Thanks @Dmitriy Fomichenko I will definitely be setting up keyword alerts, that's a great tip.
@Jordan Decuir
You asked! Moved in on 11/11/11, Here's my live in flip.
This home is in on a nice street for the price at the time imo. It was the best neighborhood that we were able to find with a good candidate for a flip. Our idea was to get a mortgage payment for about the same as our 1 bedroom apt was renting for. Our payment has gone up to about 750 which is 25 more than we left our unit at... they wanted 950 for the same unit when we left though. So I'm going to leave my holding costs out of my numbers!
These pics are from my home inspection. Shout out to Kent Keith of Green Tag Inspections! If you ever want to follow an inspector around and ask questions, he's your guy.
Built in 1978, 1704 sq ft, 3/2/2 in 76182, 9500ish sq ft lot
Purchased for 85k, was listed at 95k and started at 117,000(dreaming). Closed in November 2011 w/ fha 3.5% down, seller assisted closing (about 2000 but not positive). When we bought I think I figured it was 130-140k if renovated... So the only way it works with the 70 percent rule is with no labor costs, which I hope to never do again lol.
My estimate on materials is about 10k but I really don't know. It's probably lower if anything but I kept lousy/no records. I (or friends and family) did all of the work except carpet installation. We did all the reno with cash as we saved it. I'm kind of a craigslist sniper when I want to be so we did well on some of our materials. Highlights include a 30 dollar ss bosch dishwasher, a 460 dollar side by side ge fridge, and the engineered hardwood in the foyer (80 sq ft) + underlayment for 100. I was also able to snag the 30in maytag microwave/oven combo for 650 including shipping on ebay (listing ended with no sale so I emailed him an accepted lowball offer... need to apply that to houses!) . I took the lead on all of the projects but I was lucky to have help whenever I asked from my father and brother in law.... and my wife too, she's got skills... and a good friend who had access to dirt and a skid steer to fill in the abandoned pool.
Currently there are 3 houses listed on my street (somewhat long street) of approximately the same size, age number of baths, and less renovated for 160-178k. Those are just list prices of course. The last time I looked up selling price of comps they came in from 140-160k I believe. This house is currently at 75 or 85 percent complete but I would consider it move in ready and comparable or better than similar homes listed currently. I don't have an eta on final completion I've taken the last year and half off except for filling in the pool. The street I live on seems to get slightly higher list prices than the neighborhoods nearby... My theory is the trees, all of the lots on this street are heavily treed with well trimmed live oaks, it makes a very good impression on the drive in. We've got about 15 just on our 1/5 acre lot.
So here are the further along pics. They are old but show current condition mostly... We did have our street repaved since this first pic!
lonely toilet
ebay oven
old 27in oven opening
We don't have a completed kitchen pic... because he haven't replaced the awful counter top and back splash yet... so here's one to scare off anyone who think they can live in a renovation.
... so mistakes
-I flooded... seriously flooded the house the day we closed... I ripped the guest bathroom the moment my wife wasn't looking and the water was ON.
-I installed travertine with 1/4 inch gaps because I didn't know any better... sanded grout is a no no on travertine and non sanded develops hairline cracks with 1/4 inch gaps. It's on the list to be replaced before we sell
-I chose higher end materials than would be necessary in a quick flip or rental renovation for my neighborhood. I got them cheap... but only with the advantage of time.
-I bought a house with a pool... in awful shape.
-Some fit and finish mistakes mostly minor.
-I have minor loose ends left on some of my projects.
-I underestimated every single project except the bedroom remodels which was just paint, doors, baseboards, carpet. I told my wife that the materials to install the oven would be "about a hundred bucks".
and more, but those jump out at me
I didn't mean to write so much... but it's a holiday tomorrow so I can stay up late! If you want to see more pics, look me up on facebook and add me, my wife tagged me in a couple hundred reno pics.
