North Richland Hills Fix and Flip
Hello all,
I closed on a house on June 6, 2016 and we are now in the final stages of getting the house on the market, so I will be posting the after pictures soon.
Here were the initial numbers on the house.
3 Bedroom / 2 Bathroom / 2 Car Garage
1,680 square feet
ARV: 160,000 (This is what the subject to appraisal was)
Rehab: 25,000
Purchase: 91,000
This was an area that did not have a whole lot of good comparable homes so it was a difficult to put an ARV on the house. The rehab was done by a GC that I have used in the past, and I hired my mom to do the design. The design on the last house I did did not turn out the way I wanted it, so I thought bringing in a women's touch would help out!
The house did not need any major repairs so that helped out but we did run into issues with the contractor in getting the detailed designer touches completed correctly. We expected these issues to come up since it is tough to show them exactly what we wanted. In the end it turned out really nice, and now we will be on the same page the next deal that we get.
Some things my mom brought to the table as a designer was keeping some items that I normally would have replaced (appliances, tile in kitchen and baths, doors) and moved that money to things that would give the house character (trim above doors, trimming out the doors instead of replacing, opening up a walkthrough, instead of blowing out wall). We did go over budget a little but hopefully will get that back. As a new investor myself I think this has been my best decision yet. The amount of character she brought to the home is something I never would have some close to doing, and she pretty much stayed in the same budget I would have!!!