Live & Flip

Contractor Bids and Hard Money

I have been in touch with contractors on the Tree Times house. So far I have taken two contractors through the house. 1 just for electrical and the other for the entire job. I'm still waiting to hear about the entire job bid (broken down into sections), but the electrical bid came in higher then I wanted. I will need about 3 more whole house bids before I make a selection. Here is a copy of the scope of work for anyone interested in a sample. This does not include time lines or cost. Tree...

Inspections

I am currently working through the process for closing on my first property. I want to give a shout out to JScott at 123flip.com. He has an excellent education page on his blog. I am using the property acquisition checklist from that page. Its given me peace of mind that I am getting the proper steps done to close this property. I had the inspection yesterday. It's the same guy who inspected my personal home. He remembered me and did a very complete job. He also gave me a discount and ...

House #1 Under Contract

I just got word back from the seller agent. I am now under contract on my first property. To keep the theme of some of my favorite bloggers, I shall call this house the Tree Times house. I'll explain in a minute. The purchase price is 84k. Repairs are projected at 7k. ARV for fast sale 135k. Projected profit assuming 180 day hold is 13k. Repairs as follows. New carpet. New kitchen counter top. New kitchen hardware. Put missing wall back between main floor bedrooms. Clean up landscap...

2 Properties, 1 Day

I heard back on my offer on the bank owned (formally short sale) property. They accepted the other offer. I really did think I had a great chance at the property. I set the property file aside. Normally I put the files into a collective passed property folder. I decided to keep this one out. A little voice in the back of my head said, "Keep this file together, if the other offer doesn't go through, I would likely get it." Well, the other buyer backed out and I received a counter offer tod...

Wanted:Property Manager

Property Manager wanted for the Denver area. Job requirements are simple, do your job and respond to my calls within 48 hours not 168+. If you haven't guessed I am have some serious property management issues at the moment. My pm has been pretty good up until about 1 month ago. She really started dropping the ball. I have one property that is still missing the Government portion of Sec 8 rents. The other property went vacant last weekend 4 months prior to lease being up with barely a wor...