Rug's Update

[rughead64]

Here is where I stand on my 1st deal:

I close on 2-28-08.

I met with 8 contractors so far. I am pretty much set on one particular contractor. He gave me very good rates, has very good references and can hit the time table I want. H ewill handle all carpentry work and the porch repair.

I have a friend who is a brick pointer who will take care of any and all brick work and glass block windows (very reasonable)

I have a friend who will be doing the interior painting (ver reasonable)

I have a guy who will install my carpet at $4.50 per square yard.


Overall my budget was set at $12,000 and here is what I am doing:

*I have to repair the front porch which is wooden and pulling away from the house

*I am having the 2 sets of pocket doors repaired

*I am having all new lighting put in

*I am replacing 3 bedroom doors, 1 bathroom door and the door to the basement

*I am puting in a new front and back door

* I am putting 2 glass block windows in the basement

*I am adding a 1/2 bath on the first floor

*I am putting in new flooring in teh hallway and the new 1/2 bath

*I am updating the full bath (new sink, vanity and taking the tile off of the walls and painting)

*I am painitng the entire house

*I am re-carpeting (120 square yards)

*All new appliaces

My time frame is set at 3 weeks


Rug

[Debbie]

Great list and update.

Here's the MOST important question: are you going to be onsite on a daily basis, checking on the rehab process? If not, you'd better get a general contractor....

Here's the 2nd MOST important question: if you do use the general contractor, learn from my mistake---don't forget to include the ending and completion date on the contract!

[rughead64]

My partner or I will visit the site each day. In fact we are going to do some yard cleanup and some minor items ourselves. This way one of us will be there at least for a time every day. Already have the dates set for the contractor and the carpet and painters are "on-call" for us. Our issue witht eh 3 weeks is the porch and hte brisk work. These will take a few days and the weather needs to be in our favor to get them done on time.

Rug

Rug

[rughead64]

UPDATE: T minus 5 days until the closing. We have all contracts signed for all work, we are also able to re-finish the hardwood in te living and dining rooms. The budget shrunk another $500.00 to $11,500.00 and this leaves a buffer for incidentals. Our target date for completion is 3-17. I will keep you all updated once we get to work. I am ready to start this. By adding the 1/2 bath and the hardwood we are probably looking at another $3000.00 to $5000.00 on our asking price.

Rug

[Debbie]

Thanx for the update!

I look forward to more updates and pictures when time permits.

[rughead64]

Well I finally closed on Thursday:

Most of the demoing completed
I have updated the electric (had fuses and some knob and tube)
All utilities up and running (water, gas, electric)
Replaced the back door and 5 intertior doors
Most supplies purchased and ready

Will keep you posted. My target finishing date is 3-17

Rug

[Debbie]

On St. Patty's day, huh?

Do you plan to finish it before you celebrate? :beerchug:

[rughead64]

Absolutely


Rug

[rughead64]

2 weeks into the project and here is an update:

We are progressing very well. Bathroom update and new 1/2 bath will be completed by Friday

Most drywall completed

Porch repaired

ALl plumbing taken care of

We are basically down to the following:

Painting

Carpeting

Hardwood floor refinishing

Outside porch painting

Outside cleaning and landscaping

At this point we are $1400.00 under budget and all looks very good.

We were planning on 3-17 to be completed, but due to the weather we may be pushed back a week or so.

All in all, very smooth project so far.

Rug

[Debbie]

I can understand about the winter weather. It's unpredictable!

[rughead64]

Continuing to progress rather well. Spent a few hours yesterday just cleaning up to see how we are looking. Still looking in great shape. As the projects get fewer and fewer the budget seems to still be holding at about $1400.00 UNDER. This weekend we are going to finalize the flooring bids (hardwood and carpeting), and the painting bids as well. If all goes well, the inside may be completed in about a week or so. The rest is all weather related.

Rug

[brianb_cobbres]

Continuing to progress rather well. Spent a few hours yesterday just cleaning up to see how we are looking. Still looking in great shape. As the projects get fewer and fewer the budget seems to still be holding at about $1400.00 UNDER. This weekend we are going to finalize the flooring bids (hardwood and carpeting), and the painting bids as well. If all goes well, the inside may be completed in about a week or so. The rest is all weather related.

Rug

Rug,

I just noticed your location. I was born and raised in AP and went to Shaler High (class of 85). Lived up off Burchfield road.

Brian

[rughead64]

Brian, I actually grew up in Morningside (3 blocks from my rehab project). I graduated from Central Catholic in 1982. I currently live off of Middle road in West Deer. Small world isn't it? Where are you at now?


Rug

[brianb_cobbres]

I am in Atlanta now after stints in California and DC.

Middle Road, huh? I lived just off Middle near St. Mary's. In fact I was married at St. Mary's and my in-laws are both buried there. As a kid we used to take bikes and ride middle all the way to Richland Mall just to go to an arcade. Somehow we managed not to get run over.

[rughead64]

My brother is buried in St Marys. My kids are in pre-school and Kindergarden at St Marys as well. Small world.

Rug

[Peach State Property Buyers]

Rug,
Can you post pics? Also, would you mind giving us a break down of purchase price, resale est., etc.?

[rughead64]

I will post pics once I am completed. I will also give out the details. We are now down to framing the new doors, paint, carpet, and of course the outside yard and cleanup which has been on hold due to the weather. Hopefully we are done in the next 10 days or so.


Rug

[rughead64]

Well the painting starts Tuesday. The painting will take 3-4 days. After that carpet and flooring and we are done on the inside other than some touch ups. We are still waiting for the weather to improve to do outside cleaning and landscaping. Still looking at $1000.00 under budget.

