Part Time REI » remodeling

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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Flipping House Series: The Wind Storm House Finale

Erik Hitzelberger — Mon, 07 Apr 2014 16:00:40 +0000

In our next post in our Flipping House Series, we will take a final look at The Wind Storm House. As mentioned in our first post on this house this flip is actually from a few years ago. We wanted to share this one though because of the insurance dealings we had with this one. Soon after our team acquired The Wind Storm House, wind storm and tornadoes of 2011 ripped through our area. With the extensive roof damage and the insurance claim, the turn time on this house took a little longer. Let’s see the after shots to see how our house turned out. As you can see from the front shots and pictures of the backyard all the shingles have been cleaned up and the roof repaired.

Next let’s take a look inside. What a change!

Basement After

Repaired Wall Damage

Thanks for coming back to see how The Wind House remodel turned out~

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How a Bedroom Can Sell a Home

Erik Hitzelberger — Fri, 28 Mar 2014 16:00:09 +0000

So what area do people spend most of their time in their house? The BEDROOM of course! Studies show that an average person spends about 1/3 of their life in their bedroom…sleeping. You can bet when they are looking at your house, what the bedroom is like is something they will take note of. Keep reading to find out ways to make the bedrooms in your investment property help sell your house.

Re-Carpet

This one is a pretty basic no brainer. We almost always re-carpet the whole house. There are some instances when we would just give the carpet a good steam cleaning but that is usually if the carper was recently replaced. Most bedrooms will will be carpet but some buyers will prefer hardwood. Rule of thumb: if it was carpet, replace with carpet, if it was hardwood flooring replace with hardwood. Always make the carpet a neutral color and common texture.

Re-Paint

It is amazing what a fresh coat of paint can do for a bedroom, not to mention a whole house. Don’t try patch painting because even if it is the exact same paint color and brand the new coat will be a shade different as all paint fades over time. As always keep the color neutral and make sure to cover up any old nail holes or tears in the dry-walling.

Furnish

While is is not necessary to furnish every bedroom with every furniture piece one would usually find, be sure to at least include a bed, lamps, end tables, and a dresser. This will give your potential buyers a sense of the room space and if their own furniture will fit in the room. If your budget is slim, just make sure to furnish at least the master bedroom. You can pick out your furniture in most cases on your lunch hour.

Stage

Last but not least STAGE at the very least your master bedroom. This is not as expensive as you might think. All you need are the bedding, some accessories, and the window treatments. And if your budget is more of a shoe string budget try some of our tips and tricks from our staging tips blog. Or better yet read one of our past blogs by renowned home stager, Christine Rae CSP International.

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Flipping Channels: Flipping Houses TV Shows

Erik Hitzelberger — Wed, 26 Mar 2014 16:02:07 +0000

Picture this. You are flipping through the channels trying to find something to watch. You go through several stations…the one reoccurring theme for new TV shows? Flipping Houses.

Since the crash of 2008 Flipping Houses has become a household term. Pretty much everyone knows a “house flipper” or someone trying to invest in real estate. With that popularity have come droves of TV show telling the stories of real estate investors and how much money they are making by flipping houses. It seems every day there is a new one popping up on another station. But how realistic are those TV shows. Can you learn anything from them if you are trying to invest in real estate?

What you can learn from a TV Show

Flip This House has been on since 2005 and aired during the extreme ups and downs of the housing market. Those realtors really seems to know what they are doing and I am sure others out there can learn a lot from their process and how their team operates. The great thing about flipping TV shows is that it has brought the practice to the forefront of many would be investors minds. The popularity of reality flip shows has made “flipping a house” a household term. Another positive is they show how drastic a remodel can be. Our team have flipped some pretty bad homes and we are here to tell you that you can take a dump and make it into something to be proud of.

