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House Flip Story: Alvarado Sq – Update 1

What? Did you think I was lying? Did you think I was working on three rehabs, while tellin’ you all I was working on SEVEN? Come on, I wouldn’t shit you, you’re my favorite turds. Here’s yet another of my rehabs, Kids! Feast your eyes on Alvarado Square.

Many of you have asked to see the numbers on my deals. I’m struggling with posting all that info, so I’m gonna ask…

Comment below!!!!

Do you think its “boastful” or immodest if I post the numbers, or do you think its helpful? Straight-up; I’ve got nothing to prove. The ONLY people I strive to please in my life are God, my wife, my kids, and my money partners. I love that you all dig my updates, but this AIN’T about me bragging! Truthfully, its about me hopefully inspiring you to get out there and do the same.

So here’s Alvarado Square. Not a whole lot to this rehab. Its currently set up as a 3/1 with a super-sweet oversized 2-car detached garage (a real “man-cave!”) The basement is unfinished. The kitchen was super-lame and the only bath looked like something outta’ Yogi’s Cave. Horrible.

We’ll finish the basement, add an additional full-bath, install a new roof, add a killer new kitchen, new bath, paint, patch, moldings…etc. Not really much to this one. All told, the rehab should come in at $44,000.

By the way -- the wholesaler on this deal made $7500.00 and had the house under contract for less than 24 hours when he sold it to me. Call me first if you have sweet wholesale deals in Maryland. I pay HUGE wholesale fees!

I want your comments in the blog (below) -- rather than via email! Good, bad or ugly, let me know what you’re thinking by commenting below.

Here’s the before video -- (kinda lame, but I’ll make more)

Here’s all the before pics.

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Posted by Craig on Saturday, December 26, 2009 at 8:30 pm 
Filed under 2810 Alvarado Sq, Featured, Rehab Stories · Tagged with , , , , , , , , , , , , , ,

  • Craig I am new to your blog and thank you for it. As a flipper myself, currently working on two deal I always appreciate finding out what other flippers are doing so I can learn from them.

    IMHO numbers are crucial! Not to be boastful but to truly understand the business. It's one thing to say this can be lucrative and done on a full-time basis but it is another to prove it with the numbers. Without them you are only showing half the picture.
  • Thank for your comments, Luis! I think you make some great points. Again, this week, I was really trying to think about how I can present the whole picture without seeming like I'm bragging - and without tipping my hand to all my competition.

    I think I decided that once I sell the properties, I will post the PURCHASE, REHAB, and SALE prices, then let the readers extrapolate my profit from what they know about holding costs, transfer fees, etc.

    What do you think about that?
  • Posting the financial figures would not be boastful it would be business. However, you bring up a good point about your competition, I had not thought about that. I think posting PURCHASE, REHAB, and SALE prices would be good.

    Another importance for showing numbers is that as you know, learning to estimate your costs and keeping a budget is crucial in this business. It would be nice when I see one of your videos to be able to see what a $10, 20, 30, 40K rehab looks like.

    Another thing you might want to include is your rehab cost per square foot. I started using this myself and I think is a good measure to compare rehabs in an apples-to-apples comparison. That way you can compare "A" house to "B" house etc. in an objective manner.
  • Mike
    Craig, Great job and good luck in 2010. Regarding posting your numbers, no it's not bragging, but it is personal info and everyone should understand that part of it. However, some of us would like to see the numbers as inspiration, and to see how it is done. I am a buy and hold investor with 5 rentals with one on the way. All were turn key as I don't have the knowledge (or guts) to do a rehab...also have a full time job.
  • Mike - Thanks for taking the time to write. Comments on the blog really make my day. I think I've decided that I will post all the numbers for each project at the end - after the sale. Once we're finally done with each property, I'll do a post-mortem.
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