How to Rehab a House » Real Estate Investing Learning Flipping Fear Factor

Clarendon Rehab Begins

Lynda Cink — Sun, 11 Apr 2010 03:56:06 +0000

What a cute house already! Watch as we flip this house…

Defog Windows Professionals

Lynda Cink — Tue, 16 Feb 2010 06:02:02 +0000

In an attempt to “Go Green” on this fix’n flip project, we decided to keep the original windows instead of throwing them out. We learned that for a couple hours and few dollars it is worth calling some local professionals to defog and clear up this beautiful window. Check it out:

Idiot Realtor Investor Wannabies!

rehabber — Fri, 25 Dec 2009 18:22:07 +0000

It’s like jabbing a hot fire poker in my side when I see a Realtor trying to play an Investors role when they don’t have a clue! Arrgh!

For example, I found a property that has 4 bedrooms, 2 baths, and a 1 car garage with 1666 sqft in the Pikes Peak Park area of Colorado Springs. Because of the neighborhood, a seasoned investor would know that the house will only afford 120k – 130k tops no matter what time of year.

Don’t get me wrong, I don’t mind other people making money with Real Estate, there are plenty of houses out there. My beef with this deal is that the Realtor playing Investor paid 10k too much for the house, spent a minimum of 20k to fix the place up, and is now asking 10k too much for the property. It’s listed at 139k when they should know that they will only get 130k TOPS! I almost feel bad for the person (ALMOST), but it burns my butt that the Realtor works with the listing company and they so happen to outbid all the other investors AND will only end up breaking even AT BEST!

Realtors: Do your job and be a Realtor.
Investors: Do your job and be an Investor.
Don’t mix and match, it just messes up the comps and makes us mad.

The FASTEST Flip Ever!

rehabber — Thu, 24 Dec 2009 00:53:47 +0000

There is obviously a story behind this, it would be extremely difficult to work a deal this quickly without one…

A good friend of mine, Michael Jake, secured this property under contract and wasn’t sure what he wanted to do. Buy it for 73k, put 20k into it and then retail it for 125k…? Not a bad deal. A mutual friend of ours, Shane Bruckner, had a buyer for the property that qualified for 90k. The buyer really wanted the house before Christmas, but could not buy it in its current condition.

Michael calls me up and asks if I wanted to buy the property from him, fix it up to meet the buyers’ lenders conditions and then sell to the end buyer for 90k. It sounds good, but it’s getting a little skinny now.

I called up a couple of my contractors to see what they could do for me. I told them the situation and I got one to work with me. We put less than 5k into the property, took a week to fix’er up, and the rest is history!

Normally I wouldn’t do something this skinny, but that’s the joy of being a full time investor. I was able to do this deal, give someone a nice Christmas present, and keep my contractor working during the hardest time of year. Even though I didn’t make a lot of money on this deal, I was happy to just to pay it forward!

Cost of Aquisition: 78k
Cost of work: 5k
Sales Price: 90k
The smile on everyone’s faces who participated in the deal: PRICELESS!

Indianpipe Rehab

rehabber — Mon, 14 Dec 2009 06:52:49 +0000

This is my partners first rehab and she is doing a wonderful job! We will be having a preview this Wednesday, December 16th for those who would like to see what’s been done.

Millburn Rehab ~ Day One

rehabber — Fri, 11 Sep 2009 00:43:15 +0000

Here are some new junior investors getting their hands dirty on demo day. This house is pretty stinky! They had to open all the doors and windows to just breath in there. It’s great working with young motivated real estate investors doing their first house flip; they jump right in and gun full steam ahead! As long as they take my advise and don’t re-invent the wheel, they will do just fine. Enjoy the video:

Alexander Rehab

rehabber — Thu, 27 Aug 2009 04:32:31 +0000

I’ve learned my lesson. Always wear long pants when doing demo work…even if it’s tearing up tile.

Alexander Rehab ~ AM Shift

rehabber — Sat, 01 Aug 2009 02:04:53 +0000

Alexander rehab starts tomorrow!

rehabber — Fri, 31 Jul 2009 04:38:49 +0000

Here is the beauty that we get to start tomorrow!

Real Estate Fear Factor!

rehabber — Fri, 15 May 2009 18:05:49 +0000

Here we have a newbie investor scoping out a potential deal. Kevin is our first episode of Real Estate Fear Factor! Watch out for ghosts Kevin! Is that a SPIDER on your hat?!

What really happened here is that my friend Kevin decided he wanted to learn Real Estate Investing. Last Sunday I took him with me to go look at some properties and to show him the ropes. On this particular property there is a ‘crawl space’ or ‘basement’ (not sure what it is) under the house that is really damp and creepy. I had fun sending him down there to check things out. He said he felt like he was on “Fear Factor” with how creepy and scary it was down there…so, ‘Real Estate Fear Factor’ is born.

Stay tuned…