"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 · Howey in the Hills, FL · Member since 2013 · 376 posts · 114 votes
    11y
    Originally posted by @Carrie Giordano:

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

     $10,333.65

    We close in about 10 days.

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

    @Matthew B. that great! Thanks for sharing.

  • Karen MargraveBusiness Member
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    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    11y

    Wow, the outside totally doesn't reflect the ugliness inside. It would seem that new appliances, cabinets, countertops would go a long way towards increasing value or rents, you sure wouldn't get away with that look here. I can't believe someone put all that together in one house. 

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

    Just closed yesterday.

    Net Income: $49,328.04

  • Realtor/Investor · Ft Lauderdale/ Miami Florida · Member since 2015 · 311 posts · 104 votes
    11y

    This  whole deal was awesome. Thanks for Sharing as it progressed!

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