Flipping 101, Part 1

I've watched all the rehab shows. So have you. Flipping Boston,  Flipping Las Vegas, Flip or Flop - more titles than I can remember. Hours and hours of TV- ideas, successes & major problems.

I am a real estate agent. I've been in hundreds of houses. I've been through countless inspections, I'm a major DIYer. My good friend Essie is an excellent decorator & loves "the idea" of doing a flip. We looked in earnest for a couple of months last year & couldn't find anything.

Then there it was. Another friend listed this little, old house-only 1,000 sq.ft. I looked at it for a client. It was a sad little house, my client didn't like it. It hung around. My friend had some nibbles, but no one bought it. The owners eventually lowered the price & after much thought & planning Essie and I decided to buy it.

We are being careful. She talked to her financial planner. I researched the market. I talked to an appraiser. I had a contractor look at it to see if we could make the changes the house needed & still make the numbers work. Possible sales price minus purchase price minus rehab costs, should give us SOME profit. It SHOULD work.

So, we wrote an offer. It was accepted! YEAH!

Contactor called ... he thinks he is off by $3-5K! what???

It's O.K. we got it for a good price. Had the inspection today. Went pretty well. Found out the HVAC is pretty new -YEAH! Found out we might not be able to remove some walls
without extra support, yikes!

It's O.K. still in due diligence phase.

Stay tuned. It's going to be so pretty when we're done! We're refinishing hardwood floors, new cabinets, granite counters, new windows, adding a bedroom & bath. Oh my goodness!

I really hope it works, it will be so pretty when it's done....

See Flipping 101, Part 2