Denver Condo Flip
This flip happened almost a year ago:
Picked this deal up through my sphere. The owner had passed away, so we went through probate. It took 6 weeks for the rehab as I was doing a lot of the work myself, & I went hunting in the middle of it. It was on the market for a few days before going UC & closing a few months later (loan delay…).
There was tremendous smoke damage from years of smoking in the unit. I scrubbed the walls with TSP, & ran my Ozone generator on a timer at night until the demo was done. I also used BIN primer on the walls instead of Kilz. I wanted to be 100% sure that no smoke smell would leak out.
My only hiccup came up with the kitchen cabinets. I didn’t pay attention to the sink drain line. In the original cabinets, it came through the corner cabinet. I got a lazy susan corner, and instead of cutting it up, I moved the drain. A last minute plumber when you have granite coming is NOT a cheap thing.
I also changed the cabinet setup from my original plan. The fridge was supposed to be where you see the makeshift table on the right side of the kitchen. I changed it after the cabinets arrived and got lucky.
I decided to get better cabinets rather than the really cheap Chinese stuff. Other than that, everything was pretty basic. Materials were sourced from Lowes, HD, Buy&Build, & Sloans Carpet.
There were 2 other opportunities that popped up while I was working in the building, however they wanted more than I was willing to pay. Looking back, I should have grabbed them because ARVs increased by quite a bit.
Lessons learned:
Sub more stuff out because time=money
Get a bigger dumpster than you think you need
Shop a little more on prices for major items
Final note: This is why using your sphere is SO important. This same exact unit could have been about $25k more on the open market. It definitely pays to work your sphere and find your own deals.