He Sold his Residence to start Investing

[Mona Lisa Harrison]

I was referred to a newbie investor by his coach (Chad Carson of BP fame) in Spartanburg. He had bought a cute 1940 house in the historic district to live in. He had started a renovation. He had done the electrical, new appliances, added a deck, replaced windows. Chad suggested that if he sold his house and free up some money and live somewhere more economical, he may make better progress as an investor. So he bought a quadplex and moved in. I took over his rehab and made plans to return it to it's 1940s charm. 

We had the usual Successes and setbacks with the renovation. He had originally thought that he would be able to sell the house for $155,000.  We had the house under contract for the list price of $170,000 within a day.  Our original rehab budget was $25,000. However, after we got started the owner changed that to $15,000. We ended up spending $18,000.  Buyers did not ask for any significant repairs or changes.

  here's how I found it.

Powder room downstairs. since there was only one bath upstairs, we needed to make this one really functional.

We added about 50SF under the porch to increase the laundry room and make it accessible from inside.  I also staged the house as I do all my listings. Staging really helps photos and helps buyers to see themselves living there. 

There were ceiling issues all downstairs. It was popcorn AND the electrician had cut holes everywhere when he rewired. And put the pieces back up with Great Stuff which oozed through. And no crown molding. Folks buying a 1940 house in the historic district expect lots of molding. We addressed all that by using foam ceiling tiles glued to the ceiling. And added foam crown. 

We created more functionality by adding a full size vanity with drawers, wall hung cab with shelves. Severely damaged plaster walls were covered with bead-board.

This was the second property I did in this neighborhood and one of my favorite (but most intense) projects. The owner got to move ahead with his investing goals and one lucky buyer got their charming new home. Everyone happy!

[Garry C.]

So much fun seeing before and after photos. Thanks for sharing.

Foam crown molding. Who knew? I love that idea.
You put the tiles right over the popcorn without having to scrape?
Also, did you have to do an asbestos check on that popcorn?