, but I don't have the energy tonight, someone remind me later, lots of Legal FCC stuff I can comment on for Dish and the such.  Certainly how the LL can avoid being taken advantage of using the law on your side).  Anyway, at this point, you need to cap the line off in the corner of the floor, and put in a plate that future lines can be screwed in to.  You want a clean look, and for a couple of bucks, you can get rid of the line out in the room, plate it off, and it will look professional.  If you can't do this yourself, post back, and I will walk you through it, or just have a professional do it.

pic

What is the "Line" coming down at the bottom of the window in the center of the window?  PLEASE get rid of that Wallpaper boarder.  That stuff hurts you more than you think.  You think, "hey, it's in good shape, no big deal, heck it adds".  Really, if the woman buying doesn't like it, it will kill your deal.  Neutral as you can, let the next buyer put in that tacky crap.  If that is a Florescent light over the mirror, consider going to "make-up" lighting".  That is the strip with a ton (Say 5, 7, 9) 25 watt light bulbs.  Looks better, and is useful.  Fluorescent lighting in the bath and kitchen is not the play.  You want to dominate those tow areas.

pic

GUT and START OVER.  If you are doing it yourself, feel free to post as you go on this project, and I can assist.  I do this type of gut at least once a month as units add to the empire, and units come open that need it where I just didn't deal with it last time around.  If this is not your area, hire it out, just understand you need to start over, The Tub MIGHT be salvageable, but that is the ONLY thing in this picture you MIGHT save, tear it all out, and start over.  Hire it out, but if you attempt it yourself, please use this thread as your ongoing daily diary so I can help get you through it.  I seriously have done an entire bathroom gut and rebuild with my own hands every single month for some 18 months running.  I get one at least every month.

pic

I can't help you with the Ugly as sin Mongoloids in the picture.  ;)  That said, take a look at that ceiling fan, something is wrong, as it is "off" but I can't pull out the problem in two dimensions.  Look at the bulb.

pic

What the heck room is this?  It reminds me of a 3rd floor with a railing.  If it is a second floor, I can assume that you have a "foyer" for the second floor?  Looking all the way back, is that a room over a Garage with a badly slopped room ceiling?

pic

What a freaking mess.  You will need a darker color to get over that blue in as few of coats as possible.  My Color for this situation is "Squirrels Tail" from Sherwin Williams.  While I am here, go into Sherwin Williams and tell them you are a Land Lord, and they will set up an account for you and give you a standard 20% discount, mine is 30 days net.  Everyone should do that if you are a LL or not, anyone in the RE business qualifies for a standard 20% discount from SW.  My discount is actually 35%, so haggle.  Anyway, this room is a mess, and you will need to cover it.  I would keep the shelves on the far wall if they are even close to professionally installed.  I think they add alot, but if they are attached in a tacky way, lose them.  With the Ceiling, go Eggshell finish at most, really, go flat.  The more the shine, the more the imperfections show up.  The higher the shine, the easier it is to clean (Like for Kitchen Cabinets, but who is scrubbing a Ceiling?)  Go buy a two pack of low profile light fixtures at Menard's for $10 and use one here, whatever that is on the ceiling is terrible.  Keep the stained wood Floor board, don't paint it.

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Dear god, another one.  You can clearly see the style of this house from the last two pictures.  Carpet looks fine, and if you are going to save it, and not add the expense (I just did two big rooms of high quality carpet on Monday for $700.00 with great pad, save anything you can).  So to save the carpet if it is good repair, you have to go white here.  I would use "Antique White" from Sherwin Williams here, as it is darker than normal white, but still white.  It will take a number of coats, but it is cheaper than replacing the green carpet.  Light fixture has to be changed, use the one left over from your two pack.  Wall Paper board is terrible.

