You are here: › Want to Flip Houses?

Want to Flip Houses?

House Flipping #5: The Final Pictures, Video and Cost of Rehab

I learned early on that in order to flip houses one of the most important things I needed to do was to get accurate estimates of the cost of repairs and then being able to execute on those estimates. This just means not going over budget on your rehab when flipping houses.

To me house flipping is very exciting because of all the pieces you have to bring together to make it work. It keeps me on my toes, forces me to be creative and allows me to use my ability to keep track of many things at the same time.

If you ever want to flip houses I highly recommend you spend some time at your local hardware store and talking to contractors so you can get an idea of what different services and parts cost. Then start with a small project or follow along with someone else’s project. This will help you start building the confidence you need for flipping houses.

House #5 was not a complicated project when compared to House #2 or House #4. That does not mean it was easy but everything with it flowed quicker and easier. You can see the “before” pictures on the flipping bank owned real estate page and here is a short video of me walking you through the house:

Here is the breakdown on the major expenses for this rehab:

  • Replacing polybutylene plumbing : $3,000 – This was a tough decision because the existing plumbing was working fine but the fact that it was polybutylene, a known defective material, made me uneasy. In the end I did not want to give a buyer a reason to skip my house so I went for it. We’ll see if it makes a difference.
  • Carpet $1200
  • Hardwoods and tile $890 (materials only)
  • Appliances $1450
  • Parts $2327
  • Cabinetry and countertops $730
  • Labor: $2974
  • Paint: $1500
  • Windows $382
  • Drywall $330
  • Final clean $120
  • Other: dumpster, pressure washing, roof repairs, gutter clean/repair, landscaping +/- $1,000

Remember, these are labor and materials costs. There are still other expenses when you want to flip houses, some of them ongoing, but it is better to go over those once the house is sold.

Let’s look at the final pictures and go over some particulars on how to flip houses:

How to flip houses pictures

Minor roof repairs,clean/rehang/realign gutters, pressure wash exterior, paint porch, deck, shutters, garage doors and trim. Since the siding is vinyl is better not to paint it if you don’t have to, pressure washing was enough to make it shine again. Minor landscaping all around.

flip that house remodeled kitchen

Cabinets were structurally very sound. Refinished the cabinets to include adding side oak panels, staining, adding brushed nickel knobs and using wood cleaner to make them shine again. Then added new countertops, new sink and faucet and new garbage disposal. Then finished off with new stainless steel appliances which look awesome are only a bit more expensive than the stainless steel “look” appliances used in House #4.

living room flipping houses

Fresh paint with a flat neutral color on walls and then bright, high gloss white on all trim gives every room a clean look. New fan/light combo.

dining room new floors

Hardwood floors on half of the first level. This is 3/4 inch bamboo flooring that I got a great price on and looks awesome. New chandelier.

house flip pictures

New lights throughout house. Painted all ceilings too.

remodeled smaller bathroom

This is one of the hallway baths. Kept the tub and then added new toilet and vanity/sink/mirror combo.

master bedroom

Master bedroom.

completely remodeled master bath with lots of tile

Upgraded the master bath from a single vanity to a dual. Since we were redoing all the plumbing for the polybutylene swap this was fairly easy to do. Had to cut the vanities to only 18 inch deep so there was enough clearance to walk. Then added new countertops and sinks. I found a cabinet shop that does great work and is way cheaper than Home Depot for cabinetry.

master bath

Added a new tub and custom tile work in the walls. My tile guy does very good tile work with patterns and the like. Also tiled floors and new toilet.

Repainted deck

Painting the deck makes any weathered deck look decades younger.

So my approximate total is in the $16-$17k range. We will know for sure once all the bills have been paid.

If you want to flip houses in can be done at several levels. You can do a $10k rehab or an $80k+ rehab it can vary widely. Flipping houses can be a blast, I know I am enjoying the heck out of it, now I just gotta sell it…



Send Me the Wealth Insights Newsletter!


And I will send you a FREE Ebook and my investing spreadsheets

Your Best E-mail: spa First Name:


E-mail will not be shared with anyone.See our privacy policy.



Share your comments or questions:

Enter your comments or questions in the form below.

[ ? ]

Upload 1-4 Pictures or Graphics (optional)[ ? ]

 

Click here to upload more images (optional)

Author Information (optional)

To receive credit as the author, enter your information below.

(first or full name)

(e.g., City, State, Country)

Submit Your Contribution

 submission guidelines.


(You can preview and edit on the next page)

What Other Visitors Have Said

Click below to see contributions from other visitors to this page...

House Flip Suggestion Not rated yet
Good job, LM. Looks very nice. Next time, try to make the carpet a little darker so that the contrast with the baseboard is a little bit more. It looks …

House Flip Question Not rated yet
What type of fixture is that on the kitchen ceiling? The black sides of the refrigerator are inevitable unless you get one that is completely wrapped …

House Flip comments Not rated yet
Nice! Are you planning on staging? I agree with the strategy about buying the small house in a neighborhood of larger homes. Was the bamboo cost prohibitive …

Click here to write your own.


The History of House #5:



Return from Flip Houses to House Flipping Chronicles page
Return to Wealth Steps Home

Have Questions or Comments? - Have your say about what you just read, use the box below (you don't need a Facebook account).

wealth steps rss feed

wealth steps facebook

wealth steps twitter

wealth steps google plus

Get on The Road to Wealth!
Subscribe and get access to my FREE ebook and tools for investing and managing your money.

Your Email:

Your Name:

Then

E-mail will not be shared with anyone. See our privacy policy.

wealth steps blogWealth Steps Blog
Newest Content:

wealth insights newsletterNew Posts by Email


Lets Connect!

Best of Wealth Steps
Most Popular:

My Current Project: Flip That House

Importance of Financial Planning

Signs That You Need Credit Counseling Debt Relief

The 6 Steps to Basic Financial Planning

My First Flip: Flip This House

Simple Net Worth Calculation


My Favorites:

Going From Debt to Wealth by Focusing on Wealth

Solutions To Credit Card Debt: The Debt Snowball Plan

Dealing With Problems When Flipping A House

Buying Foreclosures – Creating Wealth with Foreclosure Investing

Building Wealth Through Dynamic Planning