Lucy and I have watched for homes here in our park to purchase and flip for 2 years and really haven't come up with a good one that would be worthwhile since we didn't have enough cash to purchase AND rehab...even some that we could have bought for $1,000 would have a rehab cost that would not really allow any profit at then current market value.
Well, along came this one a little over a month ago that had good major systems updating (roof, appliances, HVAC, etc) but needed a cosmetic "fix" to make it really marketable. So I presented the idea to Lucy and a friend and his wife, that the friend put up the purchase cash and we put up the ''fix-it'' cash. So far so good... we did spread sheets on it and it looked good...not a huge profit....just a nice little return that would make it worth our time and effort. Remember, pigs get fat and hogs get slaughtered.
We bought it, hired our favorite contractor to do most of the work. Friend and I painted the porch railing, contractor did almost all of the interior work, including resetting some skylights that were sagging (no rot, for which I'm thankful), repairing some week spots in the floors, and painting. We removed all the doors and hardware, the ladies did the decor, I did the window and door trim. When the contractor was going to finish the floors I was going to complete the trim work with installation of the baseboard.
Our partner friend, who has joined me in my home sales business here in the park as a showing agent for my listings, happened to have a couple that had driven by and wanted to see the house prior to finishing. Lucy was adamant that we don't show it until completed because a lot of folks can't ''see'' the finished product in their mind's eye. Well, he showed them anyway yesterday and last night we signed a purchase/sale agreement.
They offered about 2K under listing price and we countered that we would accept but would not complete the baseboard install...whew! Saves my back and knees from all the bending.
We'll wrap it up and close on the 28th! Nice quick sale. One day on the market! We must have done a fine rehab job...!
Congrat's....it's great when a plan comes together... ;D
It's been a good time, especially working with my friends on it. I'll be watching for another good situation to do a repeat. The expenses went slightly over plan, but all along we'd decided to add better upgrades than the original plan and we went up in our projected listing price respectively and still stayed within the current market values of homes in this location.
Congrats to all of you Ron. Teamwork amongst friends is what really stands out here. ;)
Thanks, Pauline. It has been fun and the people buying it are great to work with! Thankfully, the good ones out number the jerks we put up with in this business. ;)
Congrats Ron. ;D ;D ;D ;D ;D
Nice Ron.
Excellent ;D
Thanks, folks!