Do It Yourself
With this post I hope to inspire some of you to take on that project and also I hope to help anyone out there that might be struggling with their current flip, to use me as a resource. Not sure where to turn, stuck because of an unknown issue? Feel free to reach out!
This Flip is actually out of the ordinary, I will state that the work took 2 months of staging, and a heck of a lot of sweat! I believe by self preforming you can save thousands!
This flip was actually a business. I was looking for a Salon that my fiancé could buy and run as her own. We found this deal. 15K was the asking price. This place was barely breaking even each month. It was very outdated and needed some love. After we closed on the deal, we went in got some measurements, took pics, met with the girls that currently worked there and got a plan in mind.
The salon was running itself, so for 2 months we stained wood, built benches and seating, put all of the old equipment up for sale. Drove all over the state to gather supplies. Hand cut over 250 ceiling tiles. Picked up items from the free section on CL and turned them into beautiful pieces. We scheduled the shutdown, and got the proper permits. Our timeline was only 5 days!
Day 1, the buyers picked up all of the old equipment and we used the cash for emergencies. Started demoing the floor, the person before used an epoxy set, it was not coming up! First major problem! With a tight schedule we rented some massive jackhammers and got the floor up that night. Painted the ceiling, installed the new ceiling tiles, massive drywall work, we ended up pouring 87 bags of self leveler to create a new subfloor which we later sealed. Installed all of our prepped items mirrors, vanities, everything we had worked on for the past 2 months! We met the 5 day deadline!
For materials alone we spent $5200-(+ our $2900 floor that was unexpected) so $8100 for supplies and tool rentals. We also sold the old equipment and products for 3K.
We purchased the salon for 15K. The stylist paid the bills and we broke even for the 4 months we owned it. Total investment $23,100! We later listed the salon and sold it for $120K.Now I know the hours added up, 3 of my closest friends came to help meet the 5 day deadline, and for 2 1/2 months of focusing our time to this place we still grossed 80K. If I didn't have my construction background this easily would have been a 30K flip. So moral of the story, do not be afraid to get your hands dirty, Learn a new skill, if you can do the work or save yourself 2-3k, when starting out that's huge! Good luck to you, and keep my email handy!