But wait, don’t take it too seriously

What the magic of TV world shows you in an 1 hour episode in reality could be months. The exact definition of “flipping a house” is to purchase a home below market value, fix it up and hold onto it for less than 6 months. That six months folks–not 60 minutes. In one of Clay Huber’s blogs about reality real estate shows on Bigger Pockets he states, “My stance after having lived through multiple flips and deals: Very Unrealistic.” And that is where the problem lies with the, uh, reality of the reality TV show on investing in real estate. We would agree with the that stance and add that if you are thinking about getting into real estate, do not base your decision solely on what you see on TV. More importantly don’t base all your education solely on what you see on TV.

It is also important to note that these shows rarely show what the true cost and profit are. What about the commissions? What about the closing costs? I don’t remember seeing that on the screen along with the profit listed.

Check your local listing for TV shows on flipping houses. Here are a few to get you started.

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Choices for Carpet when Flipping a House

Erik Hitzelberger — Fri, 21 Mar 2014 16:15:14 +0000

Rarely does our team see a potential flip that doesn’t need a little TLC. And it is even rarer to see one that doesn’t need new carpet. Updating the flooring in a house that we are flipping is kind of a no brainer. Pretty much we see it this way: You as an REI have 3 main choices when it comes to flooring. Keep reading to find out what those choices are.

Clean–Really Good

Sometimes we find a flip that the owners really took care of the carpet, or better yet just had it replaced. With the onset of the market fall out many mid priced homeowners were met with foreclosures as their only option. The higher the price point ,the higher the quality of the carpet…usually. So in our search for potential flips we have come across homes that just needed a good cleaning; no replacement necessary. You can determine this on your first walk through and make note on your Property Repair Estimate Sheet.

We would suggest investing in one of those steam cleaners. Lord knows we have used ours plenty of times. It is truly amazing what a good steam clean can do for some dirty carpet. You can find a good one online for under $300. This is something you could definitely work on during your lunch hour.

Replace

In almost all our flips it is necessary to replace the carpet. It is in reality one of the top items on our SOW almost always. Nothing make a home look newer inside than replacing the carpet and a fresh coat of paint. Lots of times the carpet will hold the odor of the previous home owners. If they were smokers or had animals we don’t have to tell you that your potential clients will be turned off as soon as they walk in the door and the odors hit their face.

Be smart about what grade of carpet you choose for your flip. Make sure you choose neutral colors that won’t be hard to match furniture and decor. Also make sure the new flooring is comparable with the rest of the homes in the area. While builder grade carpet is mostly fine for flips, make sure it is comparable to other homes in the area. Easy way to check this is other listings on the MLS.

Strip Away

Sometimes you are lucky enough to find a nice surprise just laying there under the dank, dated carpet. Like one of our flips from our Flipping House series, The What Lies Beneath House, where we were shocked to find hardwood under the carpet. Hardwood floors are still a trend that have sticking power; homeowners want it. So if you flip up a corner of carpet on your flipper and discover solid hardwood flooring, you’re in luck. Remove the carpet and sand the floors. Keep in mind that you can always install engineered wood flooring or, as a last-ditch attempt, wood-look laminate flooring.

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Flipping House Series: The Tree House Finale

Erik Hitzelberger — Mon, 17 Mar 2014 16:00:45 +0000

Let’s take a final look at the next house in our Flipping House Series, The Tree House.

It was of course was surrounded by trees. So after we replaced the gutters which were damaged by falling tree limbs, cutting and trimming trees around the front, updating the landscaping, the front of The Tree House is looking great!

The Kitchen

Everything had to be replaced and updated in the kitchen. Here’s a few shots of the kitchen after it has been completely remodeled.

More Interior After Shots

Back Yard/Deck Area

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Flipping House Series: The Junk House Finale

Erik Hitzelberger — Mon, 10 Mar 2014 16:24:37 +0000

The Junk House has turned out great. As you may remember this was a foreclosure that had a little more of the previous owners left over than we would have liked. Junk, junk, everywhere junk. Not to mention the kitchen was very dated and the carpet had to be replaced. But the hardwood floors bonus beneath the junky carpet have turned out nice. Let’s look at some of the main areas after shots of The Junk House.

