1-2-3 Flip : Page 65

Calculating Fixed Costs

February 26, 2009

I posted yesterday about my formula for determining whether or not I consider a flip project to be worth undertaking. In my formula, I referred to “Fixed Costs” and I mentioned that my Fixed Costs for a recent project were about $17,000. I quickly received a comment asking for more detail around that number, so […]

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Evaluating a Flip

February 25, 2009

I’ve had countless newbie investors ask me how I decide whether or not to take on a flip project. For the most part, what they’re asking is, “How do you know if (financially) the numbers work out in your favor?” Most investors have some quantitative analysis technique for determining whether to pursue a project or […]

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House #3: Maybe Next Week

February 24, 2009

If there’s one thing I’ve learned in the real estate business, it’s that nobody really does their job — at least not well. Coming from the tech world, I’m used to things moving quickly, and if you can’t keep up, you’re left behind (or fired)… Not so in the real estate world. While I fully […]

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House #3: Going to Closing

February 23, 2009

The due diligence period (the time the buyer has to inspect the property and decide to back out of the deal with no penalty) is now finished on The Second Chance House. This means that the buyer finished their inspections, appraisals, and got their financing approved, and we’re ready to go to closing. The process […]

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House #1: Bad Neighbors

February 21, 2009

It’s almost felt as if The Corn House is cursed in our attempt to sell it. We’ve had 8 people who have expressed serious interest in it so far, yet none have actually bought it. There were a couple people who had minor complaints that couldn’t be rectified (the 6’5″ guy who wanted a big […]

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House #1: Back on Market

February 19, 2009

As I alluded to in a couple previous posts, the crazy buyer for The Corn House bailed on the contract. Apparently, she hired a contractor to give her a bid on finishing the basement (she wants a bedroom and bathroom down there), and the quote came back at $30K! Instead of asking her agents (or […]

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Update for 2/17/2009

February 17, 2009

Lots going on, and at one blog post per day, I’ll probably start getting behind…so here’s a general update on everything… House #1: The Corn House The Corn House is still under contract, and scheduled to close on March 4. The buyer is being somewhat of a flake…between fake phone calls to my listing agent […]

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6 Month Recap

February 16, 2009

Amazingly, it’s now been six months since we closed on our first property. In that time, we’ve learned more than we could ever have imagined, and despite some missteps and some mistakes along the way, I feel like the first six months were more successful than I had imagined. While none of this is new […]

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New Member of Team Lish

February 13, 2009

I don’t have much new to report on the business front (I spent most of the week in Jury Duty, unfortunately)…so I thought I’d make a rare personal post… I wanted to take a moment to announce a new member of the Lish Team…he (or she) will be joining us in about 7 months. I’d […]

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House #6: Some Details

February 12, 2009

We close on The Red Garage House on Thursday, and with the past couple weeks being so busy (I’ve been on Jury Duty all week), we haven’t had much time to think about the rehab on this house. But, I made a point to spend some time over there today with my brother, and we […]

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