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I would try and keep the floor as it is not completely terrible.  Remember, you are trying to get out with the biggest profit possible.  Would it be better in 12"x12" tile?  You betcha, but you want to maximize profit, and I believe the floor is a pass.  I see this room has Make-up side lights, and that is great.  Here is the Quick and dirty, so you don't spend a fortune and a ton of time here.  You can make this bath 1000% better in say 3 hours.  Get rid of the wall paper hearts boarder.  Hopefully, it is paint, and you can just go over it.  The entire non Tile area of the room, Walls:  Dover White in GLOSS.  Now, for the Terrible Green tile with the tan accent, (I had two EXACTLY like this earlier this year, only the accent was Black).  Goto Menard's, goto the Paint section.  Look for the Tub and Tile paint.  It comes in a Box.  There are 3 Shades.  Really WAY too freaking White that shows imperfections, "Bisque", and something darker that always looks dirty.  You want the Middle Color called "Bisque".  It will cost about $17-18.  Now, if you were using it on a Tub, there is a ton of prep work, and you have to everything just right or the product will fail (Trust me, experience here), however, if you are taking out the tacky as heck green wall tile that never gets water on it, here is what you do:  Open the box, there will be a Bigger can of the paint, and a smaller can of the epoxy.  Open both, and mix them together.  WAIT, WAIT, WAIT for say 15 minutes to let it set up.  If you start painting right away, you will NOT like the result (Trust me, experience here), anyway, use a Small roller and a GOOD paint brush that you are going to just throw away.  If you think you can use a Cheap Chip brush for a buck to just throw away to save money, you will not like the result, (Trust me, experience here, the epoxy pulls the cheap brush apart, and you have Paint brush strands/hairs/fibers all over your wall, use a good brush to get into corners).  One box can do two entire bathroom walls, and you will have an Epoxy coated sheening white bathroom walls that won't fail as they never get water on them.  I have personally done this say 20 times to get rid of that ugly Green Metal (Yes, it's tin, NOT ceramic) tiles that they used in the 50's and 60's.  It works.  Certainly you know to replace the toilet seat.  Comes off easy.  BY CODE:  That plug beside the mirror should be a GFI plug.  It is VERY easy to switch, if you need walking through the switch, post back, certainly don't pay anyone to do that, it is very basic electric that anyone can handle.

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I commented above.  You can either make this a VERY expensive and time consuming project gutting this bathroom, or you can follow the advice above.  Put that missing tile back on with Waterproof construction adhesive.  Works out of a Caulk gun.  If you don't have one, buy a Professionals Caulk gun with the "bars" running down the side on opposite sides, a quality cutting edge, and a reamer attached to the gun.  Don't buy the cheap one that has a solid single side.  The difference is $4 or so, spend the $4.  Anyway, construction adhesive will put that back in place.  The three that are chipped can be corrected with Bondo (Not my favorite), or Architectural Putty.  I use the putty.  Just rebuild it so it is smooth, (you will need to sand either product down with a Sander, oscillating orbital is better), as you will be covering the whole room with Tub and Tile Epoxy paint.  Oh, make sure the area is VERY ventilated.  This stuff will have you remembering your college days/haze, trust me, knock you on your but kind of stuff.  The Tub spout is one of the old screw on types.  You might need to go to the local plumbing supply house.  You will pay more, but you might have a hard time finding what you need in a big box store.  You are looking for a Front end screw on tub spout.  In a Rental, I would say DO NOT ACCEPT a plastic one, as so many retro fits are plastic, but in a flip, what the hell, they LOOK good, just never put any pressure on them.  You will need to Caulk the back side once it is in place as it won't be self sealing.  If the Handles are dripping/leaking, post back here, that style is an easy repair, but it is very old school, and I could walk you through it.

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What is this mess?  Only concern here is the wall on the left hand side.  Is that Mildew at the bottom?  Keep the wood, paint the yellow door, and clean the carpet.  It's a basement, so don't worry about it, although the light fixtures suck.

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OK, we all know it is Mildew now.  Say it with me, it is never M#LD, it is ALWAYS Mildew.  M#LD is NEVER even in your vocabulary.  You don't know the word, practice NEVER saying it.  EVERYTHING is Mildew.  Period.  What is the smell of the carpet?  I would want to save the carpet.  Say it with me, YOU NEED to install and provide a Dehumidifier.  As big as you can get.  The other choice is to spend a ton of money and time Fixing whatever it is that caused this issue.  A big Dehumidifier would solve this problem just as well, and be under $200.  Hopefully you have a Utility room, and you can hard drain it right into the sump pump or whatever.  You DON'T WANT to take on the solve of this issue, you just want to keep it from happening.  I couldn't sleep at night knowing I just make it look good, but it would happen again, I am not out to screw anyone.  You can solve with a Big Dehumidifier for under $200, and it will stop the problem.