Rug

[Debbie]

Well the painting starts Tuesday. The painting will take 3-4 days. After that carpet and flooring and we are done on the inside other than some touch ups. We are still waiting for the weather to improve to do outside cleaning and landscaping. Still looking at $1000.00 under budget.

Rug

Ha! Got you beat! We're done painting! We're done landscaping! Flooring is halfway done! :SM039:

Sorry about my excitement. We're just looking forward to finish remodeling our old house and put it up for sale at end of this month.

[rughead64]

Very nice. Oveall though I am very happy. For a first time flip we are under budget, in decent shape with our time schedule and the house looks very nice. We may actually look for a higher price on the house than we originally planned. The homes in teh area are actaully up about 4-6 percent from last year. We paid $30,000 for the home and we were originally going to ask $70,000. I definatley think $84,900 is a possibility.

Rug


Rug

[rughead64]

Due to some personal issues with the painters, they are sarting Thursday (2 days later than expected). Carpet and flooring to be installed on Wednesday. After that we have a few minor interior touch ups and the inside will be 100% completed. I am still at the mercy of mother nature to complete the outside. However the outside is 2-3 days of good work. Still holding to budget. Overall about $900.00 under at this point.

Rug

[rughead64]

We are going to shoot to be completed on Monday 3-31. Painting is done, and the flooring is getting installed Wednesday. A few minor interior items will take up most of Thursday. The weather is supposed to be VERY nice this weekend. If it holds, we will have to bust our butts, but we should get the outside completed. If we so, we are 2 weeks longer than originally projected (however the whole project will be only 5 1/2 weeks). For a first flip, we are very happy with how it went. Still over $50.00 under budget which is also very encouraging.

Rug

[rughead64]

We are going to list the house on Monday 4-7-08. A few minor items to work out including some outside painting, carpeting the porch and putting up the fence. Other than that we are all but completed. We kept to $400.00 under budget. I will update you all with pictures (before and after) and other details soon.

Rug

[rughead64]

A few modifications to our project. We decided to replace the kitchen floor and do a few more minor touch ups. We will be listed Monday 4-14 now. However our realtor beleives with the work completed (he did a walk through on Friday) that we are more than able to ask about $10,000 more than our original plan was.Here is our run down:

Purchased at $30,000.00
Rehab and holding costs (including realtor fees, utilities and all labor and materials) $20,000.00
Asking price at $79,900 to $84,900

If all goes as planned we are looking to make between $30,000 and $35,000 on our first flip.

Good??


Rug

[Debbie]

It sounds good!

I'll keep my fingers and toes crossed that you'll get the property sold in five hours!

[rughead64]

Getting listed Friday. I negotiated the realtor fee from a WHOPPING 7% to 5%. All is looking very good as fa as teh house goes. I will get pics soon.

NOTE: Thanks for all of your help on this board, you all taought me a TON that I never would have learned without you.

Rug

[rughead64]

http://www.realtor.com/search/searchresults.aspx?mlslid=722490&ml=3&typ=7


3rd house on the list. Morningside at $79,900.00


Rug

[Debbie]

http://www.realtor.com/search/searchresults.aspx?mlslid=722490&ml=3&typ=7


3rd house on the list. Morningside at $79,900.00


Rug

Great job! I noticed it has plenty of windows and lets the sun in!

[rughead64]

http://www.realtor.com/search/listingdetail.aspx?zp=15206&mnp=17&mxp=16&typ=7&sid=487fbe34660d41ae81a15b51dd8635f2&lid=1098325253&lsn=3&srcnt=15

Click on VIRTUAL TOUR


Rug

[rughead64]

I meant FEATURED TOUR


Rug

[rughead64]

MY realtor called today. The first people to look are making an offer on Friday or Saturday. After 7 days, I am pretty happy that we are getting an offer. I will keep you all updated. By the way, please look 2 posts back for the virtual tour and any feedback is appreciated

Rug

[Debbie]

CONGRATS!

Let us know if closing go without a hitch!

[Ned Carey]

If all goes as planned we are looking to make between $30,000 and $35,000 on our first flip.

Good??



No that is not good. . . . It is great! ! ! Especially for such a quick and easy rehab.

The virtual tour looks great. I am not excited about the kitchen layout The sink is accross the room from the stove. Where does the refridgerator go?

Great job, especially for a first rehab.


Ned Carey
http://baltimorerealestateinvestingblog.com/

[rughead64]

UPDATE: The first offer did not pan out. We recieved an offer today at 82,500 with a seller assist of 6%. All said and done, we asked 79,900 and we are netting 78,000. Close is set for 6-20.

Rug

[Sam-Oh]

I just read through this entire thread and wanted to say congrats! The photos look great!

I went through a similar process in Ohio at about the same time. Clearly it's not impossible to fix and flip in this market as long as you buy it right, fix it right, and then price it right.

Great job!!

[rughead64]

Thank You


Rug

[rughead64]

Congrats on your deal as well



Rug

[rughead64]

Just thought I would stop in to give another update. All is on track for a June 20 close. The buyer is pre-approved. The home inspection is done and taken care of. Just a matter of waiting for the close. I appreciate all the help that I recieved here. Great bunch of peopel here. Looking for another property

Rug

[Debbie]

Congrats!

Go buy yourself a bottle of beverage and drink it as soon as you sign the property away!

[TommyOH]

Congrats Rug! We knew you could do it.

[rughead64]

Tommy thanks. Have not heard from you in a while. I was wondering if you were still around.


Rug

[rughead64]

Finally closed last night. All in all project #1 was a great experience. Overall I am very happy with the project. From the first4 potential buyers, 3 put in an offer. The home was on the market only 20 days from our listing to our agreement


Rug

[mike_mn]

Did you have any before pics?

If so, post up!:biggrin:

[rughead64]

I will try to post later


Rug