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.
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:
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.
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.
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.
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.
New lights throughout house. Painted all ceilings too.
This is one of the hallway baths. Kept the tub and then added new toilet and vanity/sink/mirror combo.
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.
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.
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…
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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 …