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 Message Boards » » Buy My Flip: 404 All Saints Place (off Trinity Rd) Page [1] 2, Next  
Douche Bag
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https://www.zillow.com/homes/for_sale/house,mobile,townhouse_type/67557177_zpid/2-_beds/35.814924,-78.727856,35.780708,-78.77399_rect/14_zm/?view=public



Former Model Home loaded with upgrades - huge 1st floor master, wrap around front porch, 3 car side entry garage on a private corner lot. Cherry cabinets, granite and stainless steel appliances, hardwood floors and carpet on main, ceramic tile in laundry & all baths, expansive built-ins in den and office and chair/crown molding throughout most of the house. Complete house music system with CD player, irrigation system and more. Landscaping overhaul, new paint and caulking inside and out, new carpet throughout, this home is move in ready.

Neighborhood recently annexed by the Town of Cary.

8/31/2017 10:26:40 AM

JT3bucky
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Only asking a cool half a million I see.

8/31/2017 10:39:33 AM

smoothcrim
Universal Magnetic!
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not a single kitchen pic, 1 bathroom pic and its not of the master, and full of home depot special finishes? come on bruh

8/31/2017 10:56:56 AM

Douche Bag
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^^I'm not asking a half mill, I'm asking just under at $499,900


Professional photographer is taking pics of everything right now and will include kitchen, master, etc. All pics will be replaced tonight and it will go live on MLS - I just took some in the event I could get a buyer before listing with a friend.

Carpet was being installed and whole house needed cleaning before posting pics of everything. Looks like new again. I am optimistic this will be under contract in 2 weeks or less and will be close to ask.

[Edited on August 31, 2017 at 11:38 AM. Reason : ]

8/31/2017 11:29:44 AM

JT3bucky
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If you need help having it listed my brother is a Realtor up here and his average sell time is under a week.

8/31/2017 3:09:16 PM

Douche Bag
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I have a friend listing it for me on the cheap. Will have new pictures swapped out on Zillow and go live on Realtor this evening with an open house on Sunday (long weekend and nice weather). I'm optimistic that it will sell quickly. I have two folks coming in from out of town (retiree with grandkids here and banker getting transferred from out of state) coming to see it early next week and that was before I even uploaded any interior pictures. When the professional photos are uploaded, I think it will go very fast.

No deferred maintenance and numerous upgrades along with nice curb appeal. I priced it to move, as some comps support closer to $550'sh.

8/31/2017 3:30:53 PM

Douche Bag
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Professional photos have now been uploaded. All rooms in house now visible for the haters.

8/31/2017 10:04:04 PM

justinh524
me llamo t-bone
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why would a complete house music system need an irrigation system? Isn't a CD player enough? I mean I'd like bluetooth, but irrigation being part of a stereo just seems silly.

9/1/2017 8:34:51 AM

Douche Bag
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Some people like to be flooded by music

9/1/2017 11:19:11 PM

dtownral
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please tell me you bought it with those curtains and they aren't something you added intentionally

9/2/2017 11:50:58 AM

Douche Bag
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^correct. I wouldn't add wall paper or curtains but I thought they looked nicer than not having any. Also have linens/comforters/pillows that match each set. Dining table, piano and washer dryer all remained from previous owner. Kitchen table left over from staging a previous flip.

9/2/2017 9:21:48 PM

afripino
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what's the point of the large rock on the front yard? is it just to have a large rock on the front yard?

9/5/2017 11:40:14 AM

Douche Bag
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Covers the backflow preventer for the irrigation system.

9/5/2017 12:34:54 PM

afripino
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thumbs up. ^1 post from palindrome time!

9/5/2017 2:33:25 PM

justinh524
me llamo t-bone
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$52

9/5/2017 9:54:32 PM

sag1804
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how does one even start flipping half a millie homes?!

9/11/2017 2:19:41 AM

Douche Bag
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Ball out. Have one other going off Reedy Creek that sits on an acre. Bought for $190K and will have $110K in that one, but everything will be new on that (HVAC, duct work, tankless water heater, bathrooms, kitchen, etc.).

Able to leverage work money since I don't lag taxes until the end of the year.

