Anyway, here are some of the "before" pictures.
Prep work depends on the city codes. In our case, Atlanta requires a sewer plug, rodent letter, and Arborist permission before they issue a demo permit. After that, make sure that you have the dumpsters on site and that the house doesn have anyone in it before you go to town on it with heavy machines. (In our case, we let the squatter know about a week in advance that we were going to tear the house down. He moved to a vacant house across the street and later got evicted from that one when that house got renovated.)
Tear down and haul off was just at about $12k. We spent extra time with a mini Nike Hoodie Nba excavator because the house was so close to the neighbors (careful work takes longer). also we had some hiccups with our dumpster company not doing what they were supposed to, so we had the machine on site longer than it should have been.
How far does the bank let the appraiser go out for comps in that situation when selling to the end buyer??
How much "prep" work needs to be done? Obviously prepping the utilities, but anything "weird" that needs to be taken are of that is time consuming or expensive?
Closing was. interesting, to say the least. The owner was a very nice but very old lady who came dressed as though she was going to church, resplendent in a large hat with a lot of decoration. She complained the entire way through closing that we were "stealing the house from her" (as she signed document after document) and that she should be getting the full purchase price (Even though there was more than $12k in unpaid taxes and utility bills), and that the house was "beautiful" and that we could "just move in"
10 20 projects at a time. so we by no means a typical set up)
We picked the house up for what was virtually a song under $25k. We knew from the first time we stuck our heads inside that the house used to be beautiful, but needed to be completely torn down.
This house was listed on the market for a couple of weeks before we took interest in it. Usually, houses don last long. the fact that this one had been up for so long meant that there had to be something really, really wrong with it.
We weren disappointed! The house was actually occupied by a very sad looking addict who had made a habit of leaving blood soaked cotton balls and bandages throughout the house. The center of the house had fallen in on itself and virtually everything was oozing and decaying front wood rot, termite damage, water damage, copper theft, and virtually every other form of abuse a house can possibly be subjected to.
and what timeline was needed to achieve it??
I looked at those houses in Atlanta 2 to 3 years ago and I just didn like the product and areas. It looks like it might be turning around now. I just didn want to own a house paying the crazy taxes and code fines while waiting for the market to turn.
We run around 20 people on our regular crew, and with subs we managing around 35 40 people on a daily basis. (Bear in mind, we run Nike Jacket No Hood
Sinkhole 56k go home
Unless it is a house with amazing historical significance or charm I don really see the point much over building new.
How big was your problem I trying to keep myself seated today and plunge through some back logged honey do type items, and posting these pics is one of them.
Aaron so what is your expected profit on this one after you pay out any partners etc. Nike Hoodie Dark Blue
Are you seeing any issues with your new house appraising being around the older homes that are occupied and some that are vacant and in disrepair??
We turned about a 15% profit after paying out all the necessary parties (myself included). The time frame got sticky because we started, stopped, and generally de prioritized the project to work around some of our other investor customers.
The other house was a complete tear down. I been meaning to post the pictures and story on that one for awhile, but things have kept me busy. so here it is, belatedly.
This house we hired out the demo but provided dumpsters. Demo was done with a mini excavator and a bobcat. By the time we were done, we had scraped the entire lot of all vegetation and debris. which is something I recommend strongly once you got the machines out there. (Makes yard work a lot easier when you don have to deal with what was there already)
All in all, pretty funny in retrospect.
The house sold for $240k and the FHA appraisal come in at $250k (The buyer was quite happy). The appraisal was very easy, as the intown market has been booming for about the past 12 months.
I gone back and forth about demo with machines vs. demo done by hand. My conclusion is that in most cases, demo by hand is actually a pretty cost effective way to do things. it also allows better opportunities to salvage and recycle the metal in the house. The downside is that demo by hand is a lot slower than demo by machine, and the risk of injury goes up if Nike Hoodie With Big Nike Logo
you not using at least semi skilled laborers for parts of the job. Was it worth the effort ($ vs. extra time spent)?
Well, some of you may recall that some months ago I posted a flip blog for the Heart Attack house. We bought two houses, side by side, on a street in a developing area. The Heart Attack house was a gut out renovation.
Due to the nature of flippers being taxed at a higher rate with profits and not having depreciation from buy and hold rental properties does that make you have a higher threshold for margins and profit on a deal??We actually sold this house about 2 months ago.
House moving can cost more than the value of the house being moved. The distance of moving and height of the house and corners and turns and utility lines and bridges all increase the moving costs.
The scrap isn a big deal if you doing one house at a time and don have the tools to deal with the scrap (IE: Hands and a trailer). If you doing a lot of projects and have the set up, it well worthwhile. (We get somewhere around a thousand dollars a month in scrap metal from various projects.)
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