Comments on: I’m All Out of Nearing the Finish Line Phrases and/or Metaphors http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/ House Flipping Advice and Home Renovation Projects Sat, 20 Feb 2010 18:40:13 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: City Josh http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/comment-page-1/#comment-590 City Josh Tue, 01 Apr 2008 03:22:53 +0000 http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/#comment-590 "There’s something to be said for giving things a whirl, instead of always sitting on the sidelines pondering giving things a whirl or chunking rocks at anyone else who dares to do the same." Amen, brother. And it's a beautiful house (I've toured it, folks), which is something you should be proud of whatever the final profit. Well done. “There’s something to be said for giving things a whirl, instead of always sitting on the sidelines pondering giving things a whirl or chunking rocks at anyone else who dares to do the same.”

Amen, brother. And it’s a beautiful house (I’ve toured it, folks), which is something you should be proud of whatever the final profit. Well done.

]]> By: Trisha http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/comment-page-1/#comment-581 Trisha Thu, 27 Mar 2008 07:54:13 +0000 http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/#comment-581 I love reading another flipper-blogger who does some work on the houses himself. I've come to the conclusion that, going forward, I'm going to have to be more of a fixture at our flips--possibly working there doing easy things several times a week. I'm a better tiler than we could afford to hire, for instance. It'll allow me to keep tabs on the contractors to see what they've been doing--or, better yet--what they haven't been doing. I love reading another flipper-blogger who does some work on the houses himself. I’ve come to the conclusion that, going forward, I’m going to have to be more of a fixture at our flips–possibly working there doing easy things several times a week. I’m a better tiler than we could afford to hire, for instance. It’ll allow me to keep tabs on the contractors to see what they’ve been doing–or, better yet–what they haven’t been doing.

]]> By: avidphotog http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/comment-page-1/#comment-580 avidphotog Thu, 27 Mar 2008 04:17:01 +0000 http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/#comment-580 Nice summary. I certainly agree that even breaking even would "be a success of sorts" in this situation; and so your likely profits are just the gravy on top. Very very sweet gravy, I might add. Kudos to your dedication and congrats on a visible finish line. Looking forward to the photos. Nice summary. I certainly agree that even breaking even would “be a success of sorts” in this situation; and so your likely profits are just the gravy on top. Very very sweet gravy, I might add. Kudos to your dedication and congrats on a visible finish line. Looking forward to the photos.

]]> By: Lynn http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/comment-page-1/#comment-578 Lynn Wed, 26 Mar 2008 14:32:10 +0000 http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/#comment-578 Good 4 U! I'm so proud of how you did this; it definitely was not easy but you dug in and kept going. SOOOOO many people would have bailed so good on ya for seeing it thru. I have admiration for you as I am one of the "fearful" who won't jump in because of the possiblity of failure. (Plus I'm a Dave Ramsey-ite who feels I should use cash for such things)But mainly I;m just chicken. Good 4 U! I’m so proud of how you did this; it definitely was not easy but you dug in and kept going. SOOOOO many people would have bailed so good on ya for seeing it thru. I have admiration for you as I am one of the “fearful” who won’t jump in because of the possiblity of failure. (Plus I’m a Dave Ramsey-ite who feels I should use cash for such things)But mainly I;m just chicken.

]]> By: Seth http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/comment-page-1/#comment-574 Seth Tue, 25 Mar 2008 19:13:30 +0000 http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/#comment-574 Marc, "Failure" might be too strong a word, but the final profits will likely be on the slim side when everyone gets their pound of flesh. Full price offers are pretty rare so likely the best I'm looking at is something around $143,000. Using that number, we're using an agent to sell it so we're like $8,600 in commissions (6%), which knocks the gross profit down to a little over $18,000. If it sits on the market for 3 months (not what I want but a reasonable enough assumption these days), that's another $3K in carrying costs, knocking the profit down to $15,000. Not sure what our tax situation will be, but capital gains taxes would whack off another $2,000-$3,000, leaving about $12,000 in net profit. Which is still a profit, and something I'd gladly take, all things considered. But a lot of people would point to the hours I'd put in myself in labor (which were substantial) and claim that I'd have been better off to simply have spent that time doing other freelance work that would have paid a higher hourly rate in the end. It's actually a pretty close thing, as I probably put in around 200-250 hours of labor myself at the house. But yeah, calling it a "failure" is a bit strong, especially if I can sell it quickly. Given the learning curve and experience gained, even breaking even on a project of this size (for the first time) in this market would be a success of sorts. Marc,

“Failure” might be too strong a word, but the final profits will likely be on the slim side when everyone gets their pound of flesh.

Full price offers are pretty rare so likely the best I’m looking at is something around $143,000. Using that number, we’re using an agent to sell it so we’re like $8,600 in commissions (6%), which knocks the gross profit down to a little over $18,000.

If it sits on the market for 3 months (not what I want but a reasonable enough assumption these days), that’s another $3K in carrying costs, knocking the profit down to $15,000.

Not sure what our tax situation will be, but capital gains taxes would whack off another $2,000-$3,000, leaving about $12,000 in net profit.

Which is still a profit, and something I’d gladly take, all things considered. But a lot of people would point to the hours I’d put in myself in labor (which were substantial) and claim that I’d have been better off to simply have spent that time doing other freelance work that would have paid a higher hourly rate in the end. It’s actually a pretty close thing, as I probably put in around 200-250 hours of labor myself at the house.

But yeah, calling it a “failure” is a bit strong, especially if I can sell it quickly. Given the learning curve and experience gained, even breaking even on a project of this size (for the first time) in this market would be a success of sorts.

]]> By: Marc http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/comment-page-1/#comment-573 Marc Tue, 25 Mar 2008 18:53:27 +0000 http://www.flipthyhouse.com/2008/03/25/im-all-out-of-nearing-the-finish-line-phrases-andor-metaphors/#comment-573 I must be missing something...bought for 85K, put in 31K. Even if you came down a few thousand and paid a realtor 3% you would still clear over 20K. Maybe you hoped to make more but that hardly sounds like a failure. I must be missing something…bought for 85K, put in 31K. Even if you came down a few thousand and paid a realtor 3% you would still clear over 20K. Maybe you hoped to make more but that hardly sounds like a failure.

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