[Edited on September 11, 2017 at 10:37 AM. Reason : ]

9/11/2017 10:34:18 AM

PaulISdead
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I'll bid 371,250

9/12/2017 8:02:44 PM

synapse
play so hard
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So no sale yet?

9/12/2017 11:37:54 PM

Douche Bag
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9 showings and another one for tomorrow. Good feedback and one group is considering an offer. Still pretty early on in the game.

9/13/2017 2:34:12 PM

synapse
play so hard
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GLWS

9/13/2017 4:47:25 PM

skaterjaws
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you say "ball out". Maybe give us a little more hindsight here aye?

9/15/2017 12:46:14 AM

Douche Bag
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I'm a commercial real estate broker for a living. The market has been on fire and I focus on income producing/investment properties ($1-$10M typically). This year has been my best with several months to go, so I've been able to bank a considerable amount of $Texas. Rather than throw all of it in the market, I keep a good chunk liquid to buy/sell flips/foreclosures. There is less competition above $300K, as more people can pay cash up to $250K, so I tend to play in the higher market. Takes a little more time to sell, but I also feel like I make more money per flip as I target a 12-15% return and will often settle for 10%. 3 of 4 flips I was able to make all improvements within 30 days of getting possession and took another 3-4 months to completely close (2 months on market on average).

The other one I'm working on off Reedy Creek has been far more work than I foresaw (budgeted $35K in repairs and looking at close to $110K). That said, I think I'll have $300-310K invested in that one and I'll market it for $375K and think I'll get it, as it is zoned commercial, grandfathered for residential, sits on over 1 acre in Cary (less than 1/2 mile to Downtown Cary) and about 1.25 miles to I-40. Has 600 SF workshop in back yard and 2 separate suites not included in SF, so I can finish it inexpensively and expand from 2,220 SF to 4,000 SF if needed.

9/15/2017 5:11:00 PM

ShawnaC123
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I want to live here just so I can make a 404 error joke whenever anything in the house went wrong. However, I should probably find somewhere with that house number that costs less than a half million.

9/17/2017 8:32:48 PM

PaulISdead
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Quote :
"with CD player"

9/18/2017 8:13:40 PM

Douche Bag
Fcuk you
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Breaking news - under contract at FULL ASK. Bam - time for a new toy.

9/18/2017 9:35:45 PM

TreeTwista10
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9/18/2017 9:49:42 PM

synapse
play so hard
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Quote :
"you say "ball out". Maybe give us a little more hindsight here aye?"


I think the expression "you gotta have money to make money" applies here.

9/18/2017 10:49:50 PM

Douche Bag
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Correct. In the foreclosure game, you must have cash to close, as you don't get access to the house until after you've bought it and evicted whomever is inside, which keeps you from getting a mortgage. The gamble lies in the condition of the house if you can't see in through windows or if there isn't an unlocked door. That said, this was in great condition, but still needed close to $25K of improvements (paint/carpet/landscaping/new dishwasher/disposal, minor repairs, etc.)

I choose to play in the $250K+ plus arena as there is far less competition doing these. To date, I've done 4, including this one and the Reedy Creek one.

#1 4833 Holly Brook Dr in Apex - netted about $20K
#2 4629 Myra Glen in Durham - netted about $57K
#3 404 All Saints Pl in Cary - will net between $56-58K
#4 506 Reedy Creek in Cary - ongoing, but will be somewhere between break even and net $60K

I target 12-15% returns and typically add $20K to my guesstimate of renovations to cover surprises.

I have friends that use hard money loans to do multiple properties and I'll often finance one for them if I'm not balls deep in 1-2 flips myself. They pay 2% origination and 1% per month, which can put you under water if you don't get in and out quickly. I prefer to pay cash, so my carrying cost is utilities, insurance and property taxes, which is often between $500-1K/month (taxes and insurance are typically paid at closing in advance, but I still bake these into my carrying cost).

The goal is to make an extra $100-150K on the side hustle while working the commercial real estate gig full time.

[Edited on September 19, 2017 at 12:10 PM. Reason : ]

9/19/2017 12:04:49 PM

synapse
play so hard
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How we doing here?

