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Old 08-24-2016, 08:28 PM   #1
FadeToblack
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latest project. pics. flip or flop Detroit edition. they dont want you to flip cribs

114 day remodel. 1 of 6 flips I have going on currently. So the flips are taking a little longer, but I have multiple going at once. Trying my hardest to scale my business. If I can flip one at a time and make money, why not try and flip 100 at a time?

This is the biggest (size and money) I have ever done.

hoping for a $45k profit.

upstairs bathroom






entrance





kitchen





tub surround



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Old 08-24-2016, 08:37 PM   #2
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front room





other 2 bathrooms


master bath(floor was busted out when I bought it, needed to replace floor and bottom row of tile on wall.....couldnt find an exact match lol)



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Old 08-24-2016, 08:37 PM   #3
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What kinds of materials are you using fade?
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Old 08-24-2016, 08:41 PM   #4
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Best of luck with the flips. What is your formula for budgeting remodels? Have you taken any losses on some projects?
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Old 08-24-2016, 08:47 PM   #5
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Best of luck with the flips. What is your formula for budgeting remodels? Have you taken any losses on some projects?

I have done about 12 full remodels now so I am getting a little better at budgeting. I can let you know what specific fixes cost me...is that what your asking?

I have not yet taken any losses yet. However....I bought a house for $31500 and put $11k in ($42500 total). It has been for sale for $54k for 50 days now.....getting kind of worried.
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Old 08-24-2016, 08:57 PM   #6
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I have done about 12 full remodels now so I am getting a little better at budgeting. I can let you know what specific fixes cost me...is that what your asking?
I'm guessing you have more of a formula based on initial cost + neighborhood value - necessary remodeling = profit?

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I have not yet taken any losses yet. However....I bought a house for $31500 and put $11k in ($42500 total). It has been for sale for $54k for 50 days now.....getting kind of worried.
hmm... well, you could drop the price a bit and still make at least a profit.
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Old 08-24-2016, 09:01 PM   #7
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I'm guessing you have more of a formula based on initial cost + neighborhood value - necessary remodeling = profit?



hmm... well, you could drop the price a bit and still make at least a profit.

When I look at a house, I look at comps to see what houses go for once remodeled, that are same size etc. Say they go for $150k. I then take 92% of that (8% for closing costs on buy and sell) so that is $138k. Then minus your remodel costs. Say you estimate $35k. that brings us to $103k, then I subtract $20k (the profit i want to make)....brings us to $83k. I offer $83k.

Trick is to make a lot of offers. It is tough to find deals in my market, that is the toughest part currently.
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Old 08-24-2016, 09:16 PM   #8
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keep doing your thing buddy. looking good.
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Old 08-24-2016, 09:27 PM   #9
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you could get a lot of keystone with that profit
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Old 08-24-2016, 09:37 PM   #10
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It's just crazy to think you can buy property for $50-80K, you can't even buy land for that here. What are you doing about capital gains? Are you just doing a 1031 exchange and buy other properties? I own a few residential properties myself and can make good profit but Uncle Sam will take a lot of it in capital gains. Been thinking about moving to commercial real estate. Flipping was a great idea a few years ago here in Colorado but right now, ugly houses are going for $300-400K and sells in less than a week.
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Old 08-24-2016, 10:06 PM   #11
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It's just crazy to think you can buy property for $50-80K, you can't even buy land for that here. What are you doing about capital gains? Are you just doing a 1031 exchange and buy other properties? I own a few residential properties myself and can make good profit but Uncle Sam will take a lot of it in capital gains. Been thinking about moving to commercial real estate. Flipping was a great idea a few years ago here in Colorado but right now, ugly houses are going for $300-400K and sells in less than a week.

Buy lists of homeowners with 100% equity . Send them letters. Make them cash offers.
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Old 08-25-2016, 12:02 AM   #12
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Nice fade..... keep on rockin man.
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Old 08-25-2016, 02:04 PM   #13
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Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man.
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Old 08-25-2016, 02:14 PM   #14
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What is this backwards day? Everyone is praising F2B instead of bashing him!
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Old 08-25-2016, 02:49 PM   #15
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Old 08-25-2016, 10:51 PM   #16
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What is this backwards day? Everyone is praising F2B instead of bashing him!
It's the twilight zone, lol. I never bash him, thought he had some crazy ideas and sometimes a bit too ambitious and immature. But looks like he's all grown up, made those crazy ideas come true. Everyone has dreams but he actual try to make it come true. Good for him.
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Old 08-26-2016, 06:58 AM   #17
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that's a lot of work, what is your total investment on this house so far, including purchase price and renovations, and what are you looking to sell it for? too bad the outside looks so shitty.
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Old 08-26-2016, 07:40 AM   #18
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Looking good man! Props to anyone with the nuts to be their own boss.
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Old 08-26-2016, 08:05 AM   #19
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This Reno looks real good. I sincerely hope you make a good buck off of this.
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