Straight out of high school I served in the military and then spent the past 10 years working in IT.I have finally reached a point where I’m tired of working for the corporate industry on a limited salary while doing nothing for my retirement.For the past year I’ve been watching house flipping shows and decided I wanted to give it a try.Six months ago I bought my first house with a 203k loan that I’m currently living in so I could get some experience.I paid $167,500 for the house and took out $35,000 with the 203k.The house was a probate that had been abandoned for 5 years.Half the house was on a concrete slab that had sunk about 4” in the middle and it was completely outdated.We removed 2 load bearing walls to open up the kitchen, knocked out the back wall, built a new subfloor, and put up a 4 panel sliding glass door to let in some sun light.We installed porcelain tile in the kitchen, stainless steel appliances, new cabinets and quartz counters as well as recessed lighting.We fixed the foundation problems by mudjacking to raise the floors and carpeted the back 3 rooms that sat on top of the slab.As you can imagine we ran through the $35,000 quickly.The 2 bathrooms are still outdated and the house needs new siding.After the renovation we had it reappraised (per the 203k loan agreement) and they said it was worth $215,000.About 3 months after the renovation I attended a 3 day Fortune Builders seminar and come to a realization I probably could have saved about $20,000 if I had systems and processes to follow before I purchased the house.After listening to BP podcasts and hear other people’s experiences I’m quite fortunate I didn’t lose money.This sums up my real estate investing experience.

And the other thing it does is that, if you were to get water, the floor wouldn't be damaged nor would you have to deal with a tenant calling you telling you to come dry out the carpet before it gets mold.

We have done very well buying ugly houses (carpet, paint, bathrooms) that had great bones (newer siding, roof, etc).What are you looking for?

They didn't want me to paint or upgrade the place while they were living there, so it had the same carpet, floor covering and paint for the entire 21 years. 

Her nephew mentioned that they'll probably end up renting the place out but the house would need a LOT of work- paint, carpets, landscaping, new driveway, and whole kitchen and bathroom would probably need to be ripped out.

I put in a new basement carpet a bit over 10 years ago.

If I put pictures on FB they'd be all during rehab no carpet or paint.  

The problem is that we need to replace the carpet, paint the house, etc. before we can market the property.  

It was shown many times and people were scared away by the smell (fixed by removing and replacing old carpet) and some other things (new roof, appliances, paint, etc.).

I would clean out the junk in the pole shed, clean the interior, repaint a neutral color, replace carpet and other light rehab tasks.