"Paint & Carpet" Flip in Wildwood, FL

"Paint & Carpet" Flip in Wildwood, FL

Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes

It's actually a little more involved than just paint and carpet, but it's the closest to "paint and carpet" that I've encountered in a while.

This house was built in 2006 with 3 bedrooms, 2 baths, and a 2 car garage. We bought it from a private seller (and original owner) who needed to relocate out of the area for a job.

Purchase price was $60,000 plus seller's closing costs.

The plan is to replace the carpet, paint the interior (most importantly remove the wallpaper), and paint the trim and shutters on the exterior (and pressure wash). We'll also have to replace some ceiling fans, light fixtures, etc. and fix some minor issues such as the toilet, closet doors, and attic access door/stairs. Very minor stuff compared to what I'm used to. This is a good thing since the property is almost an hour away from me.

Another interesting thing about this house is that it's located on a street that is being completely repaved and redone thanks to The Villages. While the house is not located in The Villages itself, it is located on the outskirts of an area where the community has recently expanded. If you don't know what The Villages is, just Google it.

Today, I removed the carpet, and loaded up the mattress, swing set, and other wood and concrete debris in the backyard and took it to the landfill. I also changed the locks out and changed the access code on the garage door.

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Real Estate Investor · Destin, FL · Member since 2015 · 131 posts · 64 votes
11y

Wait...so you're going to leave a black sink, black stove and stainless microwave/fridge along with that God awful tile in the kitchen?  Or when you said there were a few more things (other than paint and carpet) those changes were included in the "other things"?

Just wanted to check.  Otherwise I'm WAY over-rehabing if you're selling houses with that kitchen in it.   :)

Looks like a great deal. Would love to see the rest of the numbers (ARV, est. rehab, etc). Best of luck!

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  • Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
    11y

    looks like a nice deal, have any others?

  • Real Estate Investor · Destin, FL · Member since 2015 · 131 posts · 64 votes
    11y

    Wait...so you're going to leave a black sink, black stove and stainless microwave/fridge along with that God awful tile in the kitchen?  Or when you said there were a few more things (other than paint and carpet) those changes were included in the "other things"?

    Just wanted to check.  Otherwise I'm WAY over-rehabing if you're selling houses with that kitchen in it.   :)

    Looks like a great deal. Would love to see the rest of the numbers (ARV, est. rehab, etc). Best of luck!

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    @Anil Samuel 

    Yes! A multifamily buy and hold rental HERE and another flip HERE. That's what I'm working on at the moment.

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    @Travis Hamilton 

    I'm not a fan of the sink or the mismatched appliances either, but everything is clean and in good, working condition. Sometimes it's worth it to redo everything and sometimes it's not. The flip I just mentioned to Anil Samuel above is one where we redid everything. It really just depends on the house, it's location, and the numbers. If the spread is the same for an as-is house as it is for a completely remodeled house, then why would I want to spend the extra time and money? I'd say about half of our flips are minimal rehabs. We fix them enough so that they're clean, safe, and everything works, but nothing extra.

    This Wildwood house will probably sell for around $90,000. I'm not 100% sure of that number because it's in an area I don't know as well. The plan is to have it appraised before listing. The $400 for an appraisal is well worth it to make sure you don't leave money on the table. It's also a great bargaining tool.

    Rehab will probably be around $5,000 or less. We had a property inspection done before we purchased, so I don't anticipate any surprises.

  • Real Estate Investor · Destin, FL · Member since 2015 · 131 posts · 64 votes
    11y

    @Matthew B. - it gets said all over these forums...every market is different.  And if you can sell that house and get your return then I'm not one to argue.

    It makes me think that I really need to be less critical when evaluating rehab costs and finishes.  I would have never even crossed my mind to keep the kitchen that way.  Spending time with a real estate agent looking at the properties that ours will be competing with when finished is probably the surest way to make sure that we aren't overspending.

    You might have just saved me a few thousand on the next project!  You can expect your check in the next 120 days or so :)

  • Real Estate Investor · Alexandria, VA · Member since 2014 · 36 posts · 12 votes
    11y

    I'm shocked that a house built in 2006 would have these kinds of interiors.

