Here are some pictures from last Saturday where house was painted on outside and prepped on inside. Alot of other detail items done also.
Tuesday, July 28, 2009
Sunday, July 19, 2009
Rehab Day 2 - July 09
On Saturday, new windows and doors were installed. Walls were being skimmed, some more demo work etc.
Friday, July 17, 2009
From Purchase to Flip Day One
This is a 3/2 property that was purchased from the MLS at a price of $89,000. Property is a 3 bed 2 bath 1400 sq ft Single Family Residence.
Closed on property on Wednesday, started the demo on Thursday, and above are some pictures of the property today. We are currently expected to spend $22,000 on the rehab which includes new kitchen, new furnace, some new windows, carpet, paint etc.
Current comparable sales are in the $150-$165k range.
Updates
It has been a while since I posted anything, so this is just a synopsis of what has been happening since the last posting.
There has been an ongoing shortage of inventory, so have been looking at alot of properties, making offers (cash) and getting outbid alot of the time.
On the management of existing rentals and rent to own properties, we have had some hard times with a few tenants getting either laid off or hours cut, so have been working out temporary payment plans or move outs (3 over last 2 months).
The rental market is a little soft right now - lots of properties being advertised for rent for longer than average time frames compared to a few months ago.
At this moment, we have 3 partnership deals going which we plan on flipping. We have chosen one of these to do a daily diary on from demo to finished product, through to sale.
Hope it is educational.
There has been an ongoing shortage of inventory, so have been looking at alot of properties, making offers (cash) and getting outbid alot of the time.
On the management of existing rentals and rent to own properties, we have had some hard times with a few tenants getting either laid off or hours cut, so have been working out temporary payment plans or move outs (3 over last 2 months).
The rental market is a little soft right now - lots of properties being advertised for rent for longer than average time frames compared to a few months ago.
At this moment, we have 3 partnership deals going which we plan on flipping. We have chosen one of these to do a daily diary on from demo to finished product, through to sale.
Hope it is educational.
Monday, May 11, 2009
Robert Campbell Even
Last Thurday I took a trip to San Jose to listen to Robert Campbell speak at the San Jose Investment club run by Geraldine Barry.
I had heard he was dynamic speaker, and having seen him in person, I am now a big fan!
Robert Campbell is strictly a data man and specializes in capital gains deals - none of those buy and hold investments for him!
He offers a montly newsletter service on a yearly basis which keep people updated with data on changes in the real estate market. These newsletters are definitely a great tool for investors.
Robert has also written a book, "Timing the Real Estate Market" which is a great read.
Worlds Hidden Masters
I had recent exposure to a couple of young guys who run a company called Worlds Hidden Masters. I heard them speak at a real estate investment club in Pleasanton where they gave a brief demonstration on negotiation skills.
I have had the pleasure of attending 3 of their follow up events since then, and I have to say it has been quite amazing.
For anyone who is looking to change the results they are having in their life, I strongly endorse these two based on my own personal experience and changed results. The two men in question are Jeff Slater and Kane Minkus, both of whom have had tremendous success in their life to date.
Feel free to contact me for more information on how to learn more.
Someone Call the Cops!
Here is a recent experience which was another first for me. Was rehabbing a condo next door to one which I had already rented.
Property had power switched off at main breaker which, unfortunately, was on the side of the condo which was rented. Tenant was very picky about having someone present any time someone needed to do work.
I sent email requesting that they check box on side and flip switch - they reported back that there was a lock on the box and that if I arranged an appointment with PG&E they would see if they could coordinate.
In the meantime, I called HOA to inquire as to who had put locks on. They said it was not them and that there should not be locks on box. They indicated that they would come and take care of it.
Off I go down to the property which was being rehabbed, met the HOA crew there - they reminded me that the HOA owns the gardens of the condos and have the right to come and go as they please, especially if there is any kind of emergency.
They knocked on door and noone answered, so they proceeded to side of house to cut locks from box so that the electricity could be turned on next door.
Next thing, I hear this shouting and screaming coming from the back yard, and there is my tenant hysterical, not listening to anyone, and runs in the door to call the police!
Next thing, 3 police cars arrive (this is 10am in the morning). I am knocking on door and tenant opens door just as police officer walks up. Unfortunately again, the HOA maintenance crew walk out pretending to turn around to be handcuffed, and police officer smiles (they know all HOA crew).
Of course, this did nothing to help the situation, and more shouting followed, mostly directed at police officer at this point as he had smiled at HOA.
Anyway, the end was a slammed door and everyone left. Then, oddly enough, have not heard anything since!
The joys of being a landlord!
Property had power switched off at main breaker which, unfortunately, was on the side of the condo which was rented. Tenant was very picky about having someone present any time someone needed to do work.
I sent email requesting that they check box on side and flip switch - they reported back that there was a lock on the box and that if I arranged an appointment with PG&E they would see if they could coordinate.
In the meantime, I called HOA to inquire as to who had put locks on. They said it was not them and that there should not be locks on box. They indicated that they would come and take care of it.
Off I go down to the property which was being rehabbed, met the HOA crew there - they reminded me that the HOA owns the gardens of the condos and have the right to come and go as they please, especially if there is any kind of emergency.
They knocked on door and noone answered, so they proceeded to side of house to cut locks from box so that the electricity could be turned on next door.
Next thing, I hear this shouting and screaming coming from the back yard, and there is my tenant hysterical, not listening to anyone, and runs in the door to call the police!
Next thing, 3 police cars arrive (this is 10am in the morning). I am knocking on door and tenant opens door just as police officer walks up. Unfortunately again, the HOA maintenance crew walk out pretending to turn around to be handcuffed, and police officer smiles (they know all HOA crew).
Of course, this did nothing to help the situation, and more shouting followed, mostly directed at police officer at this point as he had smiled at HOA.
Anyway, the end was a slammed door and everyone left. Then, oddly enough, have not heard anything since!
The joys of being a landlord!
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