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Like I said, a Big hopefully Hard Wired but absolutely Hard plumbed Dehumidifier for under $200 solves the water issue.  Hit everything with Bleach like you were a Ghost-buster.  Screw back up the sag in the Ceiling with a Drywall screw in a "Fender" Washer and paint.  Never know the difference.  Get a Good gray floor paint for the Floor.  It's a Basement, make it not look scary, forgettaboutit after that. 

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I hate Vinyl Siding for the obvious reasons, but I LOVE the look of this house, GREAT curb appeal!!!!!  Watch the branches touching the roof if there are any, they can tear up the shingles on the roof in a big storm.

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Very, Very nice Curb appeal.  I think you did well here with the Property.  I couldn't begin to comment on your price in your area, but the house itself could be a fast, cheap, and easy flip if you go about it right.

GB this insomniac.

Tell Will that I am not working on Dynasty material late at night, and these days are over. :unsure:
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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

RK, you might not have seen my post in your list of things getting accomplished. By definition, a French Drain is NOT what you want. Are you sure that is the terminology?

I must have missed it, do you have a link?

French Drain is one that is underground with pebbles on top of it. Do you recommend another type of drain? One part where we can't dig, we will have to use sheet metal (one piece) on one side of structure to drain it off.

That is exactly what you want. They should either Dig around the structure or inside the structure, about 4 feet deep, lay in PVC with holes drilled in or some sort of piping that allows water to flow in, cover it with 3 feet of gravel, and a foot of dirt, and pipe the whole thing to a dead space in the yard, better yet a run off, better even yet to the storm water drains.

However, a French drain is a Channel inside a structure, where the design of the structure allows water to enter, and is then channeled to a floor drain. Certainly not what you want in a finished space. French drains were all the rage in the late 1800's, and really haven't been used since.

Unless it is a regional definition that is something different than the actual product, a French drain is the very last thing you would want. You are talking about a perimeter drain system.

My fear is that you state to the next contractor that you need a French drain, and he gives you a real real French drain, which you absolutely don't want.

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RK Money, I see you are in the thread.  What was the deal on the French Drain?  Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

RK, you might not have seen my post in your list of things getting accomplished. By definition, a French Drain is NOT what you want. Are you sure that is the terminology?

I must have missed it, do you have a link?

French Drain is one that is underground with pebbles on top of it. Do you recommend another type of drain? One part where we can't dig, we will have to use sheet metal (one piece) on one side of structure to drain it off.

If you look back to your post on what the total/actual work involved is, at some point shortly after that, I broke down some thoughts within your post. Bring it back to the front if you have any questions.
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Tell Will that I am not working on Dynasty material late at night, and these days are over.  :unsure:

Any coincidence that you survivor team turned out to be a total rehab project??? :P

Being that it is best ball, go look at my team again. :thumbup:
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RK Money, I see you are in the thread. What was the deal on the French Drain? Have you asked about that yet?

French Drain is a go but I have some pretty crappy news. I can't go into a detail story but long story short:

My GC I chose hasn't gotten back to me!

Everything was a go, down to the price. The final part was him e-mailing me his price sheet (breakdown of the total cost) and then negotiate payout structure. This was supposed to be sent to me no later than April 2nd since he wanted to start the day after the 4th of July. Didn't hear from him so shot him an e-mail. Then another. Then left him two voice messages. Either something has happened to him or for some unknown reason he bailed. I even left him a message asking him to call me to at least let me know he's ok and for ANY reason he can't go forward, I am totally ok with it. Still nothing.

I don't get it. He took more than a few days showing up and showing me places that he's worked on, took the time out to write up and send me the spec sheet and even quoted a price and we agreed on it.

At least now I have a pretty detailed list on what needs to get down so starting tomorrow I will have to start from square one. Unbelievable.

RK, you might not have seen my post in your list of things getting accomplished. By definition, a French Drain is NOT what you want. Are you sure that is the terminology?

I must have missed it, do you have a link?

French Drain is one that is underground with pebbles on top of it. Do you recommend another type of drain? One part where we can't dig, we will have to use sheet metal (one piece) on one side of structure to drain it off.

That is exactly what you want. They should either Dig around the structure or inside the structure, about 4 feet deep, lay in PVC with holes drilled in or some sort of piping that allows water to flow in, cover it with 3 feet of gravel, and a foot of dirt, and pipe the whole thing to a dead space in the yard, better yet a run off, better even yet to the storm water drains.

However, a French drain is a Channel inside a structure, where the design of the structure allows water to enter, and is then channeled to a floor drain. Certainly not what you want in a finished space. French drains were all the rage in the late 1800's, and really haven't been used since.

