Possible Inglewood Flip...

5 Replies

Hey BP,

My Wife and I are thinking of selling our property in Inglewood, CA

its a SFR

3bed + 1bath

1,015 sqft and 

6,747 sqft lot size

built in 1942.

Last August it appraised for $365k...AS IS! Selling it for that price would generate a profit but I think we could get more if we fixed it up first. By adding an additional bathroom to the master and upgrading the existing bathroom, interior/exterior paint, upgrading the landscaping, the property should sell for more. Selling this property would generate capital to fund future REI's.

Issues: NO Capital, NO experience, NO Idea of cost!

I'm hoping to get some wisdom/guidance from the network.  I'm certain you know more about fixing and flipping than we do.

Sounds, like you have a great possible opportunity to increase your profit on this investment.  A bathroom will usually cost between 15k-25k depending if you hire a contractor. Some of the work you could possibly do your self and the most bang for your buck will come from sweat equity.  You however will need to check with the city if you can add a bathroom, and you would start building a plan for what the bathroom will look like framing, materials and so on.  After creating the plan it is just a matter of completing it creating a timeline, and evaluate what work you are comfortable doing and what you are not. I would also recommend going to other open houses in your neighborhood to see what others are doing and what the price of those houses are for sale for. It will give you a better of idea of what work and materials you may need to use to increase the value of your home.  

Originally posted by @Jonathan Wilks:

Sounds, like you have a great possible opportunity to increase your profit on this investment.  A bathroom will usually cost between 15k-25k depending if you hire a contractor. Some of the work you could possibly do your self and the most bang for your buck will come from sweat equity.  You however will need to check with the city if you can add a bathroom, and you would start building a plan for what the bathroom will look like framing, materials and so on.  After creating the plan it is just a matter of completing it creating a timeline, and evaluate what work you are comfortable doing and what you are not. I would also recommend going to other open houses in your neighborhood to see what others are doing and what the price of those houses are for sale for. It will give you a better of idea of what work and materials you may need to use to increase the value of your home.  

 Thanks for the info Johnathan.  I will put it to use. 

Adding additional square footage to a flip is a time consuming and costly option best left to someone with construction experience. While I don't know what the current condition of your home is, it may be possible to add value by upgrading the kitchen and existing bathroom.

I generally spend about $25,000 on a flip that includes painting interior and exterior, new kitchen and bath, upgrades to the plumbing and electrical and new windows. If you only need minor upgrades and not a full renovation of the bath and kitchen your costs will be substantially less.

I'm wrapping up a project in the next week and would be happy to meet with you when I'm finished and give you some direction if you would like.

That sounds great Richard.  Let's talk further. 

Adding additional square footage to a flip is a time consuming and costly option best left to someone with construction experience. While I don't know what the current condition of your home is, it may be possible to add value by upgrading the kitchen and existing bathroom.

I generally spend about $25,000 on a flip that includes painting interior and exterior, new kitchen and bath, upgrades to the plumbing and electrical and new windows. If you only need minor upgrades and not a full renovation of the bath and kitchen your costs will be substantially less.

I'm wrapping up a project in the next week and would be happy to meet with you when I'm finished and give you some direction if you would like.

Anthony you can reach me at 562-964-7731 if you would like to meet. Call or text.

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