Why I paid $60,000 CASH for THIS

[@KashFloPro]

To see our latest house flip, check it out here: kzbin.info/www/bejne/npvPXmqMp8qCrJo We want your feedback! 😀 Click here to take a brief survey to help our channel out ➡ forms.gle/bi9hz9uvnRuu2Fcd9 📈🏡 Rental Analyzer/Flip Budget Spreadsheets: kashflo.gumroad.com/

[@SDLayn]

This video is very well made and put together. Everything is explained the way that we want to see it. 👍

[@KashFloPro]

Thank you, I'm glad to hear it is helpful!

[@margie7113]

Wow, you really made out good in that deal, beautiful job on the house!

[@KashFloPro]

Thank you!

[@giorgiog.g.8401]

Awesome job. Great presentation on your part.

[@wendydix5534]

I had watched this Reno before and was amazed by it! Glad it all worked out well for you.

[@KashFloPro]

Thank you!

[@vickysookdev5226]

Dear Hoarder House Renovator Excellent explanation of your project. Also take into consideration when doing your cupboards, above the kitchen sink add a cupboard, it is more pleasing on the eyes and uniform. Where you add a fridge at the end of the cupboard section add a panel open or closed cupboard, for extra spacing. You can ask more for the apartment because you add these small extra little spaces. You are really doing an awesome job on your flips. I wish you the best for all your future projects.

[@KashFloPro]

Thank you very much!

[@Danielle-nz9tn]

I would add that if you ever do add a cabinet above the sink, please make sure it is small enough not to impede a person’s head if they are doing dishes or otherwise using the sink. My former landlord renovated our apartment beautifully before we moved in but we always hated that they did not think of that! We even had 2 sinks in the kitchen (as it was designed to accommodate for kosher eating) but the problem was there with both sinks. I did appreciate the cabinet space but it’s very hard to have nowhere to put your head when leaning over sink to do dishes.

[@tobadoba18]

Can I give a small word of advice from what I learned from my vinyl plank flooring? Yes, it is the best flooring ever. I love it more than tile or hardwood. So easy to clean and super durable. But, the people that installed it before I bought my house did like you did and made each room separate. Then they put those floor trim guards (not sure what their technical name is) across the doorway. They DO NOT last with all the wear and tear and bustle of daily life. Then you have an odd looking space at the doorway in the floor. I would just run the flooring all one way and straight through the doorways to make it cohesive and seamless. This does away with that ugly toe kick board that breaks off no matter what and makes it look good.

[@KashFloPro]

That is a good tip, and a fair point! I've read a lot about this issue and I go back and forth on it myself. Some people swear you should do one big continuous floor, others swear by breaking up the rooms. Personally I think it's easier to do each room individually and just use a transition strip at the doorway. It allows each room to float independently on it's own, and would make any future repairs easier too. I agree with you 100% on the transition strips though, they always break! Still searching for a good option to use there.

[@grogers8925]

What a fantastic job!! I have learned how to fix things too by watching utube videos! Always listen to your gut! House flipping is just the beginning for you! Reach for the stars ⭐️!! Would be so proud to have a SON like you! Great job!! 🥰🥰👍👍

[@KashFloPro]

Thank you very much! I agree, I am doing the house flips to set myself up with money to do something even bigger! 💪

[@AndreeaNastase]

Great explanation! Not even looking to flip but this was a very useful, pragmatic approach to budgeting for a renovation. Congrats on the job! So satisfying to see the before and after.

[@KashFloPro]

Thank you, glad you found it useful!

[@pennypopandme]

What an amazing job on the house !

[@KashFloPro]

Thank you!

[@kathyrogers3291]

Excellent video. Well worth the time to watch. Thank you.

[@KashFloPro]

Glad you enjoyed it!

[@mla701]

Hi, guys, I am in Fargo now and recalled the reno videos of months ago! Good job!

[@KashFloPro]

Great, thanks!

[@silvertbird1]

Oh the only other suggestion is if you’re going to change the doors, change them all. It would drive me crazy living in a house with some doors that have panels and some that are smooth. I don’t think the Masonite doors cost very much.

[@KashFloPro]

I thought the same thing when I put those doors in. But at the price point of this house, it was not worth the extra cost of getting all new doors.

