Latest Rehab Purchase

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Latest Rehab Purchase

Griffin F.
Wolcott, CT · Member since 2013 · 139 posts · 49 votes

This is our latest rehab purchase. We closed on it this past Monday (8/24/15). Over the past week we have been buying material and hiring all the trades we need. Work gets started tomorrow (8/31/15)!

We will be using:

  • Contractor 
  • Roofer
  • Carpet Installer
  • Painter

  It is a 3 bed / 2 bath @ 1,645 square feet. The property is located in Middletown, CT. The property is in great shape and it will be a quick rehab! We are shooting to hustle and bustle and finish it up by mid-September. 

Purchase: $143,000

Rehab: $30,000

ARV: $230,000

I made a little video of the property. I plan to do more of them throughout the process. (I am uploading it soon)****

The Exterior:

The roof is getting redone tomorrow, Monday 8/31/15. 

The exterior is getting a paint job this week.

New Front door will be put in.

New Landscaping

New lights

New mailbox

The Kitchen:

We will be adding new stainless dishwasher and microwave, a backsplash, new lighting, white trim, and new wall paint. Also, will be changing the faucet.

Overall, it is in good condition - just needs some sprucing up!

New refrigerator - stainless to match (seen in video)

New backsplash

New lighting

There is some drywall to be repaired - but, nothing major. Trim will be painted white, new wall paint, railings will be painted white. New lighting

We are going to paint the fireplace a bit darker to match the new wall paint. 

We will be putting new carpet in. White trim/railings. New lighting.

2Reply
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  • KIMARD EGLETON
    Rental Property Investor · Louisville KY · Member since 2013 · 84 posts · 11 votes
    10y

    What is the advantages only using subs vs general contractor? 

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    @KIMARD EGLETON I find there is more ability to manage the project. Management is definitely a skill to acquire - as maximizing efficiency dealing with people and time is always a challenge. 

    But, if you have a great relationship with a G.C. who you are confident can get a project done with quality and in a timely manner - test it. Further, as you scale and do more houses, it can become more practical to use a G.C.

    Either option works. Audit how you plan to scale your business and where you want to spend your time. For some, managing is practical and for some it isn't.

    I think in the beginning there is massive value in self-managing and using subs. I know I have learn a tremendous amount. All of which I can take with me to the next project and do better management.

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    More pictures!

    Twilight Shots:

    2Reply
  • Clayton P.
    Landlord, Wholesaler and Agent · Newton, NJ · Member since 2013 · 97 posts · 46 votes
    10y

    wow man. looks great

    0Reply
  • David A.
    CT · Member since 2014 · 54 posts · 18 votes
    10y

    Wow, came out great - and I checked out the videos on your YouTube, you should do that with your next flip, was great being able to watch some individual projects!

    Make sure you update us when it's sold!

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    Thanks! @Clayton P.

    @David A. Thanks!  I definitely plan to....as I get a hang of making content!

    Hopefully, I'll have a sold update sooner than later!

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    UPDATE:

    I'm happy to say, over the weekend I excepted a full price offer of $229,000 and this property is under contract!

    I bought this house exactly 7 weeks ago, on August 24th. I'm expecting it to close in about 5 weeks. Exciting to be wrapping up this one!

    2Reply
  • Account Closed
    Bridgeport, CT · Member since 2016 · 6 posts · 1 vote
    10y

    Good job man. 

    0Reply
  • Cody Barrett
    Phoenix, AZ · Member since 2015 · 345 posts · 138 votes
    10y

    Wow phenomenal work!! How many properties did you flip before your calculations/analysis were on point for consistent revenues from flipping? I am learning about buy and hold through the BRRRR strategy but flipping would be a neat addition to the revenue stream.

    Great job again! 

    0Reply
  • Bryan Potts
    Adamstown, MD · Member since 2013 · 52 posts · 24 votes
    10y

    This looks amazing, great job @Griffin F.! I really love looking at before/after transformations, and this is well done!

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    Thanks! @Bryan Potts 

    0Reply
  • Shaun Skeffington
    Investor · Chesterton, IN · Member since 2016 · 28 posts · 2 votes
    10y

    Great Job!! Did you hire someone to stage it for you?

    0Reply
  • Luc Boiron
    Specialist · Toronto, Ontario · Member since 2016 · 564 posts · 425 votes
    10y
    Originally posted by @Griffin F.:

    UPDATE:

    I'm happy to say, over the weekend I excepted a full price offer of $229,000 and this property is under contract!

    I bought this house exactly 7 weeks ago, on August 24th. I'm expecting it to close in about 5 weeks. Exciting to be wrapping up this one!

     I'd love to see a breakdown of where your $30k rehab budget went. How much was painting the exterior? How much was the roof?

    The twilight shots are amazing!

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    @Account Closed Thanks! Yes, I did hire a stager. I certainly feel as though it is worth it.

    0Reply
  • Griffin F.
    OP
    Wolcott, CT · Member since 2013 · 139 posts · 49 votes
    10y

    @Luc Boiron

    Here is roughly what the breakdown looked like:

    Roof: $8,000

    Exterior Paint: $3500

    Interior Paint: $3500

    Carpet: $3000

    2 Bathroom remodels: $6000

    Appliances: $2000

    Oil Tank + piping work: $2000

    Misc (Landscaping, Staging, Utilities, Lighting, Hardware...) - $2000

    0Reply
  • Luc Boiron
    Specialist · Toronto, Ontario · Member since 2016 · 564 posts · 425 votes
    10y

    @Griffin F. That's amazing. I feel like I could never get two bathrooms done for $6,000. Great numbers, and it looks like you stayed on budget.

    0Reply
  • Brian Pulaski
    Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    Great project! Good to see a local flip go well. I've looked at homes in Middletown, but haven't purchased in town yet.

    Who do you use for staging? I staged my last flip myself due to costs. Also if you have any quality subs you wouldn't mind sharing I am always looking for good local guys.

    0Reply
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