Purpose: Sole owner of my newly founded LLC, Forward Thinking LLC, doing renovations of residential old construction for the purpose of flipping.
The following may be lengthy, but I hope to show my ability to profit and reason, be it a poor one, for not doing so already.
Experienc: This is superficial since I lack a portfoli, but I have done major renovation with the intention to sell(project listed below), minor renovations of rentals for reduced rent, deconstruction, carpentry, and roofing.
Past project:
- Initial idea: I used out of pocket funding and leased the home from a realtor for $35,000. Said realtor only paid $12,000 for the home, per the tax office. Local listings average $120,000 and list for an average of one month. Doing monthly payments and with cost of supplies, I estimated around a $60,000 profit.
- The residents: A two store, red brick home, with full unfinished attic, partial basement, and one bath. Prior owners tore out the kitchen and left wiring hanging from every wall. Also installed a 2x6 cieling spanning over 15 feet, spliced a line to the electric oven and ran it between the drywall and stud, and installed larger breakers when they couldn't figure out why they kept popping. The house was condemned for safety reasons, per code inspector.
- My work: I rewired the entire house from attic to basement and relocated the electrical box, (all electrical work and lighting were to code, per electrical inspector), removed the collapsing ceiling, installed two windows, and removed interior damaged walling. An extention of the home was over an old concrete patio leading to water damage to the frame. I had planned on stilt-ing the wall, removing the damage, extending the concrete below the frost line and up away from the dirt. Then, installing a vented raised floor and second bathroom in the room.
- End result: I was using the property as storage while I stayed with relatives. Someone broke into the house, stole all my tools, electronics, some personal belongings, some kids belongings, and my Marine Corps gear. Home insurance only covered things with receipt. Very upset and angry, I gave the house back to the realtor. Said realtor patched up the house, did not install the second bath, did not change out that horrible siding, and listed it for $110,000. It sold in little over a month.
November, this month, is the time for our local court house to release new homes for "purchase." In the event I cannot procure a home the cheapest way possible, there are at least three realtors here that buy the "fixer uppers" that I can lease again. West Virginia has no shortage of homes in disrepair. I have the knowledge to do all my own labor and how to locate certified inspectors for different utilities.
(Please contact me for the address, but do to it being owned by a family now, I don't feel comfortable posting their address.)
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