Kitchen

Bathroom

Basement

We finally got all the junk out!

Here are a few other after shots of the house. Thanks for checking out how

The Junk House turned out!

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Flipping House Series: The Cash Flow House Finale

Erik Hitzelberger — Mon, 03 Mar 2014 17:54:00 +0000

As you may remember The Cash Flow House was a great flipping opportunity. The convenient area and little work needed has made it a quick flip. Here’s a look at how it turned out.

Kitchen/Dining Room

Bathroom

Garage/Backyard

Let us know how you think The Cash Flow House turned out!

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Flipping House Series: The Mold House Part 2

Erik Hitzelberger — Mon, 20 Jan 2014 18:13:05 +0000

After the auction of The Mold House we thought back and could have swore we heard the auctioneer say “Going once, twice, SOLD…mold included.” As you may remember why we aptly named this house we are of course dealing with the mold. Let’s check in to see how The Mold House is coming along.

This house could have also been named “The sump pump house” as well since the sump pump was turned off. It was not running because power was turned off by the bank. As mentioned before this can be common and is something investors should definitely be aware of with foreclosures. We are repairing the sump pump and removing the water.

Other repairs

Remove drywall and flooring in basement and re-drywall
Sand and refinish hardwood floors
New windows
Reglaze bathtub
New bath vanity and fixtures

We are also painting and adding new carpet

New kitchen countertops and appliances are on their way too.

Be sure to check back in a few weeks to see how The Mold House turns out.

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Seven Items to Check When Remodeling the Bathroom

Erik Hitzelberger — Fri, 03 Jan 2014 17:29:58 +0000

The first thing people want to know when it comes to a bathroom are how many the house has. The second thing? If it has been updated. Bathrooms can be a huge selling point for your potential flip. Most houses are standard 2 to a normal sized family house. There is always an option to add a second bath or half bath. These will be important factor that will determine how long you have your house on the market. Let’s look at some key factors to check when remodeling a bathroom.

Faucets

The right faucet can add a special look to your bathroom. Different designs, styles and features allow you to dress up and draw attention to the space. Always try to update the fixtures especially the faucets. Make sure if you switch out the sink faucet you also match it to the shower or tub faucets as well. There are also many options for style.

Different Faucet Styles

Coordinate your faucet color and finish with the rest of the fixtures and accessories in your bathroom. Choices include:

Black
Brass (antique or polished)
Bronze
Chrome (matte, brushed or polished)
Copper
Gold
Iron
Nickel (brushed and pearl)
Stainless Steel

Cabinets

Hopefully you can resurface or refinish the cabinets with paint or new stain. But if you have to pull the old ones you can replace them or do away completely with the vanity part and just add a wall mounted sink for a more contemporary look.

Toilet

Pretty basic stuff here. Be sure to look at options that match the sink if you go ceramic. Also a lot of consumers will be interested in water conservation so add a low flow toilet if code allows it your area.

Vanity/sink

Many options here. You can do a granite or marble vanity which or most common or you can do a vessel sink. Vessel sinks have become very popular and add an air of sophistication to any bath. There are also ceramic, metal and glass options. Or they can be built in to the vanity which is very traditional. There are also stand alone and wall mounted options which are more expensive.

Tub/Shower combo

Make sure to update the hardware to match the sink. If the old one is fiberglass or acrylic, consider relining it or if your budget allows tile the sides to make the bathroom really pop.

For more options on tub and shower options check out this link.

http://www.inman.com/2012/02/17/pros-and-cons-9-bathtub-materials/

Stand Alone Shower

Again the material used is probably fiberglass, ceramic tile or acrylic. Replace or repair any damaged tiles or go full tile if it is not upgraded.

Flooring

Most out of date bathrooms will be floored with linoleum or laminate. If your budget allows, adding a tile floor will impress potential buyers. If you have a more meager budget, go for a good grade laminate that “looks” like tile. If there is carpet in the bathroom (yes we have actually seen this.) replace it.

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