[@johnstup4479]

It's always best to over budget than underbudget. You certainly came out on top with this flip. Well, if you sold it, you should of made out pretty well. As far as getting friends to help, I find that they won't take money either. Usually they just want to be fed. 😁

[@KashFloPro]

Yes, always good to be extra conservative on the budget and hope for the best! I'm glad to know it's not just my friends that are like that 😂

[@Catsruleall]

you can also use the cabinets in the garage or basement. thanks for the excellent video and information

[@KashFloPro]

Agreed, you could! I decided to just sell them instead.

[@territimmerman140]

I noticed your Vikings sign right away. I grew up in South St. Paul MN and I'm a huge Vikings fan. I really enjoyed your project. I love that you learned what you needed to know on KZbin. You worked hard and it really shows. Were you able to save and sell any of the items in the house? Don't let any trolls bother you. Unless they have something you can use and learn from ignore them.

[@KashFloPro]

Right on, Skol Vikings! Thank you! We donated a few things that were in good shape, and we sold the old cabinets. Unfortunately the vast majority had to go to the dump. I try not to, but I'm always surprised by the amount of negative comments some people have 😂

[@irisbear9421]

I'm not technically a football fan, but I am a hometown fan. Go Vikes! 😁

[@mozu517]

I grew up near Virginia Minnesota, just north of Duluth. I moved to Chicago 40 years ago, and still miss the pine trees...

[@dldeleon2000]

Nice job! You do good work. I like the time lapse of the work on the house as well as your running commentary, but you really should have exterior before and after videos, especially if you can get some with with a drone. Curb appeal is very important.

[@KashFloPro]

Thanks! This house didn't have much for exterior work believe it or not. Drone footage would be sweet though!

[@MsClaudia74]

Wow, great video !!!

[@KashFloPro]

Thanks!

[@silvertbird1]

Impressive, and interesting. I hope the tall clock in the upstairs room was salvageable. I love everything you did other than opening up the kitchen, but understand the tyranny of the open kitchen persists. My house was built in 1999 and has an open kitchen but my dream is to one day have a house with a kitchen that is a completely separate, enclosed room.

[@KashFloPro]

Thanks! Yea, we gave the clock back to the estate of the previous owner actually.

[@tonyawms3186]

I love the opened up kitchen. Makes kitchen look bigger. Plus, we mothers can see our children or guests in the living/dining room easier.

[@jennygirl8849]

Great job! Go Viks!💜

[@KashFloPro]

Thanks, Skol!

[@wl6020]

If you worked on this house for over 5 months plus your wifes labor, factor in 3k per month for labor per month, per person. Plus your friends labor, even if its free or you have to help them back in the future, its still not free when you help them back. If an argument in the future comes they will bring this up as u owe them. That in itself you have to factor 25k in labor for this project. Your time is money, you could have gotten paid at another job for your labor. I learned it the hard way when buying mechanics special cars or helping people with fixing houses. You have to treat all your labor as a job.

[@Lizardldy]

All that being true, $75k is more than the average person makes in a year and he made that in 5 months. Also, your friends sound terrible.

[@wl6020]

@@Lizardldy that 75k is labor for him, his wife, and extra help from friends and family, materials, risk of expensive issues, taxes. Some of the work requires skill, its not minnimum wage jobs. Also dont tell me you never lost a friend or 2 in life due to arguments, and if you helped someone work for free and they stab your back, dont blame nobody. Also in a flip like this, it took 7 months, so thats 7 months lost rent had it been a turnkey house. You must factor all of this when flipping, or else you will not make money.

[@johnathansawyer8736]

Just finished the long video. Thanks for Being so open about your projects!

[@KashFloPro]

Awesome! Thank you!

[@robinyoung6533]

Very informative. Good for you on the end profit.

[@KashFloPro]

Thanks, we're happy with it!

[@suzanneroche1243]

You should be proud of this! It came out looking gorgeous! I really enjoyed your explanation of the costs. You made a great profit on this flip so congratulations! Aren’t you going to have a hard time selling it? Would renting it out for say five years be worth it money wise since you could collect rent and in five years the house will go up in value another 20G at least when you do sell in five years. Thanks for the interesting video!

[@KashFloPro]

Thank you! Yes, you are correct, that is one of the many benefits to keeping it as a rental house which is exactly what we did!

