I stayed the night at my Mom’s house and got up in the morning to go to North Scottsdale to check on the Happy Valley house that’s listed for $1.8 million. It’s a gorgeous house and the largest flip I’ve done so far both in scale and money. I went to meet with the bank appraiser there because, in order to do the project, the investor was able to pay cash but then needed a loan to complete the rehab. It worked out really well but it was my first time having an interaction with a bank and there was a lot more project supervision since they wanted to know how the loan was being spent. The appraiser saw the property before the remodel and so he loved the transformation! It’s always so cool when somebody is familiar with the before and then gets to see the after in person… Photos are nice, but sometimes it just doesn’t do it justice! This project was so unique because we had to do it as part of the HOA’s remodel program which requires you to invest at least 35% of the home’s value back into the home… Therefore for the first time ever, I had the challenge of spending enough money rather than too much because if we didn’t spend at least that 35% – We were penalized with a $75k fine. The project was a great experience (with a whole lot of headaches as well) and I hope I have the opportunity to do more high-end flips because I can take what I’ve learned and modify so that next time it goes smoother. I haven’t upload all the before’s yet, but if you want to view all of the afters, you can check them out on my website: http://www.mrjamesjudge.com/happy-valley-road.html
That meeting went longer then expected, but while I was up there I decided to stop into some of the shops where I had purchased items for the house (high-end lighting and appliances). Sometimes a lot of the more expensive places will have discontinued or sale items in the backroom rather than in the showroom because they want to keep up with their “image” – Totally ridiculous, but people pay full price that way so in many ways its smart marketing. And regardless, I know there is a backroom! I didn’t have much success, but I also like to get to know the reps better so that they think of me when they have a rockin’ deal and need to move product.
Andy and I got dinner together in Scottsdale at an awesome Irish restaurant called the Skeptical Chemist – Totally authentic and very tasty! Andy went off to rehearsal and I drove by the Hill House to check on the progress… It’s much more open and the neighbors are thrilled to finally see something being done to it! Hopefully their speed continues and demo will be done by next week sometime! When I got home, I played catch up with e-mails and then went downtown to meet up with Tom, Casey, and Ramiro at Hanny’s. Lots of laughs, lots of fun and lots of martinis – Great night! TGIF!