Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
Below are some before pics of my latest rehab. It's a 2 bed/1 bath 800 sq ft home in Charlotte, NC in a great area. I love these older homes and trendy neighborhoods.
Like so many others have said... nice job! I have a few questions I hope you can answer.
Going into this project, did you have a higher ARV and undercut the market a little to get it sold so fast? As you said, you had back-up offers coming in that were higher than the original offer... that leads me to believe that this was a "steal" for this neighborhood at $81k. My question is, how much did you under-cut the market, if at all?
Also, how far over the standard did you upgrade this house? I am looking at some flips that will sell for around the same price, but some of the upgrades you put in this house would be way too much for the neighborhoods I am looking at. I have read in the past (I think from J Scott) that it's a good idea to add 1 "flair" item. Maybe granite, or wood floors in the dining.. etc. Did you overkill the upgrades on this one to move it so fast, or are all those upgrades fairly standard for that area?
hey charles, thanks for the comments...very kind of you to say....i originally started that blog to help out newbies, to show them how far you can come in a year...i really should update it more often...
cheryl, i do negotiate with them sometimes....we're on our 9th job together, so it's still soon for them to start slipping (i hope)...i'm still happy with their quality and prices to be honest (but don't tell them i said that)... they throw in a lot of freebies for me too...for instance, we were gutting a house last week, and they reframed 400 sq ft for free of rotted 2x4 and 2x6 studs, and sill plates..i just had to cover materials...same with the roof when i replaced that...they don't charge me for bad surprises lik some contractors would--i buy the materials, they take care of it, and we happily move on to the next one..there was a point when they were out of work during the housing bust, so they're just happy to be working year round again i guess :)
I agree with your idea ofngranite in lower price points.
I find people in the lower price points want 2 things - a low monthly payment and granite countertops! I wonder what will replace granite in 20 years when it starts to look "outdated".
tim, i do have a blog linked from my profile, although i don't update it as much as i should..i currently have some projects going on, and one on the market, but i won't update the blog until they close...i'm supersitutious in that way :)
chris, good point, but i'll worry about that in 20 years..for now, i'll just keep throwing in granite :)