Profitable 1980's Easy Flip - Wallpaper & Tight Budget, oh my!

[Kim Heretick]

Purchased via Sheriff Auction for $152k + $775 in fees.

Projected ARV $200-210k.

Actual $233k minus $6k in seller assist = $227k

NEEDED:

1. Medium Tree Removed
2. Exterior Paint & Work
3. Tons of wallpaper Removed
   Bathtub Leak Fix & Ceiling Patch
4. General updating to take it out of the 1980's

TIGHT BUDGET:  My first attempt at reno budgeting for this property included getting rid of ugly biscuit colored bath surrounds and renovating bathrooms with tile, painting the cabinets, installing a granite counter top, new carpet, new lighting, wallpaper removal, new kitchen floor, etc... which added up to $50k.  So, I'D BREAK EVEN after selling costs ($13k).  UNACCEPTABLE!!!  

Always project your budget and update it.

THE RIGHT BUDGET:  I scaled back the bathrooms, the painted cabinets, the counter tops, the lighting, and more to get my projected budget to $20k (I always go over a bit).

THE RESULT:  The house sold for no less even though I put less into it and I am walking away with $30k after selling expenses.

I'm going to add individual posts explaining how I successfully dealt with wallpaper and made inexpensive updates that increased the value (and figured out where to not spend).

BEFOREAFTER