Part Time REI » flipping house

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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Market Watch: The Most Balanced Real Estate Market?

Erik Hitzelberger — Wed, 16 Apr 2014 16:00:04 +0000

Florida was arguably one of the hardest hit area in the county by the mortgage crisis. We have seen many of the “Sand States” deal with the down turn but many are on their way back up. In our next issue of Market Watch we visit a city in Florida that has many experts calling it the most balanced real estate market out there. So what’s going on with Gainesville, Florida?

Gainesville is the county seat and largest city in Alachua County, Florida, and the principal city of the Gainesville, Florida Metropolitan Statistical Area. The population of Gainesville in the 2010 United States Census was 124,354 according to Wikipedia.

Zillow reported in February this year that the median home value in Gainesville is $133,500. Gainesville home values have gone up 5.0% over the past year and Zillow predicts they will rise 3.6% within the next year. The city is prime for flipping opportunities with the median price of homes currently being $150,000 while the median price of homes that sold is $130,900.

Gainesville home prices are up almost 20% from last year’s numbers. Despite the rise in prices, Gainesville remains one of the cheapest real-estate markets in Florida with a median home price of just $139,000. Folks that is about 18% below the national average, can we say OPPORTUNITY?

The city was hit hard just like the rest of Florida. But the market is on its way up. Craig Wilburn, president of the Gainesville-Alachua County Association of Realtors, said he looks at buyer activity as reflected in pending sales and inventory to portend a turnaround. Eventually as demand increases and supply decreases, the market will reach a point at which prices stabilize, he said.

“If you’ve got a good product, a good neighborhood, priced under $150,000, it’s selling fast with multiple offers,” Wilburn said.

Essentially, what happened is most of the lower-priced homes in the market sold off over the past year, which has resulted in higher sales prices and less inventory. Unlike some of the other places being listed as great real estate markets, Gainesville has a very healthy six months’ worth of inventory, down from eight a year ago, creating perhaps one of the most balanced real estate markets out there on experts’ lists.

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Flipping House Series: The Wind Storm House

Erik Hitzelberger — Mon, 17 Feb 2014 17:15:30 +0000

Our next house in our Flipping House Series is actually from a few years ago. This is a good story to tell though because we ended up having to deal with an insurance claim. Not long after our team acquired this property the wind storm of 2011 came roaring through our town. Needless to say The Wind Storm house was hit, and hit hard. We had extensive roof damage and had to make an insurance claim to have the roof fixed before we even had started on the inside.

Here are some before shots of The Wind Storm House.

Roof Damage

Bathrooms

Kitchen

Wall Damage

Be sure to check back to see how The Wind Storm House turns out.

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