Unless it is a regional definition that is something different than the actual product, a French drain is the very last thing you would want. You are talking about a perimeter drain system.

My fear is that you state to the next contractor that you need a French drain, and he gives you a real real French drain, which you absolutely don't want.

Think so because it's exactly what you said above.
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pics of the flip

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I HATE to paint wood, but time is money, and I would paint the cabinets out in a GLOSS white (Like Dover White in Gloss from Sherwin Williams). will do

Is that the "fake wood" style counter top? yes, and that and the fake wood backsplash are soon to be gone.

Dear god lose that and put in a Hard material. You know your flip, but rip up the counter top, screw down Backer board, and use a Nice 12"x12" ceramic/stone tile.

The plan is to just put in a new laminate countertop, but I will check the price difference on the corian (or similar) countertop. Personally, I think tile countertops look dated.

The biggest thing to know is that this is a Cheap, easy, down and dirty way to get it done, and it looks GREAT! Just spend the extra to get the Counter top corners. You will never match it up right, and this product "wraps" the exposed corner, and makes it easy. It will seem expensive, but it is worth every single last penny.

Dear god, please scrap off that border at the top of the room. Please! In the plans. Matter of fact, all wallpaper is comming off. What is the Flashlight in the foreground on? Whatever that is, it looks very weird.

This is the "countertop" between where the stove and refridgerator were.

I assume the floor is VCT?? The floor will come up and be replaced with ceramic.

I haven't looked at any other pictures yet, I'll comment as I go.

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What the HECK is that "Shelf" in free space on the left? That is wild out of place, rip that out if it doesn't do something important. Its going, and the appliances are going to be put back where they belong.

The Ceiling fan has seen better days, and is sagging. Replace it, trust me, people will notice it. If it were your Home or Rental, ONLY buy a Hunter fan. They are the best without question. As a Flip, put in anything cheap that looks good. in the plan.

Is the paneling behind the cabinets, the cheapest way is to paint it with GLOSS white and be done with it. I think we're going to remove it.

I like Dover White in GLOSS from Sherwin Williams. There are other ways. If you really want to look sharp, use the tile from the counter top to create a backspash. I think we're just going to go with painting the drywall here.

The Wainscoting in the "Dinning area", what is that made of? I think you're referring to the area below the chair molding, its just a light purple paint.

That doesn't look right

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The wall paper border HAS to go. Scrape it off. I have a Wall paper remover that uses steam, and is Awesome. You can rent one from the hardware store for maybe $30 a day at max, and they work great. Looking into the corner, on the left hand side, is there a Hole there? Does that need a "grate", or am I seeing it incorrectly? Its an airvent with the cover over it. Weird angle, you can see right through it. We're replacing all vent covers.

Looks like a Black and a Red stain on the carpet. The black you can get out, the red you will not be able to. Don't bother wasting money on a Cleaner guy if you have a red stain. All carpet is comming out. It smells and is not salvagable. And on the first floor, its all hardwood underneath!

The light fixture is OK. Visit your local ReStore to see if you can go spectacular for a reasonable price. It's basic, and common, but what a great place to make a statement if you can do it cheaply. We're planning on replacing all light fixtures. This one isn't in bad shape, but I think we're going to go with all silver colored hardware and fixtures.

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Nothing to see here, move along.

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Nothing to see here, move along. However, IF you were renting, NEVER do the Ceiling in a GLOSS. It shows, no highlights, every single imperfection in the drywall work, and is a Pain going forward. We're repainting all cielings. And c'mon thats the punch list on the floor!

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Did Some SOB Cable guy really just punch a Cable through the HARD WOOD FLOOR and forget about it to save himselfsome time and ruin your floor? Seriously, they legalize murder, and I am going after Dish and Cable guys first. They are the lowest of scum. (There is a HUGE post here, but I don't have the energy tonight, someone remind me later, lots of Legal FCC stuff I can comment on for Dish and the such. Certainly how the LL can avoid being taken advantage of using the law on your side). Anyway, at this point, you need to cap the line off in the corner of the floor, and put in a plate that future lines can be screwed in to. You want a clean look, and for a couple of bucks, you can get rid of the line out in the room, plate it off, and it will look professional. If you can't do this yourself, post back, and I will walk you through it, or just have a professional do it. Brother is all over this, thanks.

