Thursday, November 21, 2013

Off to the Races

With the first flip successfully under our belts the team was ready to take on number two. I was unsure about my color choices, fixture choices and other selections. Then the feedback started coming in....the list goes on and on about my insecurities, but I KNOW I can remodel a kitchen and a bathroom that people (women) LOVE.  I am a real estate agent and so much more.  Interior and exterior designer, check.  Personal shopper, check.  Bargain shopper and chief negotiator, check.  Add landscape design and installation to the list on this one.

The Team:  
Rich & Deb - Funder of all of this FUN, financing the flipping endeavor for a profitable return on investment
Brandon - Phenomenal Contractor that makes stuff happen, reins us in when we want to move mountains and brings us back to reality - quickly
Various Contractors - HVAC, Carpet, Hardwood Refinishing, Inspectors, Cleaning Crew (personal friends)
Little Ol' Me - Realtor, interior design, shopper extraordinaire, emotional reassurance advocate, chief bs'r, did I mention domestic engineer (cleaning - because I'm OCD and picky)

I laughed and called the pre-flip bedrooms in this house, the Easter egg bedrooms, check out the gaudy before pics.

 Before


After



Bedroom 1 Before


Bedroom 1 After
Bedroom 2 Before

Bedroom 2 After
Bedroom 3 Before

Bedroom 3 After
































There was soooo much potential in this house, the bedrooms had awesome built-ins and were good sized with large closets.  One of the fun things we do on the walk thrus is to try and imagine what the hell people were thinking when they did "THAT"!?  The post flip colors are chosen to be fairly vanilla so they appeal to a wider market of buyers.  I try to keep my selections as simple and clean as possible.  It has to "feel" good or it won't sell, and it's working!

3 bedroom, 2 bath purchased for $100,000.  Approximately $25,000 in renovations, flip complete from start to finish in 60 days.  Sold in the first 30 days it was listed for $156,000.  Buyer was an investor that is going to rent the property for $1500 per month.  Not too shabby!

Dining Room After
Dining Room Before
Kitchen Before

Kitchen After








Wednesday, November 20, 2013

The First Flip


After several inquiries from family and friends about investing and/or flipping properties, I've decided to document my direct involvement from a real estate perspective as well as the actual renovation and resale perspective. How do I source a property?  Where are the best locations?  Should I do the work myself or hire a contractor(s)?  Should I try to buy/sell myself or use an agent?  The questions are endless and there are NO stupid questions, period.

Property in Olathe, purchased by a long distance investor client.  I sourced the property utilizing available HUD properties and managed the flip as a value added service.


Listed as a 2 bedroom, 1 and 1/2 bath, the purchase price was $47,033.  This property is affectionately referred to as the "Cedar" property (street address is on Cedar).  Comparable properties in the area supported a resale value of at least $100,000. 

Below are some before and after pics of the property.  Property was purchased pre-flip:  05/24/2013.  Property was re-listed, post renovation:  07/18/13.

   
Living Room Before
Kitchen Before
                                                                                                      
Kitchen After
Living Room After
                                                       


               

Dining After
Dining Before
 
                                               





Master Bedroom Before                                                                Master Bedroom After




Property sold 09/23/13 for $125,000 as a 3 bedroom, 2 bath.  Renovations included:  new paint interior and exterior, new roof, new driveway, privacy fence around back yard, flooring throughout, new plumbing, foundation repair (guaranteed), electrical upgrades, addition of shower in master bath, and new windows throughout.  Renovation total nearing $55,000.  A profitable flip and a very happy new home owner.