[@suzanneroche1243]

@@KashFloPro I’m not surprised! That was the wisest decision! Hope you make an even bigger profit that way and I think you will! 😄

[@KrisBowlr]

I can’t believe how much cheaper things are in the USA vs Canada……esp housing! Lucky you!!

[@rosemaryraplar8]

QUESTION: in the hoarders house, did you find new/good items that you could sell or did you throw everything in trash??

[@KashFloPro]

We sold a handful of random things, and donated several other things.

[@giorgiog.g.8401]

I did trash outs on foreclosures, I'm talking about hundreds of homes. I found everything under the sun. Complete set of Wedgewood China, silverware Sterling.. Antique Kay guitar $600. Value. I've still got it.😅

[@janethare5127]

you are amazing!

[@KashFloPro]

Thanks!

[@jstar1000]

Educate your self on those breakers, they are super simple to do and you would have saved a bunch of money. Knowledge is power!

[@KashFloPro]

I know more about them now! Unfortunately it wouldn't have helped in this situation though. The rules in our city wouldn't allow me to put them in myself being I'm not a licensed electrician. They only allow it if you are living in the house yourself.

[@jstar1000]

@@KashFloPro That's probably the case in every city but you should still be able to do the work and have an electrician sign off that its correct. I would ask some electrician you may know. Most houses are wired by unlicensed electricians under the supervision of one that is and he just makes sure its all right and signs off on it.

[@annmccue4431]

Congratulations!

[@KashFloPro]

Thanks!

[@pete84101]

I understand that where you're at it doesn't get that hot in the summer. But you have to deal with humidity. I wonder why you didnt go with a split AC unit? Could have place the interior unit(s) in a more convenient location.

[@KashFloPro]

Yea, I debated a mini split. But it didn't seem to add any value based on comparable sales in the neighborhood. It stays fairly cool the way it is actually, the main downfall is how loud the wall ac unit is.

[@mrteknoman69]

Did you make any money selling items from the house? This would also contribute to your profit. Well done and nice outcome

[@KashFloPro]

Thanks! Yes, but not enough worth mentioning really.

[@tonyawms3186]

We're you able to sell or salvage anything from the hoarder's home? Some of his stuff looked to be in fair condition.

[@KashFloPro]

Some, but not much. Mostly the top layer of stuff we could donate some of it. But even then if it was in good condition it was just old junk nobody would want. The main big things were a TV, keyboard, grandfather clock, and the old cabinets.

[@just_a_guy13]

You said you used a home equity loan to finance this. By my estimates you needed about $95,000 to get this done and that was under budget. Was you able to finance this all on your own through home equity or did you find some source of outside funds?

[@KashFloPro]

Great question! I actually used cash to buy the house (60k), and that was money I had saved up from my previous flip and from my previous job. Then, to pay for the renovations (about 30k), I used a home equity line of credit (HELOC) on the house we live in to pay for the updates. After it was all fixed up, I got a regular rental property mortgage, and paid of the HELOC and "paid" myself back the 60k as well!

[@just_a_guy13]

@@KashFloPro thanks!! Thia type of property is hard to get a loan on though, correct? So something like this is something you need to already be ready to drop a lot of cash on right at the moment, is this correct also?

[@KashFloPro]

@@just_a_guy13 yes, you nailed it! I never even checked, but based on my/my friends' experiences with banks, I would have been shocked if they had loaned any money for this house. Lots of times they won't even lend on a house that needs relatively minor repairs on big ticket items (siding, shingles, foundation, etc.) In fact, I almost didn't get my last house that I used a bank on, because 1 piece of siding (yes, 1) had fallen down in the back of the house. The appraiser thought there might be something wrong with the house and didn't think the bank should lend on it - even though I was buying it for much less than it was worth. The seller had to go out and just put a nail in the siding to fix it, and then the appraiser said it looked OK. Banks can be weird! But to answer your question, yes in a house like this you would need to have money saved up, a HELOC, or some private money lender available to help purchase it.

