Part Time REI » flipping a house

Flipping House Series: The Gutted House Finale 2

Erik Hitzelberger — Mon, 11 Aug 2014 15:53:35 +0000

As promised we have more after shots of The Gutted House. Because this was a complete remodel, with our team totally gutting the house there were too many after shots to show you in one blog post. Let’ take a final look at how The Gutted House turned out.

Dining Room

Master Bedroom and Bath

Stairs

2nd Floor Bathroom

Bedrooms #3 and #4

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Flipping House Series: The Gutted House Part 1

Erik Hitzelberger — Mon, 14 Jul 2014 15:59:24 +0000

Welcome back to our Flipping House Series. We had a little hiatus with some great Podcasts with Erik and Bryan and we will have more of those in the future. This week we look at a great flip. This house is basically totally brand new, on the inside. From the pictures you can tell that this was a total gut job, which is where this one gets its name–The Gutted House.

This was quite the rehab. Rarely do we have to scrap the ENTIRE house but from the look of the before pictures you can see that this is exactly what was needed. Everything was redone. Walls knocked out. Carpet replaced. About a 1/2-acre of trees removed. An old barn demolished. Septic tank replaced. You name it. Let’s take a look at different items in The Gutted House.

The Outside

Trees and more trees

Front of House Before

Back of House Before

The Inside

Kitchen Before

Bathroom Before

Front Room

A lot of random colors here.

Family Room Before

Purple Stairs anyone??

Bedroom Before

Be sure to check back in with us to see how The Gutted House comes along!

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5 Smart Moves for REIs

Erik Hitzelberger — Fri, 11 Jul 2014 16:00:10 +0000

Every Friday we try to supply our readers with some smart tips or tricks to make investing in real estate a smoother ride. Today we want to review some smart moves for REI when starting out in the business. Read on to check out our top 5 smart moves.

1. Recognize that investing is a business.

Being a landlord and an REI is different from being a private homeowner — it’s a business and you need to treat it like that. Have a good business plan. This type of investment is not hands-off. It can be passive but it requires involvement. It requires your time. It requires certain knowledge and skills.

2. Start small.

Don’t get in over your head right away. Starting with a single house or smaller multiple-dwelling unit, perhaps with a partner, is a good staring move to see if the business really suits you. Starting with a single home will allow you to get a feel for the maintenance, bookkeeping and other work required.

3. Know your Farm Area

As with any business, location can be critical. And we all know real estate is all about location, location, location. A home that seems to be a steal might be priced lower because it’s in a neighborhood most people wouldn’t actually want to live in — one that has higher crime, noisy streets or poor schools. For that reason, investing in out-of-state property is a gamble. Do your research and get comps from your Realtor and only buy in neighborhoods you know well or have carefully researched.

4. Figure out the right rent and rentors

Rents differ widely around the United States. Zillow, Craigslist or a real estate agent can give you an idea what they are where you’re buying. Then you need to determine if that rent will be enough to cover your costs.

Too often, people take a look at their loan and think if they cover that, they’re doing fine. But you’ll need to pay property taxes and insurance. Don’t forget though about regular maintenance. Things break, and you will need some money in the bank to deal with unexpected expenses.

You’ll also want to know the rate of return you’re getting on your investment. There are formulas, such as the “capitalization rate,” to help with this, but you might want to turn to a professional. A good accountant can make sure the purchase makes sense.

Finding a good first tenant is also an important step. Run background checks if you can. Finding and keeping good tenants is the heart of successfully investing long-term in real estate.Happy tenants are critically important. They’re your customers and the way you keep them happy is by keeping the property in good shape and treating them with respect

5. Leave it to the professionals

If you decide to manage your property, you’ll probably need to consult a real estate lawyer to get a solid lease and learn the rights of tenants. You may want an accountant, and you’ll need a list of good plumbers, electricians and tradesmen. Building your investment team is very important; so is leveraging other people’s talents. Your goal is to have a second income, not a second job.Turning to a property management company can be a smart move. It’s usually worth it to pay 7% to 10% of our rental income to a manager.

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Flipping House Series: The Dirt House Finale

Erik Hitzelberger — Mon, 05 May 2014 16:00:14 +0000

Now that The Dirt House has been finished up let’s take a look at some of the after shots. If you want to look at the before shots click here.

Front of House

It looks great!

If you remember this house’s floors were pretty much dirt and so was the back yard. Here is a list of the repairs we completed on the dirt house.

Kitchen – Subfloor, Flooring, Walls, Windows, Cabinets, Counters, Appliances

Bath – Subfloor, Flooring, Tub, Tile Surround, Vanity, Toilet, etc

Back yard sod and front yard Landscaping

General – Paint, Carpet (BRS), Hardwood (LR), Windows, Doors, Deck, Siding Repair, Lighting, Plumbing (all), Electric (most), HVAC (ductwork), Floor Joist repair.

Kitchen After Shots

Yard After Shots

Bathroom

New Floor

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Flipping House Series: The Mold House Finale

Erik Hitzelberger — Mon, 24 Feb 2014 00:11:06 +0000

In our third and final installment of The Mold House we take a look at how our renovation turned out.

Here is a list of the repairs done on The Mold House:

Removed drywall and flooring in basement and re-drywalled area
Sanded and refinished hardwood floors
New windows installed
Re-glazed bathtub
New bath vanity and fixtures
Sump pump repair
Panted house throughout

Main area after photos.

The 2 biggest areas we had to work on were the basement and the kitchen. Check out the after photos of how each turned out.

Basement

Kitchen Area

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Flipping House Series: The Student House of the Quarter

Erik Hitzelberger — Mon, 04 Nov 2013 17:15:45 +0000

Part-Time REI would like to congratulate our student Brent on his first flip! Brent has been working hard on on flipping this house and we are ready to showcase the “after” photos of his house and what a great job he did.

Front of House

Notice that our student used neutral colors through out the house.

Bedrooms

Bathrooms

Kitchen

Nice stainless steel appliances and updated cherry cabinets.

Backyard

Cleaned up and re-landscaped.

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