My fourth fix and flip experience was much more fun! As my brand new bride put it, "it was the best pissed off day ever"...
It was a stormy January weekend. In a townhouse with three teenage daughter's. No garage. Yeah, we were on top of each other. It had been raining all weekend long. Sunday morning, the only peace and quiet I could get was in the outside patio. Cold. Bbrrr. I was trying to take another class and it was impossible. Pissed off at everything, I decided it was time to open up MLS...
An hour later, I marched into the house stating that I was leaving to go house hunting. Yeah, "stating" was putting it nicely.
I knew the local neighborhood market. I had studied it off and on for five years. To placate me, my wife joined me. Walked right into the open house 1 mile away.
It was hard keeping my emotions in check. We drove away thinking... It was "perfect". We went straight home, yanked the kids out of the townhouse, and dragged them into the open house. Put an Offer on it that night.
Actually, the house was not perfect. It was 30 years old and needed some serious updating. Fix and flip anybody?
It took six weeks for the bank to close escrow. Felt like three months!
We closed escrow on a Monday. By the end of Tuesday, all of the 5 different kinds of flooring in the 2400 square foot house and kitchen had been removed.
On Wednesday, Thursday, and Friday, the blue flower wall paper had been removed (may it return to dust where it came from), and the entire house had been painted. And a new gas line was installed (for the 6 burner gas stove).
Saturday we moved boxes into the garage.
Sunday, more boxes. Plus the electrician brought the electrical in the attic back up to code.
Monday, brand new kitchen cabinets were installed. Then measured for the countertop.
Tuesday, Wednesday, and Thursday, flooring was installed. We had this beautiful high end laminate wood flooring... half off! Plus new carpeting in two of the bedrooms.
Thursday, the counter top was installed.
Friday, the new washing machines, dryer, refrigerator, 36" gas stove and hood arrived and were installed. Also the brand new couch arrived.
Saturday, we rested. Okay, technically, the kids were at a robotics competition and I was at a Real Estate Workshop.
That Sunday was the uhaul.
Monday, the plumber arrived hooking up the brand new dish washer, sink, garbage disposal, and reverse osmosis.
For those solid nine days, there were a total 27 contractor days counted. The rest of 2017 has been a year of... Financial recovery from upgrading my bank (those of you who have seen my velocity banking class know what I'm talking about)
Final stats: Bought the house for $540,000. Invested $40,000 fixing it up. With the sale of the town house, I netted $180,000 equity.
It's a 2250 square foot, three car garage, single story. Emphasis on the word single. Maybe a two inch step to get into the house. Not a stair on the entire property. A beautiful park across the street. And a fully functional front and back yard. Right now, we're awaiting the appraisal for the velocity banking account to learn how much the house is worth with the improvements...