Flippin’ Pronstar

[toddnjoyce]

Need to take care of this myself. Thanks for the link, I'll check them out.

Did you get the color sealing done and how has it held up?

We did in the areas that needed it. These guys came in and fixed the entirely shitty job done by the builder subs on everything that was tile or touched tile in our house, which is why our per sq ft charge was higher than average.

I’d have no problem bringing them back in for just a cleaning in a couple of years.

 

[Brains]

Thanks for the info, might have to ask them to come out once we clean it up more. Just to see how bad it was, I bought a grout brush and some Clorox toilet bowl gel (basically bleach in gel form) and went to town on a section. I'm really happy to report it isn't stained at all - literally a few passes with the brush and the grout looks damned good! So I think my next purchase will be a floor scrubber, hopefully used, and I should be able to knock out the whole floor in a couple days. Wife is currently mopping and even that is taking up a surprising amount of crud.

I suppose it's somewhat interesting to consider the difference in peoples' comfort levels when it comes to cleanliness.

 

[pronstar]

Got another one out the door.
Started to work mid October, went on the market yesterday, open house today.

Already have a full day of showings.

This one was less of a full gut than my previous flips, but got to replace roof and hvac so that was fun...

Bought at $180
About $35 into it

If I was in a better position I’d have just made it into a rental, but I had to flip it.

Before pics:

Link to listing:

Check out this home at Realtor.com
$249,900
3beds · 2baths
810 Clover Hill Ln, Cedar Hill

https://b1iw.app.link/gWqxND0XZbb

810 Clover Hill Ln, Cedar Hill, TX 75104 | realtor.com®

View 23 photos for 810 Clover Hill Ln, Cedar Hill, TX 75104, a 3 bed, 2 bath, 1,800 Sq. Ft. single family home built in 1987 that was last sold on 01/29/2021.

www.realtor.com

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[Brains]

Hopefully you start heading north of ask on that one. You did a nice job updating it, definitely looks ready to sell.

Did you do new cabinets or just new doors?

 

[pronstar]

Hopefully you start heading north of ask on that one. You did a nice job updating it, definitely looks ready to sell.

Did you do new cabinets or just new doors?

Thanks!
We built new doors at my contractor neighbor’s workshop. We built the island, too!

 

[pronstar]

Ok just spoke with the realtor.

Good news: we received a full price offer.
Bad news: VA financing

Open house was unbelievably packed, and we had showings up until 9 last night. He’s going to reach out to other interested parties to try to get a bidding war started, and also to see if we can get a non-VA, non-FHA buyer.

By this afternoon we will be under contract, either accepting the existing offer or (hopefully) getting a stronger offer




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[Brains]

Nice, wishing I had a cabinetry building neighbor We need to a big kitchen job on this house.

 

[toddnjoyce]

Ok just spoke with the realtor...

I think I’ve asked before, but can’t remember. Do you intend to get a realtor license in the future with thoughts of possibly a broker’s license?

I only ask because that seems like one way to some get some significant cost savings on both sides of the equation.

 

[pronstar]

I think I’ve asked before, but can’t remember. Do you intend to get a realtor license in the future with thoughts of possibly a broker’s license?

I only ask because that seems like one way to some get some significant cost savings on both sides of the equation.

Part of the mentorship is that I use his brokerage, and he charges me 2%.

If I go that route, my mentorship fee doubles and I would be hard-pressed to get that back unless I really scaled up, which I’m working on. There’s tons of people with idle money who want a 10% rate of return from a conservative position.

There are some agents in the program, but most of us are not agents.

I’m considering it, but has to be at the right time.


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[toddnjoyce]

Part of the mentorship is that I use his brokerage, and he charges me 2%.

If I go that route, my mentorship fee doubles and I would be hard-pressed to get that back unless I really scaled up, which I’m working on. There’s tons of people with idle money who want a 10% rate of return from a conservative position.

There are some agents in the program, but most of us are not agents.

I’m considering it, but has to be at the right time.


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Makes sense. 2% on either side is probably worth it if that’s all you’re paying. Doesn’t require you to be both the project manager and marketer with all the attendant expenses.

 

[pronstar]

Makes sense. 2% on either side is probably worth it if that’s all you’re paying. Doesn’t require you to be both the project manager and marketer with all the attendant expenses.

So I had an interesting call with my mentor today. He asked me to join his brokerage as an agent, and he will waive my mentorship fee.

We’re having dinner Thursday to discuss


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[toddnjoyce]

Sent from my iPhone using Tapatalk Pro[/QUOTE]

So I had an interesting call with my mentor today. He asked me to join his brokerage as an agent, and he will waive my mentorship fee.

We’re having dinner Thursday to discuss

Remember this during your conversation

...There are some agents in the program, but most of us are not agents.

I’m considering it, but has to be at the right time.

Is now really the right time just due to the deal being sweetened?

 

[pronstar]

Remember this during your conversation


Is now really the right time just due to the deal being sweetened?

I’m not sure, but when opportunity knocks I’ll have a listen


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[TheDan]

Bad news: VA financing

What's wrong with those?

 

[Vaquero]

What's wrong with those?

House must be damn near perfect.
Slim margins for sellers there.

 

[pronstar]

What's wrong with those?

What Vaq said.

As a seller, here are some challenges:

$0 down means if the house doesn’t appraise, they likely won’t have cash to make up the difference so i either lower the price to the appraisal, or I start over again and put it back on the market.

A conventional loan just needs to appraise for 80% of asking price, because the buyer is putting the rest into the deal with cash or alternative financing.


FHA inspections are the worst. The VA has a vested interest to put a vet into a house, but their inspections are still tough. And because it’s a government loan, many items have no wiggle room - fix or find a new buyer.

For example...A conventional buyer can say “I’m getting this house for a great price, give me a $5k concession for the old roof and I’ll buy the house”. A VA inspector would say “roof must be replaced” and no negotiation is possible.

Thankfully, the inspection is this Friday, so I have time to address any issues that come up.

Also, there’s a 90-day seasoning period for both loans. The .gov doesn’t like quick flips...my 91st day of owning the house is Jan 9. We can’t even order the appraisal until then, so I’ve got a month of wondering if this darned house will appraise so I can make a buck, or if I’m gonna lose my ass. And government appraisers have no incentive to get the appraisal done quickly. It could be weeks between ordering the appraisal, and actually getting it done.

I had some all-cash offers, but they were around $240k so I’m rolling the dice holding out for that extra $10k.


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[rmantoo]

Is the shower glass/door custom? How much did that cost?

I've been very impressed with your color/pallet choices on these homes you've shared with us, especially in the bathrooms and kitchens.

I do a lot of bathroom remodels, and I never try and install shower doors myself anymore unless it's a 100% standard 60"x30" or 32" opening- anything else, or anything that will require a custom cut glass piece, and I hire it out.

 

[pronstar]

Is the shower glass/door custom? How much did that cost?

I've been very impressed with your color/pallet choices on these homes you've shared with us, especially in the bathrooms and kitchens.

I do a lot of bathroom remodels, and I never try and install shower doors myself anymore unless it's a 100% standard 60"x30" or 32" opening- anything else, or anything that will require a custom cut glass piece, and I hire it out.

Thank you!

Yeah the shower glass is custom. I’ve got a good glass vendor, but am always on the lookout for better pricing.

It was $1080 installed.


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[Axxe55]

Pronstar, I just want to say, I'm very impressed with the work you are doing to these houses. It's very tasteful and done very well.

 

[mroper]

Is this Lifestyles Unlimited or another program you are in. In your experience is it better to remove a tub and put in a full shower in the second bathroom in a 2.5 bath house