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Nathan Quinlan GC

@NathanQuinlanGC • 1,955 subscribers

GC in Upstate NY - Licensed Public Adjuster - Craft beer addict - Hiking/camping - Family over work - Starting my RE journey, looking for deals

Shorts

Flipping houses, or rehab and resell, is a game that seems to be the craze these days. People with little (myself) or tons of money think they can buy a dump of a house, shine it up, and make $100,000 without a problem. So, I gave it a try, putting my proverbial chips in the middle and going all in. Renovated it in 63 days. New roof, HVAC system, electrical panel, kitchen, bathroom, doors, trim, flooring and paint. I listed it, and then it just sat—hours, days, weeks, months — costing me $100 per day in holding costs. We adjusted the price, staged furniture, and reshot photos, but it sat, but why? The basement was wet, which is the kiss of death in real estate, I have learned. As a GC, I have access to a network of subcontractors and skill sets that many people don't, though that doesn't mean repairs are free. After spending $60,000 in renovations, $14,000 in closing costs, and $32,000 in holding costs I was taking a loss on selling this house. Then, I had to put another $15,000 into it to stop water from entering the basement. It is what it is. The house is now under contract, and we feel good about things, which is a distraction from the other house I bought in the middle of all of this until my guy sent me this video yesterday as he was leaving….

Flipping houses, or rehab and resell, is a game that seems to be the craze these days. People with little (myself) or tons of money think they can buy a dump of a house, shine it up, and make $100,000 without a problem. So, I gave it a try, putting my proverbial chips in the middle and going all in. Renovated it in 63 days. New roof, HVAC system, electrical panel, kitchen, bathroom, doors, trim, flooring and paint. I listed it, and then it just sat—hours, days, weeks, months — costing me $100 per day in holding costs. We adjusted the price, staged furniture, and reshot photos, but it sat, but why? The basement was wet, which is the kiss of death in real estate, I have learned. As a GC, I have access to a network of subcontractors and skill sets that many people don't, though that doesn't mean repairs are free. After spending $60,000 in renovations, $14,000 in closing costs, and $32,000 in holding costs I was taking a loss on selling this house. Then, I had to put another $15,000 into it to stop water from entering the basement. It is what it is. The house is now under contract, and we feel good about things, which is a distraction from the other house I bought in the middle of all of this until my guy sent me this video yesterday as he was leaving….

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