rebuild with before and after photos

[Sean Kollee]

To keep it brief, I landed a good deal last fall on a very involved renovation on a small house, nobody else wanted it, so I got my price.  I soon realized nobody wanted it because the footprint was too small to add enough value to justify the cost of the work and the house was in need of everything.  It resulted in a pretty major rehab, lots of trouble with permitting that slowed me down quite a lot, and some really spectacular before and after photos.  Building this year has been really, really tough, so kind words only please.  

all pics from the same or similar vantage point

very poor kitchen design back in the 60's

foul master bedroom had an ensuite added 

ceiling trusses 

foul interior ceiling was removed and replaced with vaulted trusses

horrible basement got a gut 

nice new basement 

some upscale finishes added and complete

eventual buyer wanted a home office so we did that too

It is hard to call it a flip when you do so much work it becomes a new house.  

I was thinking about those flipping ARV details like buying at 80% of ARV less renovations. I think this one doesnt follow that. Purchased price was 41% of retail sale value, repairs cost 300k. purchase price was 70k less than ARV x .8 - repairs.

[Michael Plante]

Originally posted by @Sean Kollee:

@Michael Plante

Purchase was 387.5

End value 950 (included quite a few upgrades to close deal)

Sales tax 45

Realtor cost 30

Construction cost 300

Cost of capital, cost of management i internalize but these are real costs.

 Congratulations!

Thank you 

My rehabs/flips are much much lower over all 

And I am thinking of stepping up to higher purchase, rehab etc.  So this is appreciated 

Would you do such a large project again?

How long from purchase offer to closing on the sale?