Closed on our 4th property in about 45 days with an offer accepted on property on #5

Don’t have a lot of time to post and explain what is happening since I have been so busy so I will post a spreadsheet with the most current properties we have purchased so you can see how we break down our numbers.

You should (in theory) be able to click on the view web page and go the the web page I created for each property. I apologize if they are not all polished up yet and there may be some viewing errors but bear with me. If you like the property websites let me know so I can keep creating them.

I am trying to be as open as possible on how and what I am doing and hope it helps.

If you click on the project name it should take you to a website. Please do me a favor and let me know about any glitches that may not be working.

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Change order #1 on Flip #6 in Escondido

Spent most of the day at the site today looking over some things that needed to be done at the Escondido flip now that some walls were open. Our construction contract here is a cost not to exceed and I could probably force some of this on the Contractor and win in the short term. But when I needed something on my end I would pay for it and then some and mess up the trust.

I do my best to have as strong a contract in my favor as possible and to have paid less than the work that has been done so far (they can always put a lien on the property if I don’ pay them as opposed to me trying to chase them down and sit on an empty building). I also try to have incentives with pay points so a certain amount of work has to be done by certain pay points otherwise they have to wait for the next pay period which is twice a month. This will keep them working longer to get something done they otherwise may wait an additional day to do.

I also make sure to stay fair even though I have a solid contract in most cases. On the other hand it protects me if someone try’s to take advantage of me (mistakes my kindness for weakness) or get’s behind schedule due to their effort.

I Had our first change order today for our Pennsylvania flip. I go over it more on the Penn site what I had to do and why.

The good news is I saved $150 on the roof and $150 on the Granite counters.

http://sites.google.com/a/gabhartinvestments.com/penn-construction/updates/firsthicups

to see the actual post and updated time line and pictures go to the pennsylvania flip site by clicking here

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Update for latest San Diego Real Estate Flip

Time flew today. I spent the first part of the morning finishing up my painting scope. I should be complete with it tomorrow. The rest of the day was spent putting together the contracts for HVAC & Water Filter. I have spent extra time modifying my old contracts from doing the conversion to be more appropriate for flipping homes.

The crew was worked hard today to stay on schedule. As a matter of fact we are 1 day ahead of schedule if you look at the bar chart below (look at the black fill in on the bar chart, each item will turn black when completed and then will roll up into the first bar for a percentage of total completion.  The way it is figured out is it takes a task and looks at the percentage of completion of that task and also what percentage of that tasks time frame  is of the total project.)

So far we are about 80% done with the rough electrical, windows and interior doors have been installed. Roof is in and the exterior yard is demo’d and has about 50% of th irrigation completed. You can look at the construction phase page on the time line to see what percentage completed we are at any point in the project.

to see the actual post and updated time line and pictures go to the pennsylvania flip site by clicking here

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Friday was a good day for the flipping business

All righty now…… Friday was a good day.

  • Closed escrow on my Shasta flip – Hit the sales price projections on the penny.
  • Accepted offer on Brant – Good buyer 40% down.
  • Constructions is moving along on Pennsylvania

Well thank goodness we closed Shasta to get a little $$$$ in the kitty. It ended up being a really nice projcet and will be a great home for someone. I have some videos of my initial inspection and construction bids that I will post on here one day.

Pennsylvania – Were hauling ass on this one (demo and framing always goes quick though). I really spent a lot of time on the front end planning on this one and am pretty sure it will pay off. I created some really good workflows and templates for future projects. Key is to have good scope of work, schedule & contracts.

I found a great free program to help with the project management portion of the project. We used to use MS project which is an expensive program and a little to much for smaller residential projects. The new online software I am using allows me & my contract to update the schedule as I go (the schedule with start & end times are part of his contract). I also give it to the investors so they can see what is happening.

In addition I set up a inTRAnet site where all the important documents, task, calendars, and most recent event are uploaded. I used www.googlesites.com for the sites and modified it. Great tool to use to communicate with people.

I also got interviewed by a reporter at MSN about the new FHA rules allowing flips that are held less than 90 days. This will be good for us since our average purchase to having the property in escrow is 52 days. This will open up our pool of buyers.

If you have any comments or suggestions let me know.

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Is Rehabbing Properties harder than or easier than it looks?

Woke up at 6 and went off to Marcus & Millichap to meet a friend of mine who is on the Commercial Real Estate Association Board. He puts on monthly broker pitch sessions and around 25 apartment brokers attend. Last month he pitched a property and the brokers attending actually put a deal together. I am going to show my support and also have a couple of listings from ACI Commercial that I will pitch. After the pitch session I will talk to some of the people at ACI Commercial about recruiting new board members at the Commercial Real Estate Association Board.

Then I will check out about my new office, check on Putomac and Shasta. I also need to work on case studies for my real estate investment fund plan. The case studies will give people a better idea of that I am doing and maybe some of them will want to try it for themselves. They may learn that it is harder than it looks or takes more experience than it looks. While on the other hand, there have also been people who have been much more successful than me in a shorter time!

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