Welcome to our first home! I recently realized that I never created a good before and after post of the entire house. We have so many wonderful memories in this home, most prominent is being pregnant for the first time and bringing home Thomas from the hospital and celebrating so many of this firsts at this house.
Capital gains tax is a levy assessed on the positive difference between the sale price of the asset and its original purchase price. Long-term capital gains tax is a levy on the profits from the sale of assets held for more than a year. The rates are 0%, 15%, or 20%, depending on your tax bracket. Short-term capital gains tax applies to assets held for a year or less, and is taxed as ordinary income.
We did it! We have successfully (and profitably) flipped our first house in Toledo, Ohio. Today I am going to take you through all of the fabulous before and after shots and talk through some of the changes we made as we got deeper into the project. Check out this post and this post, where I introduce you to the flip house, highlight all of the before photos and talk through our original plans for this sweet home.
We are so excited to have Jenn McMurray of Bachelorette Pad Flip on the podcast today!
Jenn is the owner of Bachelorette Pad Flip and is a real estate broker in Arkansas by day and real estate investor by night! Jenn got in to the house flipping business to pay off her $70K student loans and successfully accomplished this after 5 years. Since then she has continued to grow her wealth through a total of 8 flips and 2 Airbnb properties.
Comparables or “comps”: Comps are sales records of recently sold homes. Appraisers and real estate agents use them to get the most accurate estimate possible of a home’s value.
HOW TO FIND COMPS:
Find homes that are just sold or recently sold on Zillow or Realtor.com - First look for the last 180 days - if you can find 3-4 similar homes that is great. If there aren’t great comps then change it to 360 days
Today is a big milestone for our podcast - we have our first guest! Deb Unverferth is an insanely talented gardener and is sharing her tips for planning your flower beds as we head into the Spring season.
On today’s episode, Chris interviews me as we look back on my first year as an entrepreneur. One year ago I left my corporate job and have been through lots of twists and turns to get me to where I am today and we are looking forward to seeing what this year holds for us!
On todays podcast we are talking about how we completed three house flips in Denver while working full time jobs and raising our two kids.
The key to our success was by focusing on "bite sized" projects each week and working our way through the home. We will take you through three of these "bite sized" projects that we completed in Denver.
Chris and I recap our week in renovations and end the podcast with each of our tips of the week!
Are you interested in fix and flips? Live in flips? Rental properties? Single family or multi-unit? There are so many different strategies when it comes to real estate investing - begin to consider what strategy is right for you.
The From the Nest podcast has officially launched and is hosted by myself and my husband, Chris Mahoney! We are so excited to share our journey as we navigate the world of real estate investments in our hometown of Toledo, Ohio while raising our two children.
On the podcast you will hear weekly recaps of our current projects, hear stories about our previous investment properties and learn all of the tips and tricks we have picked up along the way.
Although it was a crazy month, we did get some tasks accomplished at the flip house. There were a few mild days (40+ degrees) and we took full advantage by painting as much as we could on the exterior. We finished the trim around the top of the house and it already looks so much better now that the chipped paint is gone! Because the windows in the home are newer and matched the current trim color, I kept it the same by having Home Depot color match a piece of the chipped paint. With the new roof and gutters, the paint is really making this house pop when you walk past!
What drew us to this house was the location. It is located in an area with lower taxes but falls within an above average school district (Sylvania). It is a 3 bedroom Cape style house with 1,300 square feet and a large backyard - the perfect house for a family.
The Drummond flip house is a bigger beast than my previous flips. When we lived in Denver, we were living in the homes we flipped for two years and completed projects room by room. For this project we are doing every room at once and completing the project in 5-6 months. I am really working on giving .myself some grace on this project knowing that I will be learning a lot about project management.
If you are like me, the idea of paying for college in 10-15 years is a little overwhelming. Kids are expensive RIGHT NOW, so thinking about their price tags in 15 years is enough to give most parents heart palpitations. It’s not getting any cheaper to attend a university and Chris and I want to help out our kids as much as we can once the time comes.
If you follow me on Instagram you have seen that big renovations are already underway, however I wanted to take everyone on a full tour of the home and highlight some of the changes we will be making. I will be going more in depth with each project as we delve further into the flip.