Profitable 1980's Easy Flip - Wallpaper & Tight Budget, oh my!

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Profitable 1980's Easy Flip - Wallpaper & Tight Budget, oh my!

Kim Heretick
Flipper/Rehabber · Maumee, OH · Member since 2017 · 39 posts · 23 votes

Purchased via Sheriff Auction for $152k + $775 in fees.

Projected ARV $200-210k.

Actual $233k minus $6k in seller assist = $227k

NEEDED:

  1. Medium Tree Removed
  2. Exterior Paint & Work
  3. Tons of wallpaper Removed
    Bathtub Leak Fix & Ceiling Patch
  4. General updating to take it out of the 1980's

TIGHT BUDGET:  My first attempt at reno budgeting for this property included getting rid of ugly biscuit colored bath surrounds and renovating bathrooms with tile, painting the cabinets, installing a granite counter top, new carpet, new lighting, wallpaper removal, new kitchen floor, etc... which added up to $50k.  So, I'D BREAK EVEN after selling costs ($13k).  UNACCEPTABLE!!!  

Always project your budget and update it.

THE RIGHT BUDGET:  I scaled back the bathrooms, the painted cabinets, the counter tops, the lighting, and more to get my projected budget to $20k (I always go over a bit).

THE RESULT:  The house sold for no less even though I put less into it and I am walking away with $30k after selling expenses.

I'm going to add individual posts explaining how I successfully dealt with wallpaper and made inexpensive updates that increased the value (and figured out where to not spend).

Original KitchenBEFORERenovated KitchenAFTER
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  • Jack I.
    Member since 2019 · 43 posts · 24 votes
    6y

    Would like to follow....I had a wall paper disaster this year...First I own a bunch of rentals and property manage them myself with my wife ( aka my personal lawyer ) help. I also do most of the rehab work...my wallpaper would not come off and I had to use Guardz to seal it up, and then skim coat it a few times to make the walls look good...let us know what you have done ? 

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  • Daniella Sanchez
    Real Estate Broker · Melrose Park · Member since 2015 · 68 posts · 44 votes
    6y

    Looks amazing! Are you going to share more photos? I've heard that tip before too, updating doesn't mean changing every single thing. You can spend more money to alter each thing or you can spend less money and focus on a few important things, sometimes both of those will result in the same price the house sells for. 

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  • Kim Heretick
    OP
    Flipper/Rehabber · Maumee, OH · Member since 2017 · 39 posts · 23 votes
    6y

    Biggest Hurdle WALLPAPER!!!  I'm no longer scared of it.  This is what I learned.


    I read all advice on how to get rid of it.  Purchased steamers, wallpaper remover solution, fabric softener, the thing that puts holes in the paper, and I thought we were ready.  Ready for hell.  Except for the bathroom with the shower, the paper did not come off cleanly or easily, especially in the foyer.  It was going to be hell to get the walls looking good.  Luckily, my handyman came by and recommended we STOP REMOVING THE WALLPAPER.

    Did I mention the wallpaper was adhered directly to the drywall?!  No primer under it.  Thank you builder (NOT)!!!

    Bathrooms with showers have been treated over the years with steam from the shower, so it came off cleanly with a steamer.  Nowhere else!

    WHAT WORKS (read entirely before beginning, follow each step exactly):

    1. Cut loose paper off walls with a cheap snap-blade knife.  Only leave paper that is well adhered.
    2. If you have loose or obtuse edges along the ceiling or in corner, caulk them (smooth out with your finger) with paintable caulk.  I like DAP Alex Painter's Acrylic Latex Caulk - White which can be found at most home stores.
    3. Prime wallpaper with an OIl-based Primer, like Zinsser High Hide Cover and Sealer, or Guardz (a little goes a long way, use cheap paint roller cover that you can throw away).  I've used both and they work equally as well to seal the wallpaper so it won't bubble and peel when you wet it with mud or paint.  Oil-based Primer covers the old pattern better, and allows you to see where you've used it.  Guardz is clear.  *never use exterior paint or primer indoors because it for off-gasses for months**
    4. Mud the wallpaper seams with Joint Compound, mud pan, and tape knife.  Mud any areas you cut out wallpaper too.  Fill mud pan about 1/3 with mud and if you get pre-mixed compound, add a couple tablespoons of water to it.  Mix thoroughly until creamy smooth.  This makes it easier to spread.  I like to mix with cheap plastic tape knives.  Don't worry about spreading it smoothly because you're going to sand.  Just put a line of mud down the seam and about 3-4" on either side.  I found it easier to spread it on horizontally than I did vertically but whatever works best for you.  Let dry overnight.
    5. Sand the mud smooth with a drywall sanding sponge.  I use a flashlight up the wall to see big divots and lines while sanding.  Run your hand and feel for smoothness.  It doesn't take much sanding.  It's okay to have a little imperfection but you shouldn't feel it with your hand.
    6. Dust the walls off with a microfiber mop and clean up the dust from the floor.  The mop will get most of the dust off the wall and that's good enough.
    7. Prime walls with Drywall or PVA Primer.  DO NOT USE REGULAR PRIMER.  This is a MUST DO or you're paint will not have an even finish.  The mud will suck the paint in.  Any cheap Drywall/PVA Primer will do.
    8. Paint your walls as you normally would and no one will ever know there is wallpaper under it!!!  Smooth & beautiful.

    PICTURES:

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