First Flip Purchased
On March 19, 2021, I closed on our first flip house under the new business. I say first, because this is the first one we will flip that we haven’t lived in. It’s a smaller 3 bedroom 2 bath basement rancher in a solid location. This one is close to the hospital, shopping, and restraunts. Typically homes near a hospital can be a solid pick up. Not sure why, but that is a solid rule of thumb I learned a long time ago in a book.
After some serious negotiation, I was able to get this one bought for $95,000. The after repair value (ARV) I am estimating to be around $175,000-$180,000 depending on the market. I’ve got my contractor already lined up as well!
Here She Is!
Aint She a Beaut? Not a bad looking house on the outside Other that the trees growing up the side of the house, and the missing back deck. Unfortunantly, with lumber prices being where they are, we aren’t going to replace the back deck. We will be taking that door out and installing a window. This will give the new homeowners enough room to add a carport as well.
Lets take a look at the inside
As you can, see there’s a lot of work to do. But I don’t forsee this being to bad. I am pretty good at figuring out what I want to do and overlooking the mess. First order of business is to get the kitchen gutted, tear out the bathroom vanities, remove the toilets, rip the old carpet, and other flooring up, rip out the baseboard, and get some materials on site!
Plans With This Remodel
- Repair all of the damaged dry wall including all of the water damage on the ceiling
- Replace all of the flooring and baseboards
- Retexture the ceiling
- New cabinets and appliances for the kitchen
- New vanities and toilets for the bathrooms
- Refinish the bathtubs
- Paint and repair the exterior
- New light fixtures and door hardware
- Add drywall to the basement
- Dry Lock the basement
- Add radon ventilation
- Add a kitchen island into the wall that separates the living room and kitchen
- Update anything else that comes along
That’s it for this one. I’ve got my work scope in place, materials ordered, and my contractor lined up to start work in the coming week. T minus two months until baby Kolson’s arrival!