Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
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?
Looking great. A quick tip for the dump trailer...a few 2x4's and a couple of sheets of osb ripped in half added to the trailer will double your capacity and cut your trips to the landfill in half. I added to mine a few years ago. Best $50 I've spent. Great job on the rehab and documenting with pics.
Very nicely done! Excellent indeed! Seeing results always keeps the juices flowing and attitude/motivation to do the same hi! All the best with resale!
Great job! I noticed your initial rehab estimate was $20K-$30K, but your rehab/holding ended up being $42K...what ended up costing more? At least your appraisal came out higher than you originally thought. Good luck with the sale!
@Matthew B. - thanks for sharing your story and the pics. The place looks amazing! To be fair, I thought the demo pics looked amazing compared to what you had when you bought it. Hah! Congratulations and I hope you get your asking price.
To be honest, the original estimate was just a ballpark figure off the top of my head. We ended up doing a bit more than I had thought. The sod and the pool resurfacing were not planned. I also did not realize we would be completely redoing the master bathroom, but after we got in there it was evident it needed to be done.
We've had at least one showing per day for the past several weeks resulting in 3 offers. We countered on each of the offers and the buyers were unwilling to negotiate and walked away. The real estate agents are amazed because this is one of the only sub-$200k pool homes in the area.
We had a full price contract, but one of the buyers lost their job and subsequently lost their financing. The property is now back on the market for $189,900, just under appraisal.
Looking great. A quick tip for the dump trailer...a few 2x4's and a couple of sheets of osb ripped in half added to the trailer will double your capacity and cut your trips to the landfill in half. I added to mine a few years ago. Best $50 I've spent. Great job on the rehab and documenting with pics.
Looking great. A quick tip for the dump trailer...a few 2x4's and a couple of sheets of osb ripped in half added to the trailer will double your capacity and cut your trips to the landfill in half. I added to mine a few years ago. Best $50 I've spent. Great job on the rehab and documenting with pics.
I've been meaning to do that for a while now, but I haven't gotten around to it. Now that you've reminded me it's going on my to-do list. Thanks!