I’ve been working on some other projects (to be announced!), so I haven’t been posting as much as I’d like. But, I wanted to spend the next couple posts wrapping up The Full House rehab, which finished last week; this post will detail our final budget numbers and the next post will provide the final staging pictures (sorry I never got around to posting the BEFORE pictures)…
The project lasted about three weeks and went very smoothly — we were actually out of town for the majority of the rehab. Long story short, we had no problem staying within our budget of $15,000. While I didn’t mention it earlier (though you’ll notice below), our appliances were essentially free on this project; we had a $2000 credit for a local appliance supplier and decided to use it on this rehab.
Below is a detailed breakdown of the final budget numbers:
When we find a buyer, there may be some additional rehab costs associated with any inspection repairs we’re asked to complete, but hopefully the final number will still be under $15,000…or at least very close.
I have just discovered your blog. I have been reading over some of you older posts but did not see what you paid for this house, or what you expect to sell it for. Do you post this kind of info?
I have 13 rentals but I am getting tired of tenant issues. I have decided to try flipping but I am new to that aspect of real estate investing.
I have closed on two houses with the intent of flipping. The first I bought for $32 and expect to spend $30k in repairs. I think I can sell it for $110, but the appraisal is $163k (I think that is high).
The second took 6 months to close. I paid $33,250 and expect to spend $20k in repairs. This one should sell for about $80k.
I have posted the details at my blog.
I look forward to reading your older posts, and the new posts to come.
Hi Don,
I’ve been working on some other real estate writing for the past month, and have been a little lax on keeping up the blog for a few weeks. If you take a look at the “Results To Date” page, you’ll see that House #28 was purchased for $57,050. We put just under $15K into it and it’s now listed for sale. I have a bunch more info to post about this project, and hopefully will get to it in the next couple days.
Look forward to hopping over to your blog as well to take a look!
what was the amount of time spent on the house?
Hi Tyson,
This rehab took about 3 weeks start to finish…that included several days off for the holidays…