March 15, 2019

Episode 38: Deal Breakdown – Vassor Village Flip

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In this week’s installment, Brian and John are here to talk about a flip they did on a property in the Vassor Village area of Columbus. This house was the most intricate rehab project the guys have ever taken on: they had to take the house down to the studs. The guys start by telling us how they obtained this property which, much like the rehab, came with its complications. We hear about their hired contractor attempting to cut some corners, the profits they made from this flip, and how they plan to pursue more business in the Vassor Village neighborhood.

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Covered Topics:

  • The buying, rehab, and selling of a property in Vassor Village, Columbus.
  • Some issues with the contractor who the guys worked with on this property.
  • What Brian and John have learned from doing an overhaul of this magnitude.

Show Notes:

  • 01:08 – Things that have been happening this week.

          - Buying twenty-two occupied units.

          - Closing on one property today and refinancing another.

  • 03:41 – An introduction to the property in Vassor Village.

          - Previously purchasing a different property down the street from the same owner.

          - A wholesaler falling through on their purchase.

          - Dealing with complaints from neighbors regarding contractors.

  • 07:38 – Getting a call about buying the Vassor Village property.

          - The owner’s ex-husband watching the house and letting undesirable people move in.

          - Brian and John becoming the property managers so that they could perform the eviction process for the owner.

  • 10:59 – Purchasing the property.

          - Paying off liens that the guys didn’t know about at first.

          - Rehabbing decisions on the house.

          - Some small miscommunications causing the rehab to go slightly over budget.

  • 14:59 – An overview of the Vassor Village neighborhood.

          - Sending out mailers to try to get more business in the area.

  • 16:10 – More about the contractor that the guys used on this property.

          - A story from Brian about how the contractor installed siding incorrectly.

          - Walking through the house initially with the company owner’s son.

          - An abnormal vent that was in the kitchen that Brian pointed out as needing replacement.

  • 21:13 – Selling the Vassor Village property.

          - The final selling price and how much the guys spent on the rehab.

          - This property being a lot more work than any other property Brian and John have flipped.

          - Lessons that the guys have taken away from flipping this property.

Topic Takeaways

  • Investigate whether a property has outstanding liens before committing to buy.
  • Be knowledgeable regarding home rehabs. Don’t trust contractors to make decisions for you.
  • It’s good to be one of the first movers in a neighborhood. Brian and John now want to flip more properties in Vassor Village.

Quotes

Keep an eye out for new and upcoming neighborhoods that you can really hammer with marketing, and you can be the expert in that neighborhood.

You really need to know your stuff. You can’t trust the contractor to know everything about the rehab.

As we go forward, if we do more [flips] like this, it’s going to be easier to budget. When you have everything, you have everything; it’s not a question of ‘are we doing this or that?’

Brian Rightler John Horner Core Developements

Welcome to the Take Action Real Estate Podcast! 

Our hosts, Brian and John, created Take Action Real Estate: the website, podcast, and blogs to help YOU. We want to share our experiences and knowledge and help you get started without making the same mistakes we did.

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