Part Time REI » The