16th Avenue is SOLD!!!!

Aloha Gang,

And just like that our first residential redevelopment is sold!! It has been a long journey with the highest of highs and the lowest of lows.  After eight months we have come out the other side relatively unscathed lol.  We quite possibly ran into every hiccup we could have, from unforeseen foundation issues to permits we were told we did not need to going over budget on our rehab, to trying to sell the house during a statewide stay at home order due to a global pandemic, so yes, relatively unscathed. BUT, we DID IT.  Did we make our projected ROI absolutely not but we didn’t lose money.  The knowledge and experiences we gained are priceless.  This is a quick breakdown of the numbers.

Purchase Price – 605k

Estimated Rehab – 130k (we spent 145k)

Appraised ARV – 950k (pre-covid)

Sold – 915k

Attached are some before and after pictures and a list of lessons we would like to pass on.

1. Building Inspectors are your best friends! Don’t be afraid of them, in the words of our mentor – your not doing anything illegal, your trying to make a living and are serving a bigger purpose. Network with DPP and draftsman, make them essential to your team.
2. Shop around for cabinets.  Unfortunately, dont just go to the big box stores to purchase cabinets and countertops.  We have nothing against them, we get almost ALL our other materials from them, BUT cabinets and countertops are two material items we will NEVER do again. Our experience is ….they came discolored, and without soft close drawers like they stated the would be. Measurements were wrong. And lastly, they are SO OVERPRICED. We did not get our monies worth. Lesson learned, we left a-lot of money in the deal because of this choice, we are talking $10,000 or more. LESSON LEARNED.
3. Hang your scope of work in EVERY ROOM. This will eliminate questions, headaches, and phone calls. We should have hung the scope of work in every room on at least one wall. Have weekly debriefs with your contractor on Friday to discuss any issues, progress, and game plan for the next week. This way everyone is on the same page and there is more accountability
4. Stick to your draw schedule and remind your contractor of the draw schedule. PERIOD.
5. REACH OUT! Do not isolate during your first flip or renovation, ask for help, it is stressful and supposed to be. It is ok to look unexperienced and not knowing everything. You do not know what you do not ask.
6.