Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
Below are some before pics of my latest rehab. It's a 2 bed/1 bath 800 sq ft home in Charlotte, NC in a great area. I love these older homes and trendy neighborhoods.
Like so many others have said... nice job! I have a few questions I hope you can answer.
Going into this project, did you have a higher ARV and undercut the market a little to get it sold so fast? As you said, you had back-up offers coming in that were higher than the original offer... that leads me to believe that this was a "steal" for this neighborhood at $81k. My question is, how much did you under-cut the market, if at all?
Also, how far over the standard did you upgrade this house? I am looking at some flips that will sell for around the same price, but some of the upgrades you put in this house would be way too much for the neighborhoods I am looking at. I have read in the past (I think from J Scott) that it's a good idea to add 1 "flair" item. Maybe granite, or wood floors in the dining.. etc. Did you overkill the upgrades on this one to move it so fast, or are all those upgrades fairly standard for that area?
I have avoided houses this small like the plauge. If you don't mind, do you know what type of person bought it? I have heard single mothers are in the market for smaller homes.
Don
you guys are too much...seriously, do none of yall work during the day??? :) i'll upload the after pics later tonight hopefully, and spill the beans a bit on some of the numbers..
alright..sorry for the wait guys..there's the after pics! hope you like it...as far as numbers,
purchased for 35,500
sold for 81,000 with no concessions
as far as rehab numbers, that'll remain a mystery, although i will say i'm happpy with the numbers :)
thanks for the positive feedback guys...to answer yall's questions:
anson: the appliances were 3 months old bought on craigslist from a guy losing his 300,000 condo to the bank...offered him 1,000 cash for all of them, and he took it and ran! i agree with your idea of the tile for the shower...not sure if you can tell but that is subway tiles offset...the photographer does a great job, but for some reason the bathroom pics came out terrible...sorry! i didn't do the tile all the way up, bc i knew i was listing this house at 89k, and so it didn't need all the features..just a few...granite, prewired for flat screen tv, custom tile on the kitchen floor, etc was enough for this price point i figured..but i do agree, tile all the way up looks bangin!!
jasmine: the rehab took 5 weeks...i had an offer the 3rd week on the market (that's dealing with christmas, new year's, and the snowstorms)...while under contract for the full month, i received 4 back up offers..all higher than the original offer...owell
Congrat Bryan,
So glad that you didn't keep that green bathroom yikes. Hopefully soon I'll be able to post my first pictures. Looking forward to seeing your next rehab pics.
yes, it was a fannie mae REO with a 3 month deed restriction...i was busy rehabbing a duplex around the same time, so i didn't start the rehab for about a month after i closed on it
I really like the border in the kitchen floors. We have an "artsy" area in Little Rock too. I ain't artsy, so I don't know much about the area.
Great story and photos. Thanks for sharing.
Don