Wisconsin

The Next FLIP Longhouse

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We were winning bidder today at Sheriff Sale, nice Country Subdivision just West of Minocqua WI, It should be a fun flip, a few projects, but not too much crazy, biggest project will be the kitchen, haven’t done one in a while, looking forward to Hickory Cabinets!!!

as you can see we have a few projects, but mostly finish things already started, and one tub/shower to replace, unless that color is all the rage today?

When done we will have a 3 bed 2 full bath home around 1600 sq ft with  car garage, on a nice size lot, just minutes away from Vacation Land, Oh and the buyer can join the association and have lake access with boat slip, and all the amenities the club has to offer.

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First Flip of 2017 “The Tracy House”

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It’s the Tracy House, because its on Tracy Street, not named for my sister.  This one was pretty straight forward, but I did learn a few things, its my 19th Flip house, and I seem to learn a little on every one, this time it was more about efficiency than construction, more on that later.

kitchen

In our market people dont tend to spend more for high end finishes, especially in town, so we did a basic kitchen makeover, new countertops, sink and faucet, appliances, light fixtures, and flooring, this floor was a little different than my usual, its a lock together like laminate, but its a vinyl product, it seems quite tough, and was on sale for $2.19/sq ft i think it came out well.

dining

livingroom

Several rooms like the living room here just needed a cleaning paint and a light fixture.

bath-up

the bathroom is plain, but clean, i would have liked to bling it out, but if i spent $3K on the bath, I wouldn’t get it back, so we painted the cabinets, replaced some shower parts, ran new base and case, and called it a day.

rec-room

Where this house shines it the basement, a huge rec room,

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with a wet bar and entertaining area,

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a den and an amazing new bathroom with a 44″ shower.

While the project was straight forward, it was going to be a time consuming effort, Got my Drywall guy Dennis owner of Rappenecker Drywall  going on the bathroom, my Painter Liz working on the colors, and i was working on the rest. Luckily for me my handyman/carpenter Bob owner of Otter Rapids Construction pointed out to me we were going into a cold spell, below zero for a week and asked if I had inside work, and I thought, well this will go faster with a great all around handy guy, so we kicked it hard!  what would have taken me 6-8 weeks we knocked out in 2.5 weeks, and it looks better than i could have hoped for!!!

So my lesson was don’t try to do everything yourself, a few dollars will speed your result, now I can move to a furnace in a future rental, flip #20 (the Willow House), and getting ready for March 15th when Corporate Taxes are Due.

 

 

 

Great Weather Saved the Flip (so far)

The willow project is moving along, we have it trashed out, (its still really dirty) the furnace is up and running, as well as the plumbing, after many repairs from freeze damage. we will need to replace another toilet valve, a few shutoffs, supply hoses and trim rings, but the pressure holds and at least 1 toilet flushes now!

The most exciting part is the great weather allowed us to stain the exterior, My contractor Lukas and his team from Luke’s Pressure Washing Painting and Staining did a great job, check out some before and afters!

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and if anyone is curious, this is what 60 yards of trash, and a 7X14 full of steel looks like, I’m sure I will have another trailer full by the time the project is done.

60-yards-of-trash

I should have another update soon, as we take possession of another flip house tomorrow. Tracy Street!

front

Tracy St

front

Today we won another deal, a 1991 Built 3 bed 1.5 bath home in a great location, with a mostly finished basement, the plan for this is a flip, more to come as we proceed.

I will be wiring funds for Blaine st in Merrill Thursday, docs are signed, and we are good to go on this one.

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I have more exciting news to share, but cant, just yet,  maybe sometime next week.

 

An update on the work we have done this year

2016 to this point has been quite a year, we have added 10 rentals, and have flipped 3 houses, so i wanted to give an update on some of the previous posts.

The Minocqua House,  as much as it would have made a great rental, it was a big project, so we listed it for sale, the traffic was nuts, and we ended up with an offer, it sold to another investor, who is planning it to be a winter project for them.

Rosemil was kinda an oddity to me, when i was winning bidder at sheriff sale, I sent a text to a few agents I know, and offered it AS-IS to their buyers, allowing for inspections, I would fire up the plumbing, heat, they could inspect well and septic, ect. but they would get the trash,  and they would clean, paint, ect.  well low and behold, one of the agents had just such a couple looking for a country retirement home, and the purchased it from me, they got a sweet deal for some sweat equity, and I made a profit to boot. Isaw them the other day at Menards, they love their new Home, I cant blame them, all the apple trees attract tons of Deer, as well as Turkey, Coyotes and Fox, they told me they have seen. hoge change for them from living in town their entire life.

