First Flip Complete - On the Market
Hi all - my partners and I recently completed and listed our first renovation project. It was not an easy one, since we are in CA and the property is in OH, but we made it through and are looking to take on our next project.
- Bought: $79,900
- Initial budget: $65,000
- Real budget: $97,000 (mismanaged project by initial contractor (and second contractor))
- ARV: $219,900
Improvements:
- Brand new siding on the second floor (was not in the initial budget)
- New roof (was not in the initial budget)
- Sealed and painted the basement - was quite creepy down there before
- Opened the floor plan from the living to the kitchen by widening an existing walkway
- Moved the kitchen from one side of the house to the other to capitalize on the stained glass windows
- Gutted the upstairs bathroom and added really good looking features
- Added a half bathroom and laundry room downstairs by the entry to the backyard
- New AC
- New plumbing
- New electric
Our contractor performed extremely poorly on this job, and I am happy to share a cautious word with anyone who aims to invest in Cincinnati about the team at Kaiker Development and Creative Customs Carpentry. They do not conduct their work with pride, let's leave it at that.
This would have been a great deal for us to get started, but we learned a lot about long-distance investing instead of making money on this one. On to the next!
- Key takeaways:
- Maintain weekly on-site visits by a 3rd party. We lost communication with our contractor for weeks at a time, and given our proximity to the property were terrified of firing him because of the potential damage he and his team would cause, setting us even further behind.
- Security cameras are worth every penny. We did not have any up, but would have been a lot less concerned about the GC damaging our property if we had them.
- Don't lose hope. There were several times where we felt like we were going to lose money on this property, but we carried on and were able to finish the house. While we will not make money, we can stand proudly behind the finished product and someone's home.
Entry/Living Room:
Kitchen:
Bathroom: