Going in we knew that to flip a house in this market it was going to take more than just a “paint and carpet” remodel to flip this house. When flipping houses you need to choose your repairs and upgrades carefully so you cover the “must do” items and still leave room for the “should do” and “could do”.
One way I have been able to flip houses in this market is to not only do a full rehab on the house but still be able to offer it for sale under market value. So picking the best bang for the buck repairs becomes crucial when house flipping.
One of the upgrades we did to the house was a complete siding replacement. This was our biggest single expense but at the same time every appraiser I talked to tells me it’s one of the single items that will increase the property value the most. Considering the condition the siding was in before this was a must in order to flip that house.
In the following pictures you’ll see some of the other upgrades we did as part of our strategy to flip a house. I have included some “before” pictures so you can see the difference (I know some pictures look a bit weird that's because my picture formatting skills are still in development ) .
I hated to do it but I had to take down the pine tree, it covered the house too much. Also, new siding and fresh paint all around
We closed up the doors that lead to the converted garage, laminate floors, new lights
Did a serious cleaning of the fireplace, new patio door in the background and some staging touches throughout
New kitchen cabinets and countertops at a very reasonable price. All new appliances with stainless steel “look”
Added a microwave/hood combo over the range
When we started working on the window section on the right we discovered all the wood around the window had been eaten up by a past termite attack. It was almost crumbling down. We had to take down all the drywall around it and re-do all the wood. Mo’ money, mo’ money…
The garage converted back to a garage again
The hallway bath with new vanity, sink, mirrors and toilets. The existing bathtub was in really good shape so we kept it.
Master bedroom, new door, closet doors and fan/light.
Master bath, same changes as hallway bath
Back of the house with new siding and gutters that will last for the next 30 years…
As far as budget and how the actual work went it wasn’t all smooth sailing but that is all part of the flipping houses game. I will cover the details of that in the next foreclosure investor post.