All Forum Posts by: Shannon S.

Great. 

@Peter Morrissey one more thing, having the tub pro painted is really not expensive, at least in my area.  I have a guy who does it for $300 or less, just a tub would probably be $250.   It needs to be able to fully cure- meaning don't let your contractors come in and start dropping crap in it etc because it will chip- but if you give it two weeks to fully cure and keep it protected, it will last a long time.  IDK about the do it yourself kits...I've heard mixed reviews about them. 

@Peter Morrissey- my suggestions are actually pretty budget friendly.   Definitely agree that you should replace toilet and sink (w/vanity)- there is a great 24" vanity on Wayfair I have bought several times for around $235-$250 that is really well made, easy to plumb, attractive and has a durable top. PM me and I can send a link.  Most of the 24" big box vanities are either really expensive, or cheap and really shoddy.  You still might need to move the tub a little to give more space for vanity door swing- typical dept is 19-21" and that sink looks around 16" deep, maybe? 

 Large format tile is around $2-3/sq foot in my area, make sure you get the LFT mortar if doing the walls, and do your installer a favor and get the lightest weight tile you can- 6x24 planks may be better than 12x24 for installation. The tricky part with large format wall tile, especially 12x24, is that they can be heavy and make the install a little more tricky.  That's why the LFT mortar and do planks if you can.  Since you aren't doing all the way up the wall, that should help. Note, I would also guess by the pic that you need to sand the texture down before install, or better yet, rip out the existing and install crete board.  Check with your tile guy on all this, I am just an amateur that assists the pros sometimes.  :-) Shower- easy to find a 32x32 or 36 shower "all in one" (base/walls/door), most of them are corner style, and also you could buy one that has just the base and the door and you have to build the walls around it (and tile with same tile as the walls).  

Last, as I mentioned leave the windows and the tub.  If you want to get rid of the tub and do a walk in shower, fine, but glass block windows belong in basements, garages, and prisons.  Just my opinion...lol.  

Bottom line has to be if the value of fully remodeling the bath pays off in the market you are renting in. If it's a high B rental, a large, attractive full bath with a soaking tub and modern/farmhouse style will be a huge plus.  So would a large walk-in, sit down shower, but, working with the existing floor plan might save you money.   You'll have to look at both options and compare.  I have a design client that I did a similar design, and I should be checking on completed project today or tomorrow, so I will send a pic if you want.  

@Fred Heller- Right on.  @Sierra Crisp YES! And if the Realtor is getting paid, that's their job!

@Jason D.   for next time.. it also matters how your listing is presented, and what your Realtor does to establish correct market price.  Did they do a market analysis?  A good realtor will tell you what the market is doing, how many days on market is expected at your price point, and the price points above and below- what the absorption rate in your direct area are, etc etc.   You may have all that info, but if you aren't, or if your listing isn't being marketed correctly, then you dropping your price may not be necessary or the only thing that it needs. 

@Peter Morrissey one more thing, I wonder if you pull that carpet up what's there? You might have some cool penny tile or other old fashioned stuff you can leave as is, clean good and apply a sealer.  Again, old is in....

@Peter Morrissey.  I'd tile the bathroom floor and up to chair rail with some large format or large subway tile.  Keep the tub, it's cool.    Add a small walk in shower in the open area next to tub.  Skim coat the horrible textured wall.   Window casing and base are all lovely, people love big old trim.   My only concern is size of vanity you can realistically fit in the space where sink is now; if you can only fit a 24" without it looking crowded, then I would add some open shelving or a floor cabinet on the wall the door is on, if there is room.   If the tub needs it, it can easily be painted for about $200-300; make sure you let the paint cure thoroughly and it should be quite durable.   Go with white farmhouse style vanity, fixtures, oval or beveled square glass mirror (not a medicine cabinet, if you build in additional storage).  If you do shelves above toilet, make them thick chunky and rustic looking. Use white or light grey tile on walls, medium or dark grey large 12x24 tiles on floor.    You can do all of the above on a budget, I have done it.  Bathroom will be a selling point if you go with the vintage-farmhouse look and I personally would be thrilled to have a big ol tub to soak in.... :-)  You could also apply a frosting or privacy film to the bottom half of windows, so that the renter doesnt have to have a textile covering (which harbors mold and bacteria, not good in bath).  

@Shepard Solomon is the home listed on the MLS? Why not use an agent? It won't cost you anything. A good agent can help you with negotiating a deal on the home as well as provide accurate opinion of listing price.

@Paul Bowers @Patrice Penda- Thanks!  @Manolo D.- Exactly! :-)

Hi everyone! As a Realtor and investor I see many less experienced investors trying to get started- asking questions and wondering what their expectations should be/how to make money flipping a house, and I hope this post is useful.  I believe a big part of success is not only acknowledging failure and falter, but celebrating it as a way to learn, grow, and get better.  As many smart people have said, failure to meet goals is actually the best teacher.  It makes you more knowledgeable, helps you be less fearful, and inspires you to try harder.   

So here's the story, briefly. This flip was not my first project, but was the first that really took a "leap of faith". It was a much larger house, and much bigger renovation project than I had tackled before. Mistake #1: I bought it thinking that I understood ARV's and renovation costs, and found out that was not true. Mistake #2: after a long and arduous renovation, I got greedy (as did my agent) and priced the property too high. Mistake # 3 was not recovering from Mistake #2 quickly enough and not pushing my agent harder to market the home. Did I lose money? No, in the end I made a little. Was the money I made worth the headaches and trial, and time spent, on the project? By my calculations of hours put in vs. actual profit, the answer would be no. Was it a great learning experience? 100% YES. I hope that it is for others as well. Could I have made 3-4 times the amount of money in profit had I not made mistakes? YES. But it is OK. The good news is my next flip was much, much more successful although similar in size, scale and location. :-) So in the end, the profit was my knowledge and experience, vs. $.

Here is an infographic that provides an overview of the timeline and how it relates to the profitability of the project. Timeline Infographic

Here is a link to a detailed before and after micro-site on the house: Fred, the flip that almost flopped.

Here is a link to a simplified Net Profit Calculation:Profit Calculation, Frederick Ave.

Let me know if you have similar stories or questions! Thanks for reading.