Flip #2

49 Replies

Just closed on my second Fix and Flip property.  This one is an all cash transaction that took 3 weeks from first walk-through to closing.  It is an 800 Sq/Ft 2 BR 1BA that needs some work in Cuyahoga Falls, OH.  I will update kitchen, bathroom and floors.  It needs new siding, gutters and windows.  There is also an unfinished second story that I plan on turning into a nice Master suite with a full bath and walk in closet.  The added square footage and full bath will really turn this into a winner.  Meeting with the contractor tonight to finalize things and will get started immediately.  Plan is to have it ready to go and on the market 4/1.

I'm very excited for this one.  My goal is to get 3 done this year so I need to get cracking.  

Congratulations Martin! It sounds like you're well on your way. This business is like a marathon and once you build your rhythm, it's hard to stop!

Best of luck with this one!

So now that the gas, electric and water have been turned on, the demo can start.  I don't blame my contractors for not wanting to work in these frigid temperatures with no heat in the house.  It seemed colder in the house over the weekend than outside.  Demo on this project is not too bad.  There is carpet that needs to pulled up, some paneling to come off the walls and kitchen cabinets to be removed.  I would expect all of this to be done in a couple of days.  

After that the real fun begins.  I think we have great plans for this house and it should be a winner.  Everything we've seen so far shows that we should have no issue with the 4/1 completion date.  I will need a little break in the weather so I can do some outdoor painting though.  

Looking forward to following along @Martin Peter . Good luck with the project.

Good luck @Martin Peter  .  I used to live in Stow and have some friends that live in Cuyahoga Falls still.

Post some pics!

Congrats! I couldn't imagine trying to project my rehab schedule based on the type of weather you guys have been having up North.. Heck, we get salty here when it rains for a few days and we get throwed off!

I'm curious to know what your budget is for what you have described on this property as it sounds in scope, very similar to a project I am reviewing at this time, in Houston albeit. 

@Tyron McDaniel my budget is 35k for the rehab.  It may not be the best price I can find but I am very happy with the work that my contractor did on the last house and he is GC the project as well, I only have one person to get after on this project unlike the last time.  

@Tim G. Here are some pictures.

This is the upstairs I'm going to finish with the master bedroom and bathroom.

Kitchen

Well my tagging didn't seem to work.  I'm not getting a list of names after the @ symbol.  

Here are a few more pics.  The bathroom.  The second picture show what appears to be where they just pulled the light out of the ceiling:

Downstairs bedrooms:

Congrats and good luck. Looking forward to seeing the progress.

Good Luck @Martin Peter  I'm looking forward to updates!

How did you find this house?

Kurt K. This one I got off the mls actually. I tried to get offers in on two other Cuyahoga Falls houses this week. Both were listed on the mls as active and both were under contract.

There are still good deals to be had in the market. You just have to be ready to act quickly.

@Martin Peter   Your $35k repair budget sounds very low for doing what you describe...especially the part about converting the upstairs space to a master suite. 

 Good luck with it though; I hope it works out for you. 

Saw the pictures. Looks nice. Good luck on it!

Great find!

@Account Closed  there has been an increase in the budget.  Everything should be completed for under $40k.  Things are moving along.  I'm hoping to take some progress pictures today and will get them posted. 

Thought I post a couple progress pictures:

Enclosing the furnace and hot water tank.  Stackable washer and dryer will go to right.

Pass through added from kitchen to family room and new drywall is up.

The pass through from the family room looking into kitchen.

New windows should be in next week.  With the little warm up I'm hoping to get a good look at the yard in the next few days.  That is the one thing I have no real idea on yet.  Things are coming along though and I think we should have no problem with the time line.  

So over the past few days even a week, we have had a thaw in NEO and I've finally gotten a good look at the yard on this house.  It is a bit of a mess.  I need to tear up about a 400 sq ft concrete pad, there is no salvaging it.  I also have to figure out what I can do to the driveway, it's broken up concrete too.  

On the plus side, the windows are in, the framing is done and most of the drywall is up in the upstairs master suite I am having built out.  Siding should be going on tomorrow, plumbers will be out this week to finish all the plumbing.  I'm still feeling very good about 4/1.

Backyard pictures:

@Shakara Pittman I am aware that there are only a few more days before the 1st.  I'm still hopeful that the house will be ready to go.  I have had some issues with the plumber and that has been a bit of a hold up.  However, I expect a lot of work to get done today and tomorrow.  I will have some new pictures to go up over the weekend. 

Thanks to those of you who are following and keeping me on my toes.  I think I have number 3 lined up and could be ready to go right after #2 wraps up. 

So we have come to April 1st and things aren't done.  I don't think my timeline was too aggressive there were some problems getting the plumber to the job site.  The GC and I have a walk through scheduled for tomorrow.  At the beginning of the week he thought they'd be all done by then.  I don't think that will happen either.  I think they are going to need the rest of the weekend.  The extra week is not really an issue on my end, my holding costs are minimal and I am not missing out on a prime selling season.  Things can't continue to draw out though, if they do there could be opportunity costs since the cash is tied up.  

I will post some new pictures after the walk through on Thursday.  

Interested in your update. Good luck with everything

yes i would love to see how the upstairs suite came out... good luck

We are a week late now and probably still have a couple more days to go.  Tile has finally gone up in the bathrooms.  Here are a couple of pictures:

Even though it was an unexpected expense, I am really happy with how the driveway turned out. 

Today there should be stone going up on the front of the house.  Painting all over, carpet in the back bedrooms and vanities in the bathrooms should all go in today.  Thursday new garage door and garage trimmed out as well as finishing up the master suite. 

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