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What is the "Line" coming down at the bottom of the window in the center of the window? Not sure, shadow?, stain?

PLEASE get rid of that Wallpaper boarder. That stuff hurts you more than you think. You think, "hey, it's in good shape, no big deal, heck it adds". Really, if the woman buying doesn't like it, it will kill your deal. Neutral as you can, let the next buyer put in that tacky crap. Exactly the plan

If that is a Florescent light over the mirror, consider going to "make-up" lighting". That is the strip with a ton (Say 5, 7, 9) 25 watt light bulbs. Looks better, and is useful. Also the plan.

Fluorescent lighting in the bath and kitchen is not the play. You want to dominate those tow areas. Totally agree.

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GUT and START OVER. yep, my brother is going to start in here and not come out until its done.

If you are doing it yourself, feel free to post as you go on this project, and I can assist. I do this type of gut at least once a month as units add to the empire, and units come open that need it where I just didn't deal with it last time around. If this is not your area, hire it out, just understand you need to start over, The Tub MIGHT be salvageable, but that is the ONLY thing in this picture you MIGHT save, tear it all out, and start over. We are going to try to save the tub.

Hire it out, but if you attempt it yourself, please use this thread as your ongoing daily diary so I can help get you through it. I seriously have done an entire bathroom gut and rebuild with my own hands every single month for some 18 months running. I get one at least every month.

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I can't help you with the Ugly as sin Mongoloids in the picture. ;) That said, take a look at that ceiling fan, something is wrong, as it is "off" but I can't pull out the problem in two dimensions. Look at the bulb. :boxing:

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What the heck room is this? The house is a story and a half, this is the upstairs loft.

It reminds me of a 3rd floor with a railing. If it is a second floor, I can assume that you have a "foyer" for the second floor? Looking all the way back, is that a room over a Garage with a badly slopped room ceiling? Its the green bedroom.

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What a freaking mess. You will need a darker color to get over that blue in as few of coats as possible. My Color for this situation is "Squirrels Tail" from Sherwin Williams. While I am here, go into Sherwin Williams and tell them you are a Land Lord, and they will set up an account for you and give you a standard 20% discount, mine is 30 days net. Everyone should do that if you are a LL or not, anyone in the RE business qualifies for a standard 20% discount from SW. My discount is actually 35%, so haggle. Excellent advice.

Anyway, this room is a mess, and you will need to cover it. I would keep the shelves on the far wall if they are even close to professionally installed. I think they add alot, but if they are attached in a tacky way, lose them. We're all on the fence with the shelves.

With the Ceiling, go Eggshell finish at most, really, go flat. Should we paint all the cielings with the same paint?

The more the shine, the more the imperfections show up. The higher the shine, the easier it is to clean (Like for Kitchen Cabinets, but who is scrubbing a Ceiling?) Go buy a two pack of low profile light fixtures at Menard's for $10 and use one here, whatever that is on the ceiling is terrible. Keep the stained wood Floor board, don't paint it.

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Dear god, another one. You can clearly see the style of this house from the last two pictures. Carpet looks fine, and if you are going to save it, and not add the expense (I just did two big rooms of high quality carpet on Monday for $700.00 with great pad, save anything you can). So to save the carpet if it is good repair, you have to go white here. Big red stain in the middle here. Pretty sure its gone.

I would use "Antique White" from Sherwin Williams here, as it is darker than normal white, but still white. Is there any chance you own stock in SW? :D

It will take a number of coats, but it is cheaper than replacing the green carpet. Light fixture has to be changed, use the one left over from your two pack. Wall Paper board is terrible.

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I would try and keep the floor as it is not completely terrible. Remember, you are trying to get out with the biggest profit possible. Would it be better in 12"x12" tile? You betcha, but you want to maximize profit, and I believe the floor is a pass. We ended up getting enough tile at the restore to tile both baths and this surround, and the kitchen.

