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2008 July » fliprent
30th July 2008

Finally Closed the Deal

The Old E Baltimore house is now officially mine.  After close to three months the sale has been finalized and now I’m ready to get going.  The house has quite a bit of work already done by the previous investor.  I’m setting a semi aggressive schedule to get this one done is 3 weeks.  I initially planned on starting today but my body is not cooperating. 

On a side note: I now know that I can no longer ride 5 different roller coasters that spin, flip, loop and jerk me around until I’m dizzy.  Who knew!

As soon as I recover from this feeling that I’m about to fall flat on my face (which has now lasted about three days), I will get going.  As usual, I will start with some before images and take more pictures as the project progresses.  Stay tuned and stay away from roller coasters! 

posted in House Flipping, Old E Baltimore Project, Renting | 0 Comments

28th July 2008

Replacing Windows - House Flipping Tip

Windows are an area that should not be overlooked when remodeling a house.  Does your house flipping project have old rotted wood, steel or aluminum single-pane windows?  Do you live in an area in which the winters are very cold?  If so you will need to replace them with newer double-pane windows.  Modern windows are mostly made of plastic, wood and metal.  Double pane windows make a room more comfortable and cut down on the heating costs.  They also reduce noise, interior condensation and outside interference from some wireless devices.  Low E windows offer more comfort in the summer months since they contain a special coating to reduce radiant heat loss.  I also prefer double hung windows in my house flip projects.  

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posted in House Flipping, Tips | 0 Comments

24th July 2008

Next Business Project

I’m a firm believer in not placing all my eggs in one basket.  Diversification is not just another buzz word to me.  Investing in real estate has the added benefit of flexibility.  Buy and hold investors tend to have more freedom and for many, it’s really a side business.  House flipping can be a full time job itself, especially if you manage the projects or do the work yourself.   I believe that a strategy that involves both renting and flipping offer the fastest and most secure road to wealth for full time investors. 

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posted in Business, Misc, Real Estate Investing | 2 Comments

22nd July 2008

Vacation or work?

I’m on a short vacation…or am I.  Well, I’m actually looking at apartment buildings while taking a break to relax a little.  Investing in real estate does not require that you only look for properties in your home town you know.  In fact many apartment investors specifically look for the hot markets around the country for great deals.  Once you get your feet wet with single family homes, you may want to look into multi-units specifically mid sized apartment buildings.  This may require more homework at the beginning.  Searching outside of your local area may be the biggest challenge  but the returns can be much greater.  How will I manage my property from long distance you ask?  That’s the easy part, I say.  The answer is hire a property management company to manage your property.  They will probably do a better job of it than you will.  If they are handling the property correctly you may only go there once or twice a year.  Check out my article on working with property management companies to find out more. 

posted in Property Acquisition, Renting | 0 Comments

17th July 2008

Sale Finally Ratified

The property that I refer to as the Old East Baltimore project is finally moving forward.  The city ratified the sale and the settlement is scheduled.  I need to get a few items to the title company such as the Articles Of Organization,  Insurance Information, etc.  I was pleased to find out that the property insurance is only approx. $640/year and the taxes should be somewhere in the same ballpark.  

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posted in House Flipping, Old E Baltimore Project, Renting | 0 Comments

15th July 2008

Mold Removal - House Flipping Tip

Mold growth may be found in basements, bathrooms, kitchens and any other wet areas in a house.  Many older homes that have been sitting for years uninhabited usually have mold growth somewhere in the home.  As a house flipper you specialize in finding old ugly houses and will come across mold occasionally.  Black mold can be seen growing up walls, behind walls on base boards and any other place where moisture has accumulated.  The actual mold spores however are invisible and float in the air.  Its when the spores land on a wet or damp area that makes them visible and causes the spores to grow.

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posted in House Flipping, Tips | 0 Comments

11th July 2008

Selecting Framing Lumber - Green Wood

When framing your rehab project or house flip, you may think to yourself, ”I’ll just go to the lumber warehouse and pick out some 2 x 4’s”.  The new house flipper may not be aware that there is more than meets the untrained eye, when it comes to selecting the best lumber for your project.  Fortunately there are stamps on the lumber that tell you things like lumber grade, moisture content, and species.

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posted in House Flipping, Tips | 0 Comments

8th July 2008

The Appraisal is Convenient?

The Hopkins area project saga continues as the appraisal was done today.  They city assigned two “independent” appraisers to come out and appraise the property.  The letter says that they will base their offer off of the highest of the two appraisals.  I find it interesting that they send them both out on the same day at the same time.   This is supposed to be more “convenient” for the homeowner.  So now they are interested in convenience?  So let me translate this…We don’t really care that you are already rehabbing the property and bringing value to the community. We don’t care that it is on a preservation block which means that we are not taking the whole block for roads, utilities or any other public use.  We want your property so that we can rehab it and sell it for our own profit.  We are interested in acquiring your interest in your property and we can use eminent domain if we have to.  All at your convenience.  Gee thanks!

I hope that in the end I will be writing about how well thay handled this transaction.  Maybe they will do whats ethical and pay me for my INconvenience.  That’s what I call convenient!

posted in Hopkins Project, House Flipping | 1 Comment

7th July 2008

Latex vs Oil Based Paint - House Flipping Tip

Unless you are a professional painter acrylic latex paint is all the rage nowadays.  Any average Joe should choose this kind of paint simply for one reason… It cleans up with soap and water. Even professional painters opt for latex paint in many cases.  Since Latex is water based it does not require thinners and cleaners.  Even the rollers and brushes can be cleaned relatively easily as long as it is done immediately after use.  The main downside to latex is that it is subject to rust and mildew on metal surfaces or wet areas such as bathrooms.  It also is not known for its “glossyness”.

Oil based paints are known for the “glossyness” factor.  It is generally more appealing in bathrooms, kitchens, and on trims and moldings.  It is sometimes used with a fungicide in bathrooms or other places where mildew tends to form.   Also oil based paints are usually brushed on vs. rolled because of its consistency and other factors.  The downsides are somewhat larger than for latex paint.  Oil based paint typically requires the use of thinners and the chemicals pose danger when swallowed.  Some dangerous ingredients in oil based paints include lead (banned after 1978), barium and mercury.  See my article on lead paint removal for more information.  It is recommended that a professional is used when oil paint is desired.

posted in Tips | 1 Comment

4th July 2008

Happy 4th

Happy 4Th of July to my readers and fellow investors.  If you’re not an investor yet, get out there and buy your first property.  You won’t get another buyers market like this one again.  Enjoy the fireworks!

posted in Misc | 0 Comments

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