Je t'adore...No you shut the door...

Do you remember the commercial where the guy tries to be romantic and says "Je t'adore" (I love you in French) to his wife? And she says "No, you shut the door!"

Great communication & interpretation is key in a renovation project. I don't know what happened, but somehow, "paint the door red" resulted in what you see below...a catastrophe.



The trim, which was supposed to stay white, was painted INSTEAD OF the door. Unbelievable! It's okay though. It's a CORRECTABLE problem. At least a wall wasn't knocked down or something...

Take a look at the home with the new windows, new shutters, (and hideous red trimmed door)...in the eve of the beginnings of this huge snow storm. P.S. One day, this awning will be removed!!!

Bathroom & Dining Room Updates

Look at this gorgeous renovation of the master bathroom. Do you remember the old yellow & black tile? Well now it's been covered in this beautiful wainscoting with trim.




In the dining room, notice the new light fixture, new window, and of course the new paint colors. The contrast between the walls and the trim help to display the home's classic craftsmanship. The colors make the room warm and inviting. We love how it turned out!



We installed this wood bar with a detailed trim as a pass-thru from the kitchen to the dining room.

The Kitchen Cabinets Came Today

They look fabulous! The appliances will come tomorrow. The paint looks great too (we have 6" crown molding and this chair molding in the dining room).



We are on the home stretch. The bathrooms are next...

In this hall bathroom, we are painting it a gorgeous slate gray and we are installing a beautiful classic white vanity with a large modern sink. We will have classic fixtures and a large white framed mirror. The colors and the style will complement the original subway/art deco style white tile.



In this bathroom, we knocked out the entire shower wall to open it up. The doorway was so small that it was hard to get in the shower, and once you were in it felt so claustrophobic...Now it is convenient and practical. We are going with a mild yellow paint on the walls, a modern white frosted glass vessel sink and we have a surprise to update the tile on the walls...just wait and see!

BEFORE


AFTER

Getting The Kitchen Together

The electrical wires dangling from the ceiling have been handled and the pipes in the newly opened doorway will be moved today.






New Half-Wall Dividing Dining Room & Kitchen:

Let the Renovation Begin!

The first couple of days have been great. No big surprises, and we are ahead of schedule. Everything looks great.

iClub Renovation Soon Underway

The CityDwellers IPMs are ready to get the iClub renovation underway this Saturday. Follow us on twitter: http://twitter.com/ilovemyipm and of course on this blog for all of the latest updates, videos and pictures. We have created a rendering of the exterior renovation which will include the removal of the metal awning, and the addition of ocean blue shutters and a cranberry front door.



Also, SAVE THE DATE! View the renovation on December 27, January 3 or January 10 at our Holiday "Milk & Cookies" Open House. We will feature investment seminars and home buyer seminars. Learn about the new $6,500 tax credit for those who buy a new home that have owned their current home for 5 or more years and the $8,000 tax credit for first-time home buyers (those who have not owned a home for more than 3 years). Each Sunday, we will have a drawing to give away a 3 day / 2 night resort getaway. And of course, everyone can enjoy the fresh-baked cookies served right from the oven. Click the image below to enlarge the schedule:

CLICK IMAGE TO ENLARGE

Case Study 2: Upper Northwest DC with $399,000 Equity

An Investment Property Matchmaker & CityDwellers investor has done it again! This house is located in upper Northwest off of 14th Street near Eastern Avenue (Shepherd Park). The buyer purchased this deal in February 2009 for $358,500 and sold it less than 7 months later in September 2009 for $757,500 (exactly $399,000 more than the acquisition price).

We estimate that the work and expenses related to the sale of this house cost about $200,000, so the investor made approximately $200,000 in a few months. Not bad, huh? Stay tuned, more deals are on the way!

BEFORE & AFTER PICTURES (click to enlarge)







VIDEO TOUR



BASEMENT PHOTO: WET BAR

iClub Secures A Property

The iClub has secured a property! It is a single family home in Upper Northwest, DC. As you can see, there is a very nice yard, as the property is set back from the road. We are using a former CityDwellers property as our inspiration for the After. For the exterior, we plan to get rid of the front awning, add shutters, add plants and shrubbery, repair the concrete in the rear, add flagstone for a patio and flagstone for the walkway to the main entrance, complete the siding on the rear, and change the front door.


