Live & Flip

Umm Opps

Well, I made a bonehead move.  I have been waiting on the title company to set the closing date on my flipper.  Sent emails directly to the sellers agent asking for the date, had my Realtor ask as well.  Turns out it was set all along on the addendum the bank sent.  None of us caught it.  Opps.  My original contract said 44 days after MEC (Mutual Execution of Contract).  I think we all assumed that left the closing more or less open ended to be set at a later date.  The closing is set fo...

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...