[Edited on October 12, 2017 at 1:19 AM. Reason : seems like it should be sold by now]

10/12/2017 1:16:09 AM

afripino
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does your payout come all at once after closing or is it gradual?

10/12/2017 10:24:30 AM

Douche Bag
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Playing hardball as they want a new roof (only 12 years old). has cracking, but am told it's cosmetic only. Waiting on two roof inspectors to give written opinion before responding to repair requests, as this is a $10K potential swing.

Payment comes all at once at closing in a lump sum (wire).

Assuming we come to a meeting of the minds, this closes 10/31. If not, it will be back on the market in the next week. We'll see what these inspectors say.

10/12/2017 3:38:57 PM

smoothcrim
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im negotiating over a roof on a triplex right now. i told them one price without asking for anything, they said they'd do 15k more but agreed they might need to replace the roof. the roof will be 20-25k (triplex with a ton of gables). sometimes I think people just can't do simple math.

10/12/2017 5:47:08 PM

justinh524
me llamo t-bone
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I think you should pay the 15k more and get a new roof

10/13/2017 10:14:19 PM

dtownral
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what tax strategies are you using on quick flips, how do you avoid tax on the short term capital gains?

10/15/2017 2:24:23 PM

Douche Bag
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I pay the short term capital gains. I have thought about renting them for 6-12 months before I start rehabs, but don't want to rent them once I've done everything as it is too costly to fix if someone screws up (paint and carpet alone for this would be $8K)...

10/16/2017 3:36:11 PM

dtownral
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okay i was wondering if you were taking 1031 exchange, i'm curious how often they are audited for people who buy for investment but then "have to quickly sell because of market changes"

10/16/2017 7:04:58 PM

Douche Bag
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1031 is used all the time in commercial. Motivation doesn't matter for a 1031, you just have to follow the rules. I work with 1031 exchangers all the time, as I sell mostly income producing assets in the $1-10M range in my real job. You defer the taxes, depreciation recapture, etc. until you stop, but it isn't worth doing a 1031 on a $50K transaction, as I'd have to replace the debt/equity at an equal or higher level to fully protect on taxes and I don't have another $500K job to flip into.

10/16/2017 7:52:44 PM

JT3bucky
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Did you do any of the contracting/construction or hire out for that?

10/16/2017 8:44:56 PM

dtownral
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^^ motivation does matter, you can't 1031 dealer inventory it has to be investment property

[Edited on October 16, 2017 at 10:17 PM. Reason : It's a good instrument but it means renting property for awhile ]

10/16/2017 10:17:04 PM

Douche Bag
Fcuk you
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I sub out most of the work and do very little myself anymore...time value of money - time worth more than effort to do simple fixes I can pay someone else to do.

These are investment properties as I'm buying and selling them for a profit.

10/17/2017 9:19:14 AM

Douche Bag
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Agreed to complete punch list and give $2,500 towards new roof, which was bull shit, but since it was a full price offer, I think I did quite well. Closing 10/31.

10/18/2017 10:59:55 AM

afripino
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do you take any steps to ensure that your contractors are in the country legally? or do you not care about that? just curious about how the hiring of labor works in these situations.

10/18/2017 3:27:09 PM

Douche Bag
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All of my contractors are licensed, bonded and insured. HVAC guy owns his own business, plumber was Waite Plumbing and contractor handled everything else with his assistant (father in law). No concerns about legal work ability when all live in Wake County and are educated/licensed.

10/18/2017 7:34:55 PM

Douche Bag
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Money went hard yesterday. Closing date set for 31st. Should net $53,500 in under 90 days from purchase, rehab to sale.

10/21/2017 8:19:46 PM

Douche Bag
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Sold for $499,900.

10/31/2017 3:44:12 PM

Kickstand
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11/14/2017 10:23:56 AM

Douche Bag
Fcuk you
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Next one should be done in the next 10 days.

506 Reedy Creek - will be asking $385K. I'll make a new thread for that one upon completion.

11/14/2017 11:00:26 AM

rjrumfel
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If you had an open house, and dressed like this



I would so buy the house at listing price.

11/14/2017 2:05:52 PM

Douche Bag
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^lol. That must be a good 10-15 years old.

11/14/2017 3:30:45 PM

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