Houston, TX · Member since 2013 · 481 posts · 189 votes
I feel guilty of not being very active on Bp lately. so this post will hopefully motivate me to become more active in the forum
I recently bought an old house that will need lot of clean up and work. i paid 78k including closing cost for this and arv is around 125k. Let see if i can pull out a profit on this to post it in the success story forum.
Have anyone here ever work with an awkward old floor plan like this? Do i need to replace the tile roof as well? Can I power wash it? I never work with tile roof before. It also have an awkward master bath with the tub in the middle with no shower
Here are some pictures. any suggestion is welcome! I will post more picture and video as the project progress
Rental Property Investor · Houston, TX · Member since 2013 · 79 posts · 20 votes
11y
Hi Huy,
Good job on the post. Hope everything works out with the flip if not refinance(if possible) and rent it. I'm an investor in the Houston area and fully understand that good deals are extremely hard to find. Keep us updated on the project and let me know if I can help with anything.
I looked at this property and seriously considered making it my first flip, but I had enough on my plate and the numbers were tight. Really curious to see how it turns out. I hope the lot next door and the proximity to the park do not make it too difficult to sell. The floor downstairs and the master bath layout made this a very unique property. I hope it turns out well for you.
You are right on the spot Doug. If i don't consider the 2nd option of owning this one as a rental, I wouldn't pull the trigger either. There is lot of risk when you rehab older house, never actually know that you will face until you start the work.
Investor · Woodstown, NJ · Member since 2014 · 123 posts · 43 votes
11y
@Huy N. I really appreciate you creating this thread. As long as you keep your positive attitude you I think you will find continued success, its all about the silver linings.
This thread serves as a great resource for investors as well as fantastic entertainment. I think the idea of buy and hold as a secondary exit strategy makes this deal much more forgiving.
Houston, TX · Member since 2013 · 481 posts · 189 votes
11y
@Andres Jaramillo ,
we r looking to get it on the market in the next 2 weeks. Everything is almost finish but there is a back order on the vintage bath tub. unlucky me. The tub set back the whole project for one week. I don't think i can do an open house with out a tub in the master bath.
@Jon Lafferty ,
I have a commercial credit line with a local bank. using my rentals as collateral. Let me know if you need reference
Here is the picture for today. Siding repair is done. cost me 800$ in material alone...
Queens NY, NY · Member since 2013 · 467 posts · 107 votes
11y
@Huy N....love the pics, project and the info provided. The numbers are quite tight but i guess as a back you plan you can hold it as a rental. I like how you are building a relationship with your contractor and his team.
Frederick, MD · Member since 2014 · 23 posts · 3 votes
11y
Wow! Nice job. I'm amazed a 2000 sq ft house that looks so unique will sell for so little - but I'm used to DC prices anyways.
I, and I think a lot of others, are really really interested in seeing your cost list. When do you think you could have it up? I'm particularly curious because I just finished my first flip on a similar old house and just listed it - and boy oh BOY did we spend a lot more than what we thought. 40k turned into 60k pretty easily.
Flipper/Rehabber · Elkhart, IN · Member since 2014 · 197 posts · 41 votes
11y
Great thread. I think turning for a low profit isn't a bad thing, but a tight budget from the start would be concerning if you didn't have a hold in the plans also. Keep us posted
Yea, This house is very unique. I am hoping to sell it for more that i anticipated. There are already plenty people came and ask when it this for sale or lease already. I'm not even advertise yet.
Thanks @Terri Lewis I'm planing for an open house this weekend. Let see how it will turn out.
Houston, TX · Member since 2013 · 481 posts · 189 votes
11y
So the house is supposed to be on the market today already. However, the vendor vintagetub.com backordered me on the supply line TWO time, 1st they told me it will be in last week. THIS MORNING, they told me it will be in NEXT week.
Since the vintage tub will be the main selling point of the house. I can't list the house up with out the tub completed. Their mistake is costing me one week of holding cost and they refused to give me discount. The tub itself also arrived damaged and my contractor had to repair it since there is no time to ship back and get replacement. they will get a one star review on Google very soon
Lesson learned again unfortunately: cheap is not always the best, and you WILL get what you pay for. I should have gone with a local vintage tub vendor and pay 600$ extra and have showing today already.
Houston, TX · Member since 2013 · 481 posts · 189 votes
11y
I just talk with my Contractor this morning, he hasn't have time to calculate the bill yet, but Sum up everything i think i will spend about $34000 Total for the house. that's everything including gas, lunch on weekend for the guys, etc.... That's 9000$ over what i estimated.
This is actually a 40 years old house. it's not so new. If i sell this for 125k i will i will get 10000$ out of it the most. I might just keep this as a rental.
Houston, TX · Member since 2013 · 23 posts · 5 votes
11y
Hi Huy,
I have similar numbers to yours. My first flip now turned rental (just have it contracted for $1350/mo this Nov 1) is a 40 yo house, 1562 sqft. New lifetime roof, new tile flooring, brand new kitchen & baths (all with granite counters), new insulation, new paint, plus some other minor touches (siding, garage doors, landscaping, etc). Cost me 34.5K (could have been lower, about 3-4K is my mistake as first time rehabber).
Houston, TX · Member since 2013 · 481 posts · 189 votes
11y
Good to hear that @Vivian D. I will try my best to sell it though. i'm going over there now to make sure everything is complete before hitting the submit button on the MLS...
Investor · Houston, TX · Member since 2013 · 3 posts · 0 votes
11y
@Huy, I am very new to the site and I love what you doing to the place! I wanted to ask if you had a good granite guy in Houston? I have been calling around on Craigslist and they have giving me $40 per sqft installed... Does anybody know of better pricing than that in houston?
Here is some bonus picture that is not on the listing. I am having grief with this bathtub. Installing a vintage bathtub is not an easy thing to do...you have to redo the plumbing beneath and that is a nightmare. I don't think I or my contractor want to mess with it again.
The moment i put the yard down i have two showing already. they all sold on the tub..i hope it will pay off..