Moving forward we have started work on Deleglise, should be before the end of the month, Woodruff soon after that, and as its going we have 3 others waiting to close, 2 rental and a flip. should be a fun few months coming up.  I am gona stress a bit though we are taking a week vacation, which I cherish the time with my family sooo much!, but will be slightly distracted by the work back home that I could be doing.

 

Enough work for all Winter

I buy Properties several ways, I love my Sheriff Sales, but I watch and bid the online auction sites, as well as MLS Listings, HUD, USDA, FNMA, ect.   I bid on a property online and got a response on August 25th, they told me what the minimum acceptable amount was, and I should resubmit my offer so I did, I resubmitted my original offer, about 40% of the List price for the property. the asset manager said she submitted it to the seller, and would let me know when they respond. every week since I have sent her an email, asking if my is still being considered, and if it is it still stands.  Today (43 days later)  I sent that same email, and got the same response, then about an hour after that I got a Phone call from the asset manager saying the seller accepted!  My Patience Payed Off. I will be adding another one to the list of projects, that makes 4 Rental rehabs, plus a Flip, I think I have enough to do this winter. I hope I can keep it all straight. photos to follow, once I have an executed contract.

Getting around Red Tape

As some of you know, I have been known to swing the hammer on my projects, and am not afraid of the technical stuff, but often times the laws get in the way, for example to replace a furnace in a property you own but don’t live in you need a “Licensed Professional” and if you hire an HVAC company, they need to supply the Furnace, and do the work, so replacing a unit in a 800 sq ft. house costs between $1,500-$2,500  I will have 2 properties next month I’m purchasing that need furnaces as part of the rehab, so I looked at license requirements.

According to Wisconsin Statute you dont need any formal training, experience, or even a test to be an HVAC Contractor, just pay the $15 application fee, and $160 for the Contractor Registration, good for 4 years. So early last week I mailed my application and a check for $175, and today i got this:

hvac-cert

I have found a great Vendor online www.ebarnett.com that sells all the supplies I Need including quality furnaces at a Great Price.  For Example, a 40,000 BTU 92% efficient Goodman Brand furnace, (appropriate for a 800 sq ft house) is $506 delivered to my door in about a day, and with sheet metal work,  PVC, electrical and gas lines, its about a day to a day and a half job, for 1 guy. I figure, I have the Ability, and am willing to do the work, and if I can install a Furnace with all the parts for around $700-$800, and save myself $1,000 for a day and a halfs work, the credential and anothe LLC is well worth it, and to boot I will be allowed to sign the Gas safety card for the gas company when its been off for too long, saving me more time and money.

Deleglise St

Another Successful Sheriff Sale today, We landed this Gem  for less than the price of the average 7 night cruise Vacation for 4, will need a few things, like a new roof, some flooring, and we will convert from Oil Heat to Gas. Not sure yet when the confirmation hearing is, but i’m guessing October some time. Here are some Before Photos.

Great Deal on materials, and funny picture

I had a hectic day yesterday, hauling kids around for Extra Curriculars, and running my Business,  getting everything up and running for an end buyers inspection on a property, that’s becoming a challenge to say the least, Power has been off for I don’t know how long, dewinterizing, and getting stuff fired up, I struggling with the Water Heater and the furnace, we will get it one way or another.

There was a split pipe just below the main water shut off, so i had to get some parts, Home Depot did not have any 1″ copper fittings, not sure why i went there first, i usually go to Menards. On arrival at Menards, I see this: home depot

The prices at Menards are so much better, that it makes sense to rent the truck at Depot and buy your material at Menards.

Ok Enough Depot Bashing, I do buy stuff at Home Depot, as a mater of fact, I got a great deal there,  I picked up 1,176 Sq ft of Trafficmaster Allure that we use in rentals for $650 and will get a gift card to match the 11% rebate sale at Menards so net I paid just under 50 cents a Sq Ft for stuff i usually pay $1.49-$1.89 a Sq Ft for, Great deal!!!