So here’s what we have done. We removed the overgrown shrubs and freshen the landscape beds as you can see from the above front

elevation shot. We gave it a new coat of paint through out the interior and also new carpet, vinyl, and tile throughout.

Kitchen

We were able to save money by rehabbing the cabinets in the kitchen. Here is the main after shot of how it turned out. We added nice black appliances to make them really “pop” against the white cabinets.

The Bathrooms

Here we added a “wow” factor with ceramic tile tub surround instead of plastic surrounds which were in all the comp houses.  Also ceramic tile flooring in bathrooms. Notice how all the colors are very neutral here.

Updated all lighting fixtures. Here is a shot of the fan fixture in the dining room and one in the foyer area of the upstairs.

Here is a look at how the back yard with the deck  turned out. And then another shot of the walk out basement with the patio outside where we fixed the leak.

For a look at the before shots click here.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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So we thought we would write a series on countertops. With the never ending options that seem to grow daily it is hard to know what choice will be right for your remodel. What choices are out there? What makes the most economical sense for this house? How will I know if I am over-improving? In our never ending attempt to education first time flippers and help refresh seasoned flippers we have put together a list of traditional an non-traditional countertops and some pros and cons for each. In this first part we will look at Traditional options.

Traditional

Laminate

Made of paper blended with resins and fused to particle board, laminate has been a kitchen mainstay for decades. It hasn’t always had a stylish, desirable reputation . However, the latest designs on the market mimic stone, butcher block and other pricier surfaces.

Pros: Laminate is one of the most affordable countertop materials, so it’s a good choice if your budget is tight. A comes in a variety of colors, is low maintenance and easy to clean. Its light weight doesn’t require the support of a thick cabinet base.

Cons: Laminate is prone to scratching, burns and, in some cases, staining. With wear and moisture exposure, the layers can peel. Because of the raw particle board core, you can’t use laminate with undermount sinks, and it’s also difficult to repair if it gets damaged. Cost: $10 to $30 per square foot, installed

Granite

One of the most popular countertop choices, granite defines refinement in a kitchen.

Pros: Holds up to heat,comes in a range of almost 3000 colors. It will last a lifetime. New sealers make it almost maintenance-free; 2nd highest hardness rating after diamonds.Home buyers. love this stuff!
Cons: It is expensive, but becoming more affordable. Requires some maintenance and some stones absorbs stains if not sealed. Your knives can become dull if you cut on it and lastly it can crack if stressed or improperly installed due to its heaviness.

Cost: $35 to $100 per square foot, installed  

Quartz

Stay tuned for our second part of Top Materials for Countertops when we look at less traditional options for your kitchen.

This might be a little much for your flipping farm area…

To learn more about Part-Time REI visit us at http://part-timerei.com/

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The Pool House

We have completed the Pool House and the nightmare of the unkempt pool is over. Again it is not often that rehabbers can say two words and all their fellow real estate investors know exactly what they are talking about. All we have to mention is “the pool” and everyone remembers the nightmare that Part-Time REI had to deal with on this flip.  the end result has been (almost) worth all the trouble. We are delighted at how The Pool House has turned out. Check out the after shots below and see how a flip can be transformed.

If you would like to be reminded of how the house looked before the renovations be sure to click here for before shots.

Kitchen

Basement

Dining Room and Living Room

Bedrooms and Bathrooms

Backyard

Mudrom

To learn more about Part-Time REI visit us at http://part-timerei.com/

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Now here’s at look at how The Estate House turned out.

Front of house

Kitchen

Bathrooms

Master Bedroom

Family Room

Living Room

Thanks for checking out our Flipping House Series. Be sure to check back to see how the next house turns out.

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us  

Let’s take a final look at The Wallpaper House. If you have been following our Flipping House Series you will remember why we named this house The Wallpaper House. For the before shots of the plethora of wallpaper click here.

Front of Wallpaper House After

Let’s take a look at some of the after shots.

Here is the kitchen.

Bathrooms

Bedrooms

Family/Living Rooms

Dining Room

Backyard area, deck and front landscaping

To learn more about Part-Time REI visit us at http://part-timerei.com/

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Here is a look at some of the main focal points of “That 70’s House.”

Kitchen

Quite a contrast to what it looked like before.

Bathrooms

Family and Dining Rooms

 Basement

Wet Bar in basement

Landscaping/ Front Elevation

What the front of the house looks like now

Detail of front red door.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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One of the ways some flippers make deals is by Wholesaling. Wholesaling real estate provides an opportunity for someone to build income with little capital or credit. Their main purpose is to go out and find a property, get it on a contract deal and immediately  re-sell it to a real estate investor/buyer. You have to be a pretty savvy business person with a lot of know-how to be a wholesaler. Although wholesaling does not require a real estate license, since a license is not required to buy or sell any property that you have an equitable interest, it does take a lot of knowledge of the business. That interest can be a contractual interest (you currently have property under contract) or you actually own the property or the title to the property.

