Flipper/Rehabber · Easton, PA · Member since 2013 · 224 posts · 36 votes
This was our first fix and flip gut rehab- were we nuts?- YES! It was our " education project" and boy did we learn a lot! Would we do it again? Perhaps.... since we are developing better systems and know how the numbers should look. Would we recommend it to someone just starting out? Probably not.....it was an immense project for us newbies! We had a contract on it a month before completion and sold in September. In the end it worked out ok:
@Jessica H., awesome! Wish my house looked that nice, haha. Given the extent of work, how long did the rehab take and did you use a general contractor? Those are some pretty great results given it was your first flip.
I believe the flooring was an elm laminate 10-12mm from lumber liquidators. The rehab took a good 6-7 months, my husband acted as the GC and did a lot of work himself= education lesson #1: Don't do the work yourself!
Wall color was Ben Moore Revere Pewter, a nice gray.
@Justin Owens we had a lot of unexpected extras pop up. We really underestimated what a big project we were really getting into. I would say the biggest areas we did not properly account for were the extent of the demo/cost of removal - all the plaster and lathe was taken out. The dirt basement was quite expensive pouring concrete floor and step wall. We also had to reconfigure the inside as well as removed 3 walls which took a decent amount of framing. Ironically, we originally estimated approx 30k profit, and we did go over budget by about 35k, but we were able to sell it for more than we thought originally. Partly because we were very conservative on our ARV, comps went up by the time finished, and it was practically a new home except for the studs( which places were built much more solidly back in 1870 anyway. ; ) It is in a very desirable area of Easton yet not many homes were as updated as we did this one which made it very attractive.
I have revere pewter in my house. Great color! Agree on trying to step back more and pay for labor. I was extensively involved in my current project, & it took me away from finding my next deal & selling real estate in general.
Very nice and congrats. I like view before and after photos, it almost like art. I would have like to see more before pictures though. It gives me the courage to tackle any renovation for the right price of course.
Nice job! It's nice to see a husband and wife work together and do a flip. Are you planning to do another flip? If yes, would you consider doing it on Periscope - Twitter? It would be nice to see a live stream of your next property inspection and then a live stream of the final completion. Just a thought.