Bought my wife a house to Fix and Flip

[Melensdad]

Can't tell from the photos but the "drop" ceiling was torn out, new drywall ceiling with recessed can lights installed. Ceiling height went from 7.5' to 7' 9.5" so we picked up over 3" of ceiling height and made it into a real "family room" instead of a basement room.

We also walled off the laundry area down there and separated it from the family room and the lower level bathroom. So now you don't walk into the cement block walled laundry room to go to the nicely finished new bathroom. Even the little hallway we built has a drywall ceiling & recessed lights. Double wide louvered doors allow some light into the hallway from the laundry area's big glass block windows, which is a nice bonus too.

I get that. And you are quite right.
Now if you could just turn those rooms right side up

I like the thought of you laying on your side to look at the images.

 

[Melensdad]

More and more progress.

But now one set back.

We are starting to clean up most rooms, kitchen is in the final phases as the counter top, sink, faucet and now the tile backsplash were just installed. I finished grouting the long wall earlier today. Short wall needs grout, maybe tomorrow, but certainly this weekend.

But the bathroom has an unanticipated issue, the tub/shower faucet needs to come out. That will require cutting the wall. So now another project. Not a catastrophe but plumbers will be replacing that, maybe tomorrow? Maybe early next week. And then a new fiberglass bathtub wall.

 

[FrancSevin]

I love the look of the kitchen but that sink won't hold water on it's side like that.

 

[OhioTC18]

Flipped another one for ya

 

[FrancSevin]

Flipped another one for ya

I have flipped a few houses but never got the knack of doing it in the literal sense.

Do they teach that at those Seminars? I never went to them.

 

[Melensdad]

Put the house on the market late yesterday afternoon. 6 showings scheduled for today. Apparently the market is hot and inventory is low.

 

[bczoom]

Congrats Bob. Yea, market seems tight. I pulled up our zip code and there's only 3 houses.
Working on buying another house ourselves. Private sale to keep realtors away.

 

[Melensdad]

Well my RE Agent (who is my partner in some of my dealings) has already said that he was told to expect an offer from the first people who saw the house. Next showing is at 1pm Central time.

The lovely Mrs_Bob is very excited. She wants to do another one.

I'd post some of the completed "after" photos but there is no clue what side of the photo will be UP

 

[FrancSevin]

Well my RE Agent (who is my partner in some of my dealings) has already said that he was told to expect an offer from the first people who saw the house. Next showing is at 1pm Central time.

The lovely Mrs_Bob is very excited. She wants to do another one.

I'd post some of the completed "after" photos but there is no clue what side of the photo will be UP

Oh, I imaging OHIOTC could re-flip them for yah.

Nice work MD. Really nice work.

 

[Melensdad]

Oh, I imaging OHIOTC could re-flip them for yah.

Nice work MD. Really nice work.

Honestly my wife & her sister did a lot of the grunt work, painting, cleaning, drywall patching and even installing simple light and plumbing fixtures.

They had trouble wiring the fan lights so I did that for them, and I did the floor and wall tile. Really I didn't do a heck of lot of actual work. They even trimmed the bushes and tore out dead shrubbery.

 

[Melensdad]

Just accepted an offer on the house. Full price offer with a couple minor concessions. Net offer will end up being about 2% below the full price. Very happy with the offer. Far more than I expected.

The lovely Mrs_Bob wants to do another one.

 

[Doc]

Congrats to the lovely Mrs Bob and to you Bob. Way to go.

 

[Jim_S]

Just accepted an offer on the house. Full price offer with a couple minor concessions. Net offer will end up being about 2% below the full price. Very happy with the offer. Far more than I expected.

The lovely Mrs_Bob wants to do another one.

Great news about the sale!

Wanting to do another? Maybe not so great.

 

[Melensdad]

Congrats to the lovely Mrs Bob and to you Bob. Way to go.

If she keeps this up it might kill me

 

[Melensdad]

UPDATE: Deal to sell the house fell apart a few days ago (closing was scheduled for next week).

We re-listed the house yesterday. Got another offer yesterday. That offer is not quite as good as the offer we previously accepted. Not sure if we will counter offer or wait as we have 2 more interested parties looking at the house today.

A window is broken on the front of the house. A bird hit it? Not really sure. Either way its $200 for a new thermo-pane window to be installed.

I had hoped to be done with house a month ago but various design choices held up listing, still it went pretty smooth. There is plenty of interest in the house so we have expectations of a good offer in fairly short order.

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I bought my wife another house to fix & flip. This one is in the town of Griffith, a somewhat more rural/suburban setting. 3/4 acre lot. Cape Cod. 3 bed/1.5 bath. 2 car detached garage with a fenced yard in a modest, quite, well kept neighborhood.

Newest project pictured below, we take possession next week ... the lovely Mrs_Bob hasn't been inside yet but is already talking about moving a load bearing wall

 

[Melensdad]

UPDATE OF THE UPDATE ... got another offer this morning, broker has not forwarded it yet, but he said on the surface it appears to be a full price offer. There will be 3 more showings today too.

 

[Melensdad]

UPDATE OF THE UPDATE ... got another offer this morning, broker has not forwarded it yet, but he said on the surface it appears to be a full price offer. There will be 3 more showings today too.

So 3 offers yesterday. All very similar. We countered the best with a couple slight changes and sent that off last evening for their consideration.

More people are lining up to view the house. The lovely Mrs_Bob was there while the window repair man showed up to replace broken glass. A couple showed up for their 2nd viewing. Told her they are coming back for a third. If they don't hurry up it might be sold before they can see it again.

I never realized this market is such a hot market for sellers.

This whole area is hopping. Anything with 3 bedrooms/2 bathrooms in the mid-price ranges is selling in days, not weeks. Foreclosures that fit that description are being bid up in price. New construction is booming along the edge of suburbia in my area too ... mostly mid-price neighborhoods popping up with some higher end scattered around too. Lower price properties seem to be sticking to the older neighborhoods, but 'lower price' is a relative term in this market.

Honestly I'm wondering if there is going to be another real estate bubble in a year, two or 3?

 

[NorthernRedneck]

It was kind of the same market up here for a while. Before we bought the house we're in, we looked at several and put in an offer on one that was actually 25k over the asking price with no conditions. Someone else had bid more. Things have slowed down a bit but are still moving.

We had a huge building boom here when that happened that basically flooded the market with new builds around the 400k mark.

We're keeping a close eye on the market now as we're planning on upgrading to something more in the country with amenities that will be suitable to my mobility issues.

 

[Melensdad]

We now have an accepted offer on the house. Hopefully putting a successful end to this first chapter in my wife's new venture. This is actually $1500 higher than the prior accepted offer. So we got inconvenienced by about a money but made a bit of extra money in the process. Could have been a lot worse. Closing date is now set for 'no later than July 16' on the sale of this house.

In the mean time the closing date on the newly acquired house we are buying is set for this Wednesday, June 20.

My hope is to make it a quick flip, the lovely Mrs_Bob is now dreaming again. So not sure what will happen to this house. We don't know the condition, don't know the damage, so really we need to assess it and see how much work needs to be done. There are rumors the former owner is still in prison? Not sure if he was ever formally evicted by the bank we bought the house from so my lawyer is now double checking. Its very possible its full of furniture and livable, its very possible its been emptied, its very possible that it has been damaged. From the exterior it all looks like the photos above, blinds are all closed, no way to tell about the inside until we get a locksmith to drill out the locks.