Welcome

Welcome! You are reading the blog for Wealth-Steps.com. If this is your first visit make sure you start at our homepage and check out the many articles we have on real estate investing, building wealth, getting out of debt and personal financial planning.

Friday, February 3, 2012

House #8: Fix and Flip “Before” Pictures

This is long overdue but here are the "before" pictures on House #8, our newest fix and flip project. As I had mentioned in  the previous post  this house is in a new area for us and is bigger, nicer and higher price range than what we have done before. 

I'll walk you through the pictures so you can see some of the major repairs and upgrades that we planned for it.


First thing I noticed is the wonderful curb appeal this house will have once we fix the roof and get rid of the blue tarp of course and remove some of the overgrown bushes that don't let you see the house.


Obvious roof leak problems that have been going on for a while. Of course the bank that owns the house will not fix it so they just put a tarp over it until someone like me comes along...


Here is the other side of that leak. Some damaged drywall coupled with some pest damage. All of that drywall will have to go and we will then have to replace all the damaged wood underneath. Oh yeah, the mirrors in the dining room are too 80's ... those have to go too.


More damage due mostly to lack of maintenance.


Since the staircase lies in the middle of the floorplan my project manager suggested sprucing it up to make it look more modern and stylish. You will see the final result in the final pictures. 


Surprisingly enough the cabinets were in very good condition requiring only cleaning and updating the hardware. But the tops and the appliances had to go. 


More roof leak evidence and a carpet that has not been cleaned in five years...


A finished garage...that's odd. The neighbors later explained that this used to be the model home for the neighborhood when it was first built and the garage was the sales office for people visiting the development.


Oh my what a change from model home to problem home! You can see the roof leak in all it's glory here. Water can do a lot of damage to a house when it goes unchecked.


Master bedroom. I loved that the Master was on the main level. I thought this would be a strong selling point.


Master bath. Getting rid of both of these. We would be doing a direct replacement just much better looking.

Upstairs hallway bath. We will be completely updating the whole thing. Including getting rid of the wall paper, fixture, countertops, flooring and more.


-----------------------------------------------------
As you can see it's a good house that needs quite a bit of work which makes it a great fix and flip project. What I liked the most is that it was fairly easy to see that this is a good house, in a good location that would make a great home once its fixed up. Therefore should be "easy" to sell in the $220k to 240k range. 

Unlike previous flipping real estate projects, there were very few foreclosures in the area and the recent sales were strong. So even though this would be my most expensive project to date I felt confident that it was a good choice. So here we go...

If you like this article please share it:
…thanks, my friends.

Return to Wealth Steps Home

3 comments:

  1. Looks like quite a mess! I 'm curious what about the floors. Are you keeping those or are they in too bad condition?

    ReplyDelete
  2. Looks like a big house. What is the square footage and how does that compare to your previous ones?

    You mention this is bigger and more expensive than your previous ones. What made you "pull the trigger" on this one?

    Thanks for the great reports and pictures.

    ReplyDelete
  3. @ Christy - the floors are total crap in the entire house. The main level had crappy, 1/4" hardwoods that are probably original to the house and have not been cared for in 20+ years. They have to go. The rest of the house is carpet including the living room and den and it's filthy so it has to go too.

    We will be putting brand new flooring in the ENTIRE house. $$

    @ Jamie - Square footage is about 2,400 sft. Most of what we have done before has been slightly under 2,000sft.

    What I absolutely loved about this house was the location. It's a real pretty neighborhood with lots of well cared for houses. It has a community pool and tennis courts and excellent schools. These are all great selling points. Plus there is the fact that the numbers just work. The price I can buy the house, the amount needed in repairs and what I can potentially sell it for just made sense.

    ReplyDelete

Feel free to leave a comment or question but...be nice!