I see this room has Make-up side lights, and that is great. Here is the Quick and dirty, so you don't spend a fortune and a ton of time here. You can make this bath 1000% better in say 3 hours. Get rid of the wall paper hearts boarder. Hopefully, it is paint, and you can just go over it. The entire non Tile area of the room, Walls: Dover White in GLOSS. Now, for the Terrible Green tile with the tan accent, (I had two EXACTLY like this earlier this year, only the accent was Black). Goto Menard's, goto the Paint section. Look for the Tub and Tile paint. It comes in a Box. There are 3 Shades. Really WAY too freaking White that shows imperfections, "Bisque", and something darker that always looks dirty. You want the Middle Color called "Bisque". It will cost about $17-18. Now, if you were using it on a Tub, there is a ton of prep work, and you have to everything just right or the product will fail (Trust me, experience here), however, if you are taking out the tacky as heck green wall tile that never gets water on it, here is what you do: Open the box, there will be a Bigger can of the paint, and a smaller can of the epoxy. Open both, and mix them together. WAIT, WAIT, WAIT for say 15 minutes to let it set up. If you start painting right away, you will NOT like the result (Trust me, experience here), anyway, use a Small roller and a GOOD paint brush that you are going to just throw away. If you think you can use a Cheap Chip brush for a buck to just throw away to save money, you will not like the result, (Trust me, experience here, the epoxy pulls the cheap brush apart, and you have Paint brush strands/hairs/fibers all over your wall, use a good brush to get into corners). One box can do two entire bathroom walls, and you will have an Epoxy coated sheening white bathroom walls that won't fail as they never get water on them. I have personally done this say 20 times to get rid of that ugly Green Metal (Yes, it's tin, NOT ceramic) tiles that they used in the 50's and 60's. It works. All great stuff but the tile is plastic and put right on the drywall so its comming off.

Certainly you know to replace the toilet seat. I like the spongebob seat

Comes off easy. BY CODE: That plug beside the mirror should be a GFI plug. It is VERY easy to switch, if you need walking through the switch, post back, certainly don't pay anyone to do that, it is very basic electric that anyone can handle. Brother is all over this.

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I commented above. You can either make this a VERY expensive and time consuming project gutting this bathroom, or you can follow the advice above. Put that missing tile back on with Waterproof construction adhesive. Works out of a Caulk gun. If you don't have one, buy a Professionals Caulk gun with the "bars" running down the side on opposite sides, a quality cutting edge, and a reamer attached to the gun. Don't buy the cheap one that has a solid single side. The difference is $4 or so, spend the $4. Anyway, construction adhesive will put that back in place. The three that are chipped can be corrected with Bondo (Not my favorite), or Architectural Putty. I use the putty. Just rebuild it so it is smooth, (you will need to sand either product down with a Sander, oscillating orbital is better), as you will be covering the whole room with Tub and Tile Epoxy paint. Oh, make sure the area is VERY ventilated. This stuff will have you remembering your college days/haze, trust me, knock you on your but kind of stuff. The Tub spout is one of the old screw on types. You might need to go to the local plumbing supply house. You will pay more, but you might have a hard time finding what you need in a big box store. You are looking for a Front end screw on tub spout. In a Rental, I would say DO NOT ACCEPT a plastic one, as so many retro fits are plastic, but in a flip, what the hell, they LOOK good, just never put any pressure on them. You will need to Caulk the back side once it is in place as it won't be self sealing. If the Handles are dripping/leaking, post back here, that style is an easy repair, but it is very old school, and I could walk you through it.

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What is this mess? Basement, with a strong mildew smell.

Only concern here is the wall on the left hand side. Is that Mildew at the bottom? Keep the wood, paint the yellow door, and clean the carpet. Easily the worst carpet in the whole house.

It's a basement, so don't worry about it, although the light fixtures suck. Will probably replace with the cheapos from menards. Also, the cieling is stained and splattered, so we're planning on putting in a new drop cieling.

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OK, we all know it is Mildew now. Say it with me, it is never M#LD, it is ALWAYS Mildew. M#LD is NEVER even in your vocabulary. You don't know the word, practice NEVER saying it. EVERYTHING is Mildew. Period. What is the smell of the carpet? I would want to save the carpet. Say it with me, YOU NEED to install and provide a Dehumidifier. As big as you can get. The other choice is to spend a ton of money and time Fixing whatever it is that caused this issue. A big Dehumidifier would solve this problem just as well, and be under $200. Hopefully you have a Utility room, and you can hard drain it right into the sump pump or whatever. You DON'T WANT to take on the solve of this issue, you just want to keep it from happening. I couldn't sleep at night knowing I just make it look good, but it would happen again, I am not out to screw anyone. You can solve with a Big Dehumidifier for under $200, and it will stop the problem. Great idea

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Like I said, a Big hopefully Hard Wired but absolutely Hard plumbed Dehumidifier for under $200 solves the water issue. Hit everything with Bleach like you were a Ghost-buster. Screw back up the sag in the Ceiling with a Drywall screw in a "Fender" Washer and paint. Never know the difference. Get a Good gray floor paint for the Floor. It's a Basement, make it not look scary, forgettaboutit after that.

