Our gut rehab project ~ pics and numbers

26 Replies

This was our first fix and flip gut rehab- were we nuts?- YES! It was our " education project" and boy did we learn a lot! Would we do it again? Perhaps.... since we are developing better systems and know how the numbers should look. Would we recommend it to someone just starting out? Probably not.....it was an immense project for us newbies! We had a contract on it a month before completion and sold in September. In the end it worked out ok:

189k- sold price

 98k- rehab

 18k- fixed, closing, commissions

 43- purchase

 30K - profit

Jessica H., Roof Over Head, LLC | 6102481644

I like that floor in the main entrance / living area.  What brand / product did you use?

Medium greenapartmenthires 1024x1024Roy N., Louer Louer Ltd. | 1.506.471.4126

Looks really good.  I like how you did the stairs and closet.  I'm going to have to remember that sometime if I don't have room for both.  

Looks awesome! You guys did a great job. Kudos!

@Jessica H. , awesome! Wish my house looked that nice, haha. Given the extent of work, how long did the rehab take and did you use a general contractor? Those are some pretty great results given it was your first flip.

Kyle

I love it! Great work

I believe the flooring was an elm laminate 10-12mm from lumber liquidators. The rehab took a good 6-7 months, my husband acted as the GC and did a lot of work himself= education lesson #1: Don't do the work yourself!

Jessica H., Roof Over Head, LLC | 6102481644

Beautiful work, and great numbers! Congrats!

Wow! Absolutely gorgeous! You should be proud! Great work, congrats!!

Thats a great looking house. You did a fantastic job. 

Were they any surprises along the way that you did not budget for?  What was your project profit before you started work? 

Looks great.  What is the wall color?

Wall color was Ben Moore Revere Pewter, a nice gray.

@Justin Owens we had a lot of unexpected extras pop up. We really underestimated what a big project we were really getting into. I would say the biggest areas we did not properly account for were the extent of the demo/cost of removal - all the plaster and lathe was taken out. The dirt basement was quite expensive pouring concrete floor and step wall. We also had to reconfigure the inside as well as removed 3 walls which took a decent amount of framing. Ironically, we originally estimated approx 30k profit, and we did go over budget by about 35k, but we were able to sell it for more than we thought originally. Partly because we were very conservative on our ARV, comps went up by the time finished, and it was practically a new home except for the studs( which places were built much more solidly back in 1870 anyway. ; ) It is in a very desirable area of Easton yet not many homes were as updated as we did this one which made it very attractive.

Jessica H., Roof Over Head, LLC | 6102481644

I have revere pewter in my house. Great color! Agree on trying to step back more and pay for labor. I was extensively involved in my current project, & it took me away from finding my next deal & selling real estate in general. 

Looks great guys!  Congratulations!

Awesome job and congrats!

Very nice and congrats. I like view before and after photos, it almost like art. I would have like to see more before pictures though. It gives me the courage to tackle any renovation for the right price of course.

awesome rehab great work guys. How did u find your GC?

Congrats; gorgeous property!

awesome and inspiring.congrats

Looks very very nice!  You guys gonna keep doing more flips?

Adrian Chu, Adrian Chu & Associates | Horizon Real Estate | [email protected] | 2064075452 | WA Agent # 107768, WA Lender # MLO-920749

Nice job! It's nice to see a husband and wife work together and do a flip. Are you planning to do another flip? If yes, would you consider doing it on Periscope - Twitter? It would be nice to see a live stream of your next property inspection and then a live stream of the final completion. Just a thought.

@Jessica H.

Great job! I love the kitchen... Where did you get those cabinets?

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you