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    @Travis Hamilton 

    Let me know how it turns out! I always check out fully rehabbed comps and as-is comps just to see. You don't want to do any more work than you have to. 

    @Raechelle Carroll 

    You and me both!

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    Paint is done! Now waiting on carpet.

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    Rehab is complete. Just listed it for $149,900 but waiting on the appraisal to get an exact price.

  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    11y

    Good luck!  Although I'm with @Travis Hamilton with regard to the kitchen.  If any of your prospects give you good comments on it, will you share that please?

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    Appraised at $130,000.00

  • Real Estate Investor · Destin, FL · Member since 2015 · 131 posts · 64 votes
    11y

    @Matthew B. - Good luck with the place!  Hopefully, you'll get your number.

    Just out of curiosity, how much money did you end up putting into the place?   

    Weirdly enough, I was just in a house in Pensacola, FL where the previous home owner had put that same exact tile that's in your kitchen in their GARAGE, surrounding a little parquet dance-floor looking thing.  Must have been a hell of deal going on for that tile at some point 20 years ago!

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    @Travis Hamilton

    Right about $10,000 including back property taxes, etc. The tile doesn't look quite as bad now that the maroon carpet is gone and the walls are painted.

  • Rental Property Investor · Glendale, CA · Member since 2013 · 685 posts · 334 votes
    11y

    Overall, I like how the end product looks.

    The only area I would reconsider is the kitchen. Maybe I'm being over analytical, but I would, at the very least, match the appliances in color.

    I would sell the microwave and fridge, and replace them with black ones, just to give the kitchen some uniform. 

    But this should all be dictated by your market. Some areas have strong markets and properties are sold in a matter of days. While others require an investor to stage the house in hopes of a sale within 60 - 90 days.

    Nevertheless, good luck!

  • Lutz, FL · Member since 2015 · 19 posts · 4 votes
    11y

    Great job! I hope you get your numbers. 

    How did you find the seller? 

  • Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    11y

    $130k, congrats!

    Paint and carpet flips are the BEST.  I would recommend changing the appliances as well so that they match in color.  You can sell the mismatched appliances thru craigslist or offerup, which should help cover some of the costs to replace appliances.

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    @Sid Liso

    The seller found me through my website. I went back and forth with her via email for almost a year before she decided to sell.

  • Investor · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y

    Update:

    This property is currently under contract for full price. I'm hoping the bank appraisal comes back similar to ours.

  • Realtor · Gallatin, TN · Member since 2009 · 292 posts · 164 votes
    11y
    Originally posted by @Matthew B.:

    Update:

    This property is currently under contract for full price. I'm hoping the bank appraisal comes back similar to ours.

    Nice Job!  This rehab has given me lots to think about as far as finishes are concerned.  I tend to "over-do-it" a bit ... 

  • Investor · Carmel, IN · Member since 2014 · 332 posts · 245 votes
    11y

    Very nice job, Matthew.  Congratulations!

  • Residential Real Estate Agent · Orlando, FL · Member since 2015 · 139 posts · 106 votes
    11y

    That's just how the market is here in Central Florida.  You can get a lot for your money and type of rehab necessary to sell at full market value is not as intense as in other markets.  My out of state investors are shocked everyday with the type of properties and the purchase price that goes along with them.  I don't think you're going to have any problems moving that property.  Best of Luck!

  • Investor · Orlando, FL · Member since 2012 · 822 posts · 303 votes
    11y

     I wish I could do one of these every day! 

  • Rental Property Investor · Woodbridge, VA · Member since 2014 · 249 posts · 81 votes
    11y

    Well done - thank you for sharing.  

  • Investor · Marina Del Rey, CA · Member since 2015 · 297 posts · 87 votes
    11y

    @Matthew B. how much did the entire rehab cost?

  • Mother/ Administartor for Acropolis Fencing · Christchurch, Canterbury · Member since 2015 · 102 posts · 34 votes
    11y
    That us such a sweet deal!...seriously if I were to purchase something like that in Christchurch NZ u wud bd looking at $300,000 plus! Look forward to seeing it's makeover All the best
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