The Truth Behind Home Flipping

first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago bank loan Budget Home Home Flipping House Porch project management Renovation 2019-02-28 Radhika Ojha February 28, 2019 2,213 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago There’s more to house flipping that meets the eye. And for professional home flippers, delays in project timelines, finding the right partners, and most importantly, funding, are just some of the business challenges, according to a survey by Porch.The survey of 370 people who have flipped residential real estate in the last five years looked at aspects such as buying a home, renovating on a budget, and quickly selling it for a profit.When it came to funding for a home flip, 41.6 percent respondents said that they tool the capital from personal savings accumulated from their primary source of income. Around 30 percent took bank loans, while 6.2 percent said they borrowed money from a family or friend.In terms of capital needed for a median flip vis-a-vis the profit on it, the survey revealed that profits weren’t rising with the trend. In fact, the median flipper “needed $50,000 for their most recent flip, because the average purchase cost was $100,000.” It found that while renovations were the cheapest part of the project ($30,000 or less), respondents said that “underestimating the cost of renovating could be the difference between a large profit and losing money.”In fact, nearly 64 percent of respondents said that they underestimated the cost of their last project while 36 percent said they didn’t budget enough money.Project partners also played an important role with 87 percent of the respondents saying that they flipped houses with a partner. Of these, 45.9 percent partnered with their significant other for these renovations. As with most big projects, major disagreements happening over budgeting (55.9 percent) and timelines (46 percent). However 43.5 percent respondents said that they rarely disagreed with their partners.Speaking of timelines, the survey found that on an average the total time to flip a house was delayed 17 days from the original timeline. And as with large projects like house flipping, project management was the most stressful part about the business. Around 90 percent of the respondents reported this factor as their key area causing stress, followed by construction (85 percent).Click here to read the full survey. Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The Truth Behind Home Flipping Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Related Articles The Truth Behind Home Flipping Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: bank loan Budget Home Home Flipping House Porch project management Renovation Subscribe in Daily Dose, Featured, Market Studies, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Previous: A Turning Point for Home Price Growth? Next: The Census Bureau’s Homeownership Snapshot The Best Markets For Residential Property Investors 2 days agolast_img read more

BW Energy sees delay in Gabon well hook-up

first_imgTwo months after the production start-up at the Tortue Phase 1, BW in November 2018 sanctioned the second phase of its Tortue development. The Tortue development will upon completion of Phase 2 have six wells. Total production after the completion of Phase 2 is projected to be 17.3 – 21.6 kbopd gross for 2020 from six producing wells, compared with an average of 11.8 kbopd gross produced in 2019. Phase 2 development activities started in 2019 and continued into 2020. This phase consists of four production wells, tied back to the FPSO BW Adolo. Covid-19 restrictions The well was expected to be connected in June but, given the COVID-19 restrictions, the timing of this activity is estimated to occur later this year. The DTM-4H and DTM-5H were the first of two clusters. The second cluster was scheduled to begin production by June 2020. Panoro said that the production in Gabon for 2020 is now expected to average 15,000-16,500 bopd (gross), with the 10 per cent reduction in range due to the uncertain timing of hooking up the completed DTM-6 well. center_img However, Panoro, a partner in the project, informed on Monday that the hook-up was delayed due to the coronavirus pandemic. BW Energy has experienced a delay in hook-up operations for a well in the Dussafu Marin Permit, offshore Gabon, due to the coronavirus crisis. There are five oil fields within the Dussafu Permit: Moubenga, Walt Whitman, Ruche, Ruche North East, and Tortue. Current production is approximately 17,500 bopd (gross), with operating costs decreased from 2019 levels to $16-18 per barrel. Panoro also said that lifting was completed in March for the account of Panoro, BW, and Tullow, followed by lifting in April on behalf of the State of Gabon.last_img read more

Euthanasia campaigner dies of natural causes

first_imgStuff 5 June 2015Prime Minister John Key is among those who have paid tribute to Lecretia Seales, the 42-year-old Wellington lawyer with terminal brain cancer who died early on Friday from natural causes.Key expressed his deepest sympathies to the family, friends and supporters of Seales.“Cancer is a terrible disease for those who suffer it and it’s particularly hard on those who witness their loved ones eventually succumb to it,” Key said.“My heart goes out to Lecretia’s family and friends.”Seale’s husband, Matt Vickers, planned to read a prepared statement and answer questions at a press conference at Wellington law firm Russell McVeagh at 3.30pm on Friday.Seales’ death came just hours after a judge issued a ruling in her landmark right-to-die case. Justice David Collins has embargoed his judgment until 3pm on Friday.Seales was a beautiful, courageous, compassionate, unsentimental person who would want everyone to “press on”, her friend and colleague Cate Brett said.Seales came to court twice during the three-day hearing that began on May 25. Since then she had rapidly declined, becoming bedridden due to paralysis and spending periods in deep sleep.She did not have the long, painful death she feared. read more