[@just_a_guy13]

@@KashFloPro thank you and also dang it lol I'm decently handy and of I don't know how to do something it's usually relatively easy for me to figure it out. Properties like this is what I would like to try and find but saving up this much is going to be hard if not next to impossible in my hopes of a time frame. So if I cant get into something like this (or just a fixer upper that I can manage) because of no banks will lend on it, where do you recommend I look to get into RE. I'm looking to BRRRR. The realestate groups around me seem a bit ... closed off or people looking to take advantage. Just find a realtor I think I can trust and give them parameters??

[@just_a_guy13]

Also, thank you for your time brotha. You have no idea how much this is helping me refine what I need to do and what to look for. Oh and I'm am subscribed and I'll get all notifications. Last thing- I'm going to tile some random stuff at the house to practice. That seems to be about the only thing I'm scared of in houses lol

[@LotusVibrations]

How do you find these homes? Also: great job👏🏻👏🏻

[@KashFloPro]

Thank you! This one came from my realtor, they knew the seller and knew I was looking for a big project.

[@wrichards6287]

Thank you, great video. Are you a spiritual person? I couldn’t help to notice. I saw a lot of spiritual activity in the video. You can clearly see a spiritual orb that passes next to you at 23:29. Stay safe and God bless.

[@jstar1000]

water heater falls under plumbing not HVAC so you would have been fine in both of those categories.

[@KashFloPro]

Good point, I just have it in the HVAC category on my spreadsheet for some reason 😂

[@sherisevalentygibb]

Where is this house located and how much did you charge your renters for it? Monthly?

[@KashFloPro]

There's another video after this one that goes into more detail on it... but it's in Fargo, ND, and rent is about 1400 per month.

[@sherisevalentygibb]

@@KashFloPro we pay $2,400 for a 2 bedroom here in Irvine, CA

[@MaelindaTigger]

a house like that would be about a million here in California even with all of the junk

[@KashFloPro]

Might have been worth moving it out there 😂

[@KashFloPro]

We want your help! Take a quick survey to help us know what type of content to make for our audience: forms.gle/718CctyVQFNpsYL8A Full length remodel video found here: kzbin.info/www/bejne/q4Ovg4dmr8akqs0 Email signup to our growing community is here: mailchi.mp/ae5ad316e0a2/kashflopro Thanks!

[@alexd.2610]

Walk through video of your house purchases and ask for layout/design advice from the audience :D

[@PJL7095]

First off…. Good job with your renovation. It’s a real cute house you made once finished. I’m surprised it’s only worth $160k or so. You have to pay yourself & your wife a wage…. Even if it is just $15/hr. Between the two of you, you have to have 800 hours into this project.

[@KashFloPro]

Thanks! Oh trust me, I am paying myself well over $15/hour in the long run!

[@meganbentley4978]

did you find any treasures in the house when you were clearing it out??

[@KashFloPro]

The best finds were probably a TV, electric keyboard, and grandfather clock!

[@FBADC89]

Nice work can you link the KZbin channel or channels you learned your skills. Im trying to do the same.

[@KashFloPro]

Thanks! I have thought about making a video going over some of the top channels and videos I learned from and why I think they're good/bad. Would that be something you'd be interested in?

[@suomalaistapelailua6575]

why not rescue some stuff from horder home to small profit?

[@Jason-sv7cg]

did you donate ay items to goodwill for a tax writeoff?

[@KashFloPro]

That would have been smart, but no I didn't think to keep track of what we donated. Honestly, the value would not have been very high though. Most of the donation centers where we are were closed cause this was during May 2020.

[@steffycas]

Do yourself & your reno budget a favor & get your real estate license. Keep at least part of the profit (as an agent) or all of it (as a broker). Maybe something your wife could do as well.

[@terryscarborough729]

Did you find anything worth saving in all that clutter?

[@KashFloPro]

Not as much as we were hoping! A TV, electric keyboard, and a grandfather clock were the big items.

[@Aldronic]

23:29 your house is haunted, just saw a ghost orb.

[@KashFloPro]

😂 could be a ghost, could be some dust floating by the camera. We'll never know!

[@TriggerTravels]

Realtors are the real winners here... Literally do nothing and make 10gs...take 20 pics and write 1 paragraph. We need to get rid of them just like car dealers

[@KashFloPro]

For the most part, I agree! It depends on the realtor and the situation, but sometimes there is real value to having an agent. When markets are super hot like this, not so much.

[@mikewest6569]

What type of sub-human species lived here?