Posted about 12 years ago

My latest flip project

My Latest Rehab/Flip Project

Not a flip in the classical sense...

I've had this house forever. It's been used as a rental, I lived in it while I was going to college at UTSA, and it was rented after that again. Now after about eight years since it's last real rental rehab it's time to sell this guy. What do I mean by not really a flip? I own this one free and clear. I was speaking to a family friend about the position I'm currently in and came to two possible conclusions. The house is worth right around $135,000 in tip top shape. With about $15,000 in work needed I could potentially sell for right around $80,000 on the open market to a potential investor. So by putting an extra 15k into the house I could potentially get an additional 40k out of it (minus fees of course). So it was a no brainer.

What did I do first?

Get bids. I got about 15 bids before I found a contractor I liked and could do it for the right price. I had a couple jokers tell me that they anticipated their bids being around $35k. After seeing over 400 rehabs in San Antonio I know what I should be paying. I'm not trying to dig a moat around the house, I'm not doing distressed bamboo floors, and definitely trying to save money in the places that I can. Second big hang up was money for financing the rehab. I'm working with my mom and an outside party on this so it took a little time to get things sorted out.

What all is in the rehab budget?

Tile through out the house is good. If you're going to throw ceramic tile down I prefer to use the 18" tiles and preferably something earth toned. Fixtures are out, door knobs out, acoustic texture on the ceiling scraped and redone into something smoother and more modern. I'm saving money in the kitchen and bathrooms by refinishing all the cabinets instead of replacing them which turns out to be significantly cheaper while looking brand new. I haven't decided if I want to go light or dark on the cabinets yet. I had a girlfriend once upon a time but I've got my mom taking a look at some colors (I'm pretty sure I may be color blind). I'm ripping out the master shower and putting in a new pan, re tiling everything with 2"x2" tiles with an accent line about eye level. They ripped out a screened in porch on the back and I'm just going to pressure wash it and leave the patio as it looks in the demoed picture. The garage door fell on top of me while I was over there so that needs to be replaced, turns out they're actually quite heavy. After that some inside outside paint, new backspash in the kitchen, and granite in the kitchen and bathrooms. I'll post more updates as I get a little bit farther in the process.