Part Time REI » the mold house

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 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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Flipping House Series: The Mold House Part 1

Erik Hitzelberger — Mon, 06 Jan 2014 17:02:35 +0000

Our next house in our Flipping House Series could not be named anything else but The Mold House. Our team purchased this property at the county courthouse foreclosure auction. Purchasing investment properties in this manner is not for the faint of heart. It can sometimes be risky because no one is able to have actual access the house before purchasing. Purchases like this requires extra due diligence and there is always the chance there is an unforeseen issue.

The Mold

Once the house was won by our team at the auction we promptly went to inspect it. Once the mold in basement was discovered we knew we had a challenge ahead of us. While mold doesn’t mean the house is un-sellable in the least bit, it just takes a good know how on getting rid of it. In some cases, if the house is on the public market, mold can deter regular home buyers and leave a wider window of opportunity open for real estate investors. In the real estate investment world, mold can be the smell of money.

The Water

The second issue with The Mold House was water in basement. We quickly realized this was due to sump pump not running because power was turned off by the bank. This is somewhat common and is something investors should definitely be aware of with foreclosures. the positive to this is it can present good buying opportunity if the only repair needed is to provide power to the sump pump to remove the water.

The Norm

This house will also get our normal run through on a typical foreclosure. We will replace the carpet and flooring in the kitchen and bathrooms. The house will also get a fresh coat of paint though out.

Check back in a few weeks to see what our team at Part-Time REI does to overcome The Mold House issues.

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