A wholesaler in a nut shell puts property (normally distressed property) under contract and assigns or resells the property to another investor. The investors a wholesaler sells to either use cash, lines of credit, or hard money loans. This allows quick closings on properties that sometimes need extensive repairs.

A Wholesaler’s pure existence depends on two things; finding deals and their network of investors to sell to. Since they have connections they will have access to the deals and opportunities.

Why to use a Wholesaler

(source BiggerPockets.com)

1. They look at it as a business rather than a hobby. They are serious about helping you find deals and the motivated sellers.

2. They provide honest/accurate data. Whether it be after repair value or rehab costs, if you are getting inaccurate (or none at all) estimates, move on.

3. They actually DO MARKETING and/or HAVE CONNECTIONS. The business model is to generate as many leads as possible. To do this, most will use some combination of direct mail, bandit signs, Internet leads, and referrals. Additionally, many will search the MLS for short sales, estate sales, auction properties, and distressed homes. 

 While Wholesalers can seem to be a flipper’s best friend, be sure to do your homework on the ones that make you think you hit the wholesale lottery. If it seems like the deal is too good to be true, then it probably is. Clever Investor has an elementary diagram that helps explain it all.

 Wholesalers play an important role for rehabbers especially those flipping houses in their spare time. They spend hours finding, sorting, and cultivating leads. Theoretically, most if not all of the junk deals are eliminated in the process. This helps rehabbers stay focused on flipping houses and not get distracted chasing bad leads.

For more information on real estate wholesalers check out these links:

 http://www.biggerpockets.com/renewsblog/2011/11/21/why-should-your-work-with-real-estate-wholesalers/

 http://www.biggerpockets.com/renewsblog/2012/08/24/flippers-best-friend-the-wholesaler/

 http://www.biggerpockets.com/renewsblog/2011/08/05/real-estate-wholesaler-definition/

inShare5//

A normal roof in non-extreme climate conditions will typically last on a home between 10-15 years. The seller is required to list the age of the roof on the inspection sheet so you will be able to determine the age there. Don’t try to get on the roof yourself to inspect. Instead use binoculars to look for any damage before you call in the professionals.

Five Most Common Problems

Flashing boot needing replaced

Flashing/boots–The material used around vents and pipes is a prime spot for leaks and water damage.

Gutters–A build up in your gutter of debris and water can cause molding and rotting.

Shingles–Discoloration, curl ups, or missing shingles leave the base board susceptible to rotting, holes and other damage.

Fascia–Look for moisture on the front board as an indication of water damage here.

Soffit—Small animals and insects can reach the wood under the roof’s overhang. Check for cracks, holes and rotting.

Tear Off vs. Overlay

On an overlay the new shingles are applied over the existing layer of shingles. Some states will not allow an over lay there are 2 roofs or more so check your local restrictions on building codes to find out.  If you only have one layer, the existing roof is in good condition, lays flat (no bumps or rolls) and has no leaks or any problems with the underlying roof deck (soft spots), then an overlay may be the best option for you.

Roof with shingles curling up

While overlays save on time, labor and disposal costs, they can only be done if certain conditions are met. A tear-off where all the old shingles are removed from the roof, it is inspected, and then a new roof is put on, is a better option on several scenarios.

• The  condition of the existing shingles is so rough and distorted that it would not be practical to flatten all raised areas enough for the new roof to lay flat.
• The roof structure shows signs of sag across the ridge or truss lines. If the roof does not look straight and feel solid, there may be structural defects.
• Spongy areas are noticed when walking on a roof, or an inspection of the deck reveals rotted/warped wood or large gaps between the deck boards. Any rotten or damaged boards must be replaced before applying the new shingles. These conditions are not always evident until the roofing is removed.

You may be wondering what kind of roof to use if you have to replace. You obviously want to match the roof to the existing structure, using neutral tones as well. Normally you will go with a traditional shingles as apposed to ornamental like clay or bronze. However, depending on what area of the United States you live in, clay might be commonplace. The main thing to remember is not to over improve. Make sure that the roof is in the same price range as others in the neighborhood and you shouldn’t have any problems getting your money back out of the upgrade.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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Front of house after

As a reminder, check out the before and  in progress  pictures.

Kitchen

Kitchen After

Detail of kitchen sink after

Bedrooms

Master bedroom after

Bedroom after

Bathrooms

bathroom after

Dining Room

Living Room

Living room after

Living room

In total, this house took just over 2 months to rehab.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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