My newest SFR flip project in Eustis, FL (Pictures)

39 Replies

I'm posting on here because I want to get into a habit of taking pictures and documenting my projects. Hopefully this will keep me accountable.

We paid $101,000 for this house last week and just began the demo work today. It's a 3 bedroom, 2 bath with a pool and 2 car garage. It's in a pretty desirable area with access to Lake Eustis. It should sell for around $165,000 when we're done, hopefully a little more.

Today we cleaned the trash and personal belongings out and removed the wood, wire, and plastic that was covering the pool. We also demoed and removed the "4th bedroom" that the previous owner had built in the garage. The 2 car garage is more valuable than the extra bedroom in this case. Not to mention it was not permitted and probably not built to code. Luckily it came out fairly easily.

Next we have to get a tree guy in there to remove some dead trees and trim the keepers. We're also thinking about taking down the wall that separates the kitchen and the living room and making it a breakfast bar instead. What do you think?

Blowing out the wall to open the kitchen up is a great idea!  I do that often and it totally changes the house.  The more open the better in my book.  I did that in the house I live in and actually eliminated 7 areas into one great room.

@George Helms  

Nice! I think it will work out great because it will turn the living room, family room, and kitchen into one big living area. Gotta give the people what they want!

Open concept is definite in big demand. I am however curious as to what that structure in the room in pic#5 is. Otherwise Happy Rehabbing!!!!!

@Vincent Lewis  

That's the kitchen wall I'm gonna take out. In the picture, I'm standing in the living room looking towards the kitchen. On the other side of the kitchen is the family room. So taking out the wall will open the space all the way across and connect all three rooms. The picture of the kitchen is looking back towards the living room where I'm taking the picture in #5.

wow, what a cool project. If you don't mind me asking, what are your estimated rehab costs and timeline?

Thanks

brian

@Brian Larson  

Rehab cost should be around $25,000 - $30,000. It'll probably take 2-3 months to complete. The good subcontractors around here are always busy, so it takes a little longer to get them in. We also do some of the work ourselves, which slows things a bit. I'm currently in the process of gutting the house. I've loaded the dump trailer and been to the landfill 3 times so far. Should've gotten a dumpster but I didn't realize it would be so much debris. I'll post some pictures when it's completely gutted.

Hi Matthew.  Are you a GC or just doing some work to cut back costs? 

Looks like a fun project.   2-3 months seems a stretch.  :)  But might work in your favor to have it listed in Feb-March instead of Dec/early Jan.

Good luck.

Nhi Nguyen, Contractor in CA (#850151)

Oh yes, definitely take out that wall between the kitchen and living room. It will help so much to have a more open space, and will make the kitchen feel bigger when you're in it.

Excited to see the updates as you go along. Good luck!

@Nhi Nguyen  

I'm not a GC, but we do some of the work ourselves. Sometimes it's hard to find a subcontractor who will do the job correctly. Or they just charge way to much.

You won't find me doing roofing, painting, or laying tile, but I can definitely install ceiling fans and faucets. 

UPDATE!

It took about a week, but we finally have the demo complete. We knocked out the kitchen wall to open it up, and I'm glad we did. It's much better! 

The 12ft dump trailer shown in the picture was filled 7 times and we probably spent $150 at the landfill. We also had to rent a demolition hammer for $85 to remove the tile.

Next on the agenda is tree trimming, removal of 3 trees, stump grinding, and some rough landscaping work. We'll pay a tree guy/landscaper to do this, and we've been quoted $2,200. 

We also have to fix a plumbing leak in the laundry room, run some wires under the concrete to power the kitchen island, and replace the master bathroom window with glass block. We'll do these things ourselves so we'll only pay for materials.

Let me know if you have any questions or suggestions. Enjoy!

Looking great.

How's the pool clean up coming along.  As a Florida Pool Contractor, I'm very interested in your project.  I hope my niche in the flipping business will be with run down pool homes.  I'm not currently residing in Florida, but if you need some free advice on the pool, just ask!  

What are your plans for selling? Are you hiring a realtor or planning on doing a fsbo? Are you going to go for full market value or try for a little under market for a faster sale?

@Jeff Brown  The pool guys drained the pool and started pressure washing today. There were fish, frogs, and a few pool chairs in it.

@Tim Dreher I'm a broker so I'll put it on the MLS and only pay buyer's agent commission. I'll probably price it at full market value since it is in a desirable area.

I met with the electrician today. Since we're moving the fridge and creating a bar, we have to rearrange the electrical. Adding can lights to the kitchen, an over the sink light, and lights over the bar. We had to chisel a trench in the concrete to get the wiring from the wall to the bar since the cabinet structure was removed. There's also some electrical wiring to disconnect from the "4th bedroom" the previous homeowner built in the garage.

Trees have been trimmed, stumps removed, and landscaping trimmed and cut back. Still have to get the irrigation system running.

Floor guy is meeting with me in the next couple days. We're doing tile throughout the living room, kitchen, and family room areas, as well as in the bathrooms. Carpet in the bedrooms.

UPDATE:

Drywall guys are at the house working now, so I haven't been able to get any pictures. We used a drywall specific company instead of letting the painters do it since there was so much work to be done, including knockdown on the walls and respraying parts of the popcorn ceiling.

The electrician is finished and we now have can lights in the kitchen and lights over the soon-to-be bar. He also helped us out with a dozen other smaller electrical things.

Me and my Dad brought the tractor out and graded the backyard to help with some of the drainage issues. I put rocks around the pool cage and down the side of the house as well. We're gonna have sod put down in the backyard since it's now torn up. I worked on the irrigation today and should have it up and running tomorrow. 

I'll post some pictures of the progress as soon as I'm able.

I took some pictures today while I was at the property. It looks much better with the trees removed. The drywall is done so you can get a better idea of what it's going to look like.

I don't know if anyone cares about the expenses, but I'll keep posting them for now. Let me know if you like it and I'll keep doing it.

Drywall/Knockdown: $2,300
Electrician: $900
Pool Service: $620
Windows/Screen Repair: $390
Grading/Landscaping/Irrigation: Sweat Equity!
Master Bathroom Shower Prep: Sweat Equity!

Sod for the backyard is scheduled for Friday. The painter is schedule to start next week. We're picking paint colors right now. What would you guys suggest for a paint color with brown soffit/facia and light brown shingles? Also, would you paint the wooden gables the same color as the stucco, or keep them different like they are now?


Quick Update:

Exterior and exterior have been painted. Sod is down. Tile has been installed. Pool has been resurfaced.

Sod: $1,550
Paint: $4,400
Tile: $4,700
Pool Resurfacing: $2,000

Next on the agenda is replacing interior doors and baseboard, installing cabinets and countertops, and getting the painter back to finish the trim, doors, pool deck, and garage floor. I'll also start putting up ceiling fans and light fixtures, as well and replacing switches, outlets, and covers.

We will hopefully have this one finished in about a month.

@Matthew B.  Which part of central fl do you invest in. Do you have a buyers list?

@Account Closed  

I'm in Lake County, FL. I am the buyer. You don't need a buyer's list. Find a good deal and the buyers will find you.

UPDATE:

This house is almost ready for the market. Paint is done. Cabinets and granite countertops went in this week. Appliances come tomorrow morning. After that, just waiting on the carpet guy to come out.

I snapped some pictures with my iPhone today when I was at the house. Carpet is coming on Monday.

The finished product! I will post the numbers when I get a chance to go over my Quickbooks. Waiting on the results of the appraisal to determine a list price.

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