INSPIRATION FOR THE AFTER ($700,000+ Home in 16th St/Shepherd Park):


REAR:


Take a look at the video tours below. For the upper levels, we plan to remove the carpeting and refinish the wood floors, opening up the living room and the kitchen, replacing the kitchen cabinets and appliances, adding a powder room on the main level, adding new tile & fixtures to the two baths upstairs, increasing the closet size in the master bedroom, and of course, paint.








In the basement, we will open up the rec room, buy a washer & dryer, and we may re-tile the floors and redo the bathroom tile if the budget will allow. Stay tuned to follow our progress!

The Deal of a Lifetime...

The two properties featured in the videos below will likely go to other buyers bidding more. We have one outstanding bid on a great property, and we have 3 more bids on the way next week. It's a numbers game. So far, we have put in 6 bids since July...with 3 more on the way, that's 9.

Robert Kiyosaki's book, Real Estate Riches, teaches the 100:10:3:1 Rule. "If you look at 100 properties, put offers in on 10, and try to arrange financing for 3, you may end up buying 1. We have definitely looked at 100 deals or more, and by next week, we'll have put offers in on 9 properties. Let's see what happens!

Another great real estate investor says, "The Deal of A Lifetime Comes Once a Week." :) We believe that's true, so we'll see what deal the new week will bring. Keep you posted!

IPMs + iClub Tour Potential Investment Sunday 8/2

We are waiting to hear from the bank on this property in the 16th Street Heights neighborhood. They countered our original offer for $11,000 more, we submitted the paperwork to accept, then all of a sudden we were facing some competition from another buyer! That's the name of the game. We will not overpay for a property, so we will keep looking if we have to (actually, we're always looking).

Stay tuned for the latest news. Here's a video clip of the one we are currently negotiating (those are the tenants voices in the background...they are in the process of moving).

IPMs help iClub Search for Next Investment Property

CityDwellers' investment club, iClub, is in search of the next investment property to renovate. This week, we toured 10 properties. We placed offers on 5. iClub will not consider a property unless it believes it will make at least $100,000 or more. If you would like an IPM to help you or your investment group invest in real estate, contact us at ipm@citydwellers.us. Here is a video of one of our favorite prospects off the 16th Street Gold Coast:



$$$$$ REFERRALS PAID $$$$
IF YOU KNOW OF ANYONE IN NEED OF A QUICK SALE, FACING FORECLOSURE, AN ESTATE, OR WITH A PROPERTY IN NEED OF DIRE REPAIR E-MAIL iclub@citydwellers.us or contact through DCQuickSale.com

Case Study 1: H Street Corridor with $385,000 Equity

We will post Case Studies so our subscribers can see the type of opportunities we give our clients first hand:



This house was a fire damaged house a half-block north of H St, DC's hottest new corridor. The City broke ground this summer to construct a trolley/street car line on H Street from Union Station to RFK Stadium (to be completed Summer 2011). We kept this trolley project in mind as we made the offer on the property for $200,000.

The house sold in March 2009 for $585,000. That allowed for $385,000 equity to pay construction costs, loan fees, selling costs and carrying costs. Most investors would expect to walk away with at least $100,000 from a project like this. Here are the after pictures:

From Good to Great

After recently reading the business classic, Good to Great by Jim Collins, we decided to exploit our core business--our Investment Property Matchmakers (TM) division. The book says:

You must find the connection between these 3 concepts to become Great:

1. What you CAN be Best in the World At (this must be your core business)

2. What drives your Economic Engine (what action do you perform that has the greatest impact?)

3. What are you Deeply Passionate about?

For CityDwellers Real Estate (our Real Estate company), it is to continue to be an IPM. We believe that we are the best in Washington, DC at what we do (if not the world), helping investors drives our business, and we are deeply passionate about real estate investing.

We have done it all with real estate investing. We've purchased, sold, leased, furnished, renovated, flipped, wholesaled, advised, appraised, consulted, and the list goes on. Investing in real estate is our life, and we're the best at it. The only thing we hadn't done is start an investment group. Now we have our iClub, where we pool together money and resources to purchase, renovate, and sell properties. Membership is available to investors by application only. E-mail iclub@citydwellers.us for more info...

Welcome. Now, what is an IPM?

IPM stands for Investment Property Matchmaker (TM), and that's what we are! We chose to go with "I Love My IPM" because our clients love us! We play an essential role in helping our clients' LONELY INVESTMENT PORTFOLIOS find TRUE LOVE by finding properties that match their lifestyle and goals. Aahh... Love at first sight...