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I hate Vinyl Siding for the obvious reasons, but I LOVE the look of this house, GREAT curb appeal!!!!! Just needs a little landscaping, and we were thinking of changing the red trim to white, opinions?

Watch the branches touching the roof if there are any, they can tear up the shingles on the roof in a big storm. Some shingles need replaced, and some branches trimmed

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Very, Very nice Curb appeal. I think you did well here with the Property. I couldn't begin to comment on your price in your area, but the house itself could be a fast, cheap, and easy flip if you go about it right. We got it 25k below current appraised value. It sold 4 years ago for 10k more than current appraisal. We've got alot of room to work.

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Commercial Real Estate Question.

I am in the early stages of considering a career change. I am interested in purchasing a small bar/restaurant that has been abandoned for several years. Unfortunately, I'll be the first to admit that I am pretty clueless when it comes to the world of commerical real estate, so Im not really sure where to begin. I was able to find the listing on-line so I know the general info on the building.

What is my next step?

Do I contact the agent representing the property? Do I get my own agent to represent me? Do I find an appraiser to get an idea of the actual property value? Are there agents/appraisers that specialize in restaurant properties?

TIA

I can figure this out for you - let me know what the details are.

Commercial is a different beast, but you need to know what the rental income / lease income would be for it.

I don't know if you know what local rents are, but that would go a long way to evaluating this one.

I'm always looking for a good commercial RE purchase, so I know how to evaluate these quickly.

Before I did anything else, I would:

Go to or call the city health inspectors office and get a list of violations for the place as far back as possible. You might find it has some incurable or highly expensive deficiencies. Either would kill the deal, so find out up front and potentially save a lot of time.

Call around and find out market lease rates for this type establishment in your area. You really cannot figure out anything without knowing that.

There's lots more, but those are the first two.

Just so you know, an appraisal on a commercial property will probably be at least $2500 and maybe 3-4x that, or even more depending on the size of the property and our local market. Your lender must order the appraisal to use it for a loan. So if you go hire an appraiser and then go to the lender with that appraisal for a loan, you will find he needs to order it himself and you will end up paying for two. Not a good idea.

Thanks for the advice guys. A buddy of mine has a "friend of a friend" who is in commercial real estate. I asked him to have the "FOF" check on the property to see what he could find out and he told me last night that the FOF said it is "under contract". Does this mean that it is sold? Or do these things sometimes not go through? Should I contact the listed agent directly to see where it stands? Edited by E-Z Glider
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I am not the Flipper Jeff is, nor do I have the across the board knowledge of Bass.

Hey, I resemble that remark..... ;)

Actually, that was the market and the name of the game.

It is starting to turn to "hold" condition, as some markets start to taper off.

Some people are screaming that the sky is falling. Uh uh. The market is correcting back to the norm. Many of us were just in red hot markets. Now they're just your typical warm market.

And, for the record, I still have 6 rental units that I own (although for the right price, I'd sell them today).

I'm more interested in holding commercial property and developing, but that's my taste.

I'm also getting into paper / mortgages / notes, but that's a somewhat different discussion altogether. I'd much rather own a mortgage than a rental property. "Be the bank."

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Jeff (or whoever else).....a few questions as I am about to buy a new construction condo for investment purposes...(Ive talked with my mortgage broker and a few real estate agents, but I always like to do extensive research before spending big bucks, so I ask the same questions of a bunch of intelligent people and see if the anwsers are the same etc....)

1. Should I use a real estate agent to deal with the builder? We have always built new homes for personal residences, and never used a realtor. I found I was able to negociate the price down myself, but always wondered if as realtor could do better?

2. I know (and this may get complicated, sorry) that new construction condos are non warrantable (this is building 14 of about 50, so builder is still in control) so a mortgage may be more difficult. Anyway, is it even worth the trouble, or should I look at existing condos instead?

3. Anyone else have any advice....this is my first time into rental property. We will be setting up a seperate management company (s-corp) to manage the property, but my wife and I will be the owners of both. Anyway, any landlord, mortgage, or general advice is appreciated!

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Jeff (or whoever else).....a few questions as I am about to buy a new construction condo for investment purposes...(Ive talked with my mortgage broker and a few real estate agents, but I always like to do extensive research before spending big bucks, so I ask the same questions of a bunch of intelligent people and see if the anwsers are the same etc....)

1. Should I use a real estate agent to deal with the builder? We have always built new homes for personal residences, and never used a realtor. I found I was able to negociate the price down myself, but always wondered if as realtor could do better?

2. I know (and this may get complicated, sorry) that new construction condos are non warrantable (this is building 14 of about 50, so builder is still in control) so a mortgage may be more difficult. Anyway, is it even worth the trouble, or should I look at existing condos instead?

3. Anyone else have any advice....this is my first time into rental property. We will be setting up a seperate management company (s-corp) to manage the property, but my wife and I will be the owners of both. Anyway, any landlord, mortgage, or general advice is appreciated!

Hey, I know you..... ;)

If you are comfortable dealing with the builder, you should get a better deal without the agent.

"Non-warrantable" - ok you got me here. I don't know this term. Is this about a home owner warranty?

I have a lot of advice on this subject. I have to bump my run-in with Kendra Todd from the Apprentice from last week. Hold on.

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Went to a local real estate group (if you haven't gone to one - go).

Kendra Todd was there.

Yes, that Kendra Todd - from The Apprentice.

I'm guessing you can tell from my Avatar that I watch that show. :)

Anyway, she was promoting her RE career and biz and her new book, but she said a few things that were rather interesting (that's what I go for, really. Any tidbits of info for free are worth it).

She was talking about what states and areas of the country are growing fastest.

I'd love to hear from any FBGs on the board that are from these areas. (I know, likely spinoff thread - I'll do that next).

First, states that are growing the fastest:

1. Nevada (LV is still growing fast)

2. Arizona (Phoenix, Tuscon, Scottsdale)

3. Idaho.

Seriously. Idaho.

Who knew.

Then again, 2 guys walking into Idaho may boost it 1%.

4. Was Florida, and I think 5th was NC.

More to follow.

BnB, we may need to discuss some things.....

Ok, let's get back to this.

I actually had a nice conversation with Kendra last Wednesday evening. She's quite nice and has done well for herself both before and after the Trump experience.

Still wondering about that Boise Idaho thing.

Since that meeting, I've seen multiple people talking up both Florida and North Carolina, in particular Asheville. There was a recent thread in the FFA on Asheville, I'll add the link if I can find it.

Asheville, NC.

Ok I'm getting good at the searches. :)

Back on track.

Kendra spoke about what her approach is to investing in RE. She buys from builders either at the "pre-construction" phase or at the "builder close-out" phase. Both make sense to me.

In the "pre", the builder needs to sell lots of units to get their financing. They know that investors are some of the first to come to the table, so they cater to them and cut deals.

In the "close-out", they want to clear their books and move on. Holding costs add up, especially if inventories are high. That's starting to happen in certain places.

Kendra also targets properties under $300K that can "cash-flow". Her definition of cash flow was pretty loose IMHO, as she was talking about properties that just barely broke even if you put 20% down. But, she's buying in appreciating markets and plans to hold for 7-10 years. She figures with rents increasing in those same areas and values increasing, the property will cash flow better in a few years, and the builder incentives will cover her costs to start out. Not a bad theory.

Back to Adam's question about buying property and managing them. She recommends two things, and I'd like to hear Mike's opinion. I've heard the ideas more than once, but the repetition is starting to have it sink in.

1. She has all tenants have automatic withdrawal from their accounts for the rent. No exceptions.

I would think that would help, as for one thing deadbeat tenants often don't even HAVE bank accounts. Some of you know what I'm talking about.

2. She gets a homeowner warranty on each rental. Then she has the tenant added to the policy. Her first line of management is that they have to call the warranty company if there is a problem FIRST. Then they can call her.

3. She also has 2 handymen companies for any repairs.

4. She buys new units so that in the first 7-10 years the repairs / maintenance are low, if any.

So I'm looking for comments / feedback about the markets (especially Idaho), and I probably need a new thread for that.

As for Adam, I'd negotiate directly with the builder, but you don't have the buying power a RE brokerage company may have if they buy 20-30 at a time for resale to investors.

I'd do the homework on what is a good price, then set out after it. Ask around and ask local RE clubs if the area is a good one or not. Savvy local investors know.

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