We closed yesterday on the purchase of our flip house here in NC. I hope to document to progress throughout the event. Our goal is a 4 week turnaround.
Purchase Price $67.5k, (approved short sale)
ARV $135k. Comps in the area support this.
$25k in materials and labor
Monthly holding costs: $557(int payments, taxes, utilities, insurance)
House info as purchased:
House built in 1971 - Solid B neighborhood - Great Schools
2081 sq ft
4 Bed, 2.5 Bath
Work to be performed:
New cabinets and counter tops
Laminate downstairs and carpet upstairs
New light and plumbing fixtures(tubs staying)
New water heater
Paneling removed from den and replaced with sheetrock
Window removed from eat in kitchen and replaced with slider to access the back yard
Small deck built off of slider
And obviously paint throughout.
We will probably price it under market value and hope to sell it quickly(30-60 days) at $125k which would give us a profit(after commissions, closing costs, and carrying costs) of $22k-$23k. We financed the property through a credit line with our local bank(who financed all our rentals), 5% interest rate.
Below are a few pics and I hope to update the pics as work gets completed(which is starting today)
I look forward to hearing everyone's feedback as this is our first flip!
@William Byrd Sorry you couldn't make it out today, but hopefully in the near future you can come check it out!
@Bill Sargeson excited to follow along. Will message you for the location if you don't mind.
Looks like a great project! Tight profit margin so be careful not to slide. Good luck, look forward to seeing the finished product!
Absolutely. I'm looking forward to it and hoping someone lets me get my hands dirty. I think you could use some aerial photos for your before and after???
Good luck Bill. I look forward to following along with your flip diary.
Sorry for the delay in updating the progress. I was actually on vacation and out of town for the 1st week of work(thank goodness everything went ok).
Demo has been completed, all the old carpet, vinyl, cabinets, paneling in den, toilets and vanities were torn out and filled up a 30 yard dumpster.
I have never seen this before but in all the upstairs bedrooms the HVAC vents were in the middle of the room(ceiling). We want to put ceiling fans in every bedroom, so we relocated the vents to side of each room and we are putting ceiling boxes put in the center of the rooms.
We also opened up two walls, one in the master bath, and one going from the dining room into the kitchen.
All the ceilings upstairs have been re-textured.
All the bedroom walls have been painted as well as the living room downstairs.
The upstairs hall bathroom had tile on the walls that was pulled out during demo and we are in the middle of replacing the sheetrock there.
Our goal for this week is:
1- Putting the upstairs bathrooms back together, new vanities, new toilets...etc.
2- Framing in the new openings that we created.
3- New sheetrock and insualtion in the den.
4- Finish trim painting upstairs
5-Painting the rest of downstairs
6-Finishing a downstairs coat closet(currently not sheetrocked).
The 1st pic is the den, it was taken before all the paneling was removed
The 2nd pic is the kitchen, the soffit in the pic is now gone
The 3rd pic is the downstairs living room and dining room(that light fixture is going)
The last 2 pics are two of the four bedrooms upstairs.
@Bill Sargeson wow, great progress in a week
Well, how did it all go?
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