I'm Back from the DEAD - HomeModders.com

Konstruction · 01-22-2010, 10:47 PM

Well guys, sorry I have been away for so long, I stop by every now and again to check on threads. But never the time to reply. Been busy as a bee. Now sitting dead in the water, alot of life changing ordeals. My previous partner in my previous business made some bad choices and cost me 5 years of hard earned work. So I had to rebuilt my company from scratch. Which has consumed me for the past 6-9 months. Plus I have been doing some pretty big jobs. Just thought I would stop by and say IM BAAAACCCCCKKK!

Thanks mate,
Johnathon

briansol · 01-24-2010, 08:19 PM

Welcome back

Any new projects you'd like to share? did the last house ever sell?

Konstruction · 01-28-2010, 12:10 AM

Quote:

Originally Posted by briansol

Welcome back

Any new projects you'd like to share? did the last house ever sell?

Thanks, and right now the work is kinda slow and aint much going on. I am trying to remember the house your talking about. I have went through 6 houses since then. All houses contracted within the first month of open house. 2 of them contracted for asking price the day of open house. Woot Woot.

So right now I have been hearing alot of developers are buying up land, and thinking about sticking my hands in the cookie jar soon. But my funds are limited to what I want to do. So I am looking for an investor, but thats not going so well. Hard money loan interest is HORRIBLE!

briansol · 01-28-2010, 04:44 PM

It was a 1 story that you turned into a 2-story.

I hear ya on loans.. it's tough right now to get anything.

Konstruction · 01-28-2010, 06:05 PM

Quote:

Originally Posted by briansol

It was a 1 story that you turned into a 2-story.

I hear ya on loans.. it's tough right now to get anything.

Ah your talking about this one, wow! that was a long time ago. It contracted 2nd week after open house for 179k

Profit of 63k after taxes.

Click on the house

briansol · 01-30-2010, 12:22 AM

nice! i wish i had the skill to pull stuff like this off. There's a few houses in my area for sale around 100k that fixed up would sell for 225 all day.

But, the up-front costs and the lack of tools/know how kinda dampers the idea.

Konstruction · 01-30-2010, 04:01 AM

Well thats why I am looking for an investor more or less. My credit is pretty much tapped for the next 2 years. Only thing thats holding me back right now is finance. Re-starting the company from ground up and paying all the debt off that was created from a partnership. Has left me at a stand still. I see properties all over the place that are under valued for sell. A lot of potential money making every where. From what I hear "Most millionaires are made from recessions."

The up front cost isnt so bad if you go for a 6 month contractor loan. Meaning the loan would consider the cost of the house, closing cost (if you had to pay it), and the estimated budget you plan on putting into the house. I have done this a few times in the past and have learned valuable information along the way. Always figure 5-8k extra in the loan for any unforeseen problems. Talk with several real estate agents about 1 property. Sometimes if you find the right house, you dont have to put but 2-4k in to make 20-50k on the sale. Even paying a contractor or paying subs and acting as a GC can be very profitable.

Of course there is big risks, but the rewards are huge. I have seen these tv shows (what little I watch) where these people make these companies, and travel all over the U.S. and flip houses. And they all pay these contractors that dont know what they are doing, as well as over paying for the majority of the work. I sit here and think that if you eliminated the subs (well at least the majority of them) you could really increase your profit. But these guys are making bank. I can only imagine that they use zero financing, by just using the capital they created from the first 10 homes.

By the way, I never got the 100% finished pics of the 2 story home, but it turned out really nice with birch cabinets, hardwood flooring, ect.

01-22-2010, 10:47 PM	#1
Konstruction General Contractor Join Date: Aug 2007 Location: Richmond, VA Age: 29 Posts: 252 Rep Power: 5	I'm Back from the DEAD Well guys, sorry I have been away for so long, I stop by every now and again to check on threads. But never the time to reply. Been busy as a bee. Now sitting dead in the water, alot of life changing ordeals. My previous partner in my previous business made some bad choices and cost me 5 years of hard earned work. So I had to rebuilt my company from scratch. Which has consumed me for the past 6-9 months. Plus I have been doing some pretty big jobs. Just thought I would stop by and say IM BAAAACCCCCKKK! Thanks mate, Johnathon

01-24-2010, 08:19 PM	#2
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 32 Posts: 499 Rep Power: 10	Welcome back Any new projects you'd like to share? did the last house ever sell? __________________ 1997 2050sqft Split Level

01-28-2010, 04:44 PM	#4
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 32 Posts: 499 Rep Power: 10	It was a 1 story that you turned into a 2-story. I hear ya on loans.. it's tough right now to get anything. __________________ 1997 2050sqft Split Level

01-30-2010, 12:22 AM	#6
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 32 Posts: 499 Rep Power: 10	nice! i wish i had the skill to pull stuff like this off. There's a few houses in my area for sale around 100k that fixed up would sell for 225 all day. But, the up-front costs and the lack of tools/know how kinda dampers the idea. __________________ 1997 2050sqft Split Level

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01-30-2010, 04:01 AM	#7
Konstruction General Contractor Join Date: Aug 2007 Location: Richmond, VA Age: 29 Posts: 252 Rep Power: 5	Well thats why I am looking for an investor more or less. My credit is pretty much tapped for the next 2 years. Only thing thats holding me back right now is finance. Re-starting the company from ground up and paying all the debt off that was created from a partnership. Has left me at a stand still. I see properties all over the place that are under valued for sell. A lot of potential money making every where. From what I hear "Most millionaires are made from recessions." The up front cost isnt so bad if you go for a 6 month contractor loan. Meaning the loan would consider the cost of the house, closing cost (if you had to pay it), and the estimated budget you plan on putting into the house. I have done this a few times in the past and have learned valuable information along the way. Always figure 5-8k extra in the loan for any unforeseen problems. Talk with several real estate agents about 1 property. Sometimes if you find the right house, you dont have to put but 2-4k in to make 20-50k on the sale. Even paying a contractor or paying subs and acting as a GC can be very profitable. Of course there is big risks, but the rewards are huge. I have seen these tv shows (what little I watch) where these people make these companies, and travel all over the U.S. and flip houses. And they all pay these contractors that dont know what they are doing, as well as over paying for the majority of the work. I sit here and think that if you eliminated the subs (well at least the majority of them) you could really increase your profit. But these guys are making bank. I can only imagine that they use zero financing, by just using the capital they created from the first 10 homes. By the way, I never got the 100% finished pics of the 2 story home, but it turned out really nice with birch cabinets, hardwood flooring, ect.