First Fix and Flip Project Completed and Under Contract!

[Leo Kwok]

Hello Everyone!

I know I'm not super active posting but I do read the forums quite a bit and have listened to maybe about 1/3 the podcasts now, but I can first off say that having a place like this has really helped me a lot in guiding me to the right decisions that has made my first attempt a success!

So the details: My agent helped me find this property off-market, the previous owner had just passed and left the property to her daughter and she wanted to just get out from it and move on; its a little bit of a hoarder house (the before pics was taken halfway thru demo so doesn't show how much crap was there!) and they had great love for cats so it was all kinds of great smell of piss poop and whatever other fun stuff that you can imagine!  The moment I saw it I knew it was the perfect one to just jump right in and do it!  Made an all cash fast close offer on the spot and was accepted same night!  

From my walkthrough, I knew right away the big ticket items we needed were a new roof, new plumbing, new upgraded electrical, new garage doors, and new AC unit; along with the standard refinish of the interior.  Foundation was solid and windows were fairly new and reusable.  I thought we could possibly get it all done for 25k if everything breaks out right but budgeted for 30k.  Construction was planned for 8 weeks.

Of course as with anything that you do, nothing ever goes perfectly as planned and this one was no different.  Construction went from 8 weeks to 14 weeks due to a variety of reasons; main one being that I let the wrong person lead the project on the ground level, which ended up leaving things at a stand-still a week here and a week there, and those weeks and days of doing nothing adds up fast!  The roof also took much longer than anticipated, in part due to a lot of rain, and also in part giving the job to the wrong contractor who also kind of took his time with it.  Fortunately despite the delays I was able to stay on the 30k budget for the most part, and at the end I decided to go a few thousand over to do granite countertops instead of formica and to do that nice mosaic backsplash so that the house would have a wow factor, which I think had a lot to do with getting it sold so fast!

So a full breakdown of the work that was done:
New Roof and Gutters
New upgraded 100amp Electrical
New Garage doors
New Plumbing
New AC system
New Kitchen - cabinets, SS appliances, granite counter, backsplash
Opened Entry way to kitchen
Accent Wall in living room
New Bathroom
New Front Porch
Interior Paint (Exterior not needed)
Recessed Lighting
Landscaping - fixed yard, removed tree and overgrown bushes, fixed fencing

The Numbers:

Purchase price = 70k

Rehab costs = 32k

Sale price = 165k

Closing costs = 13k

Net Profit = 50k

And now everybody's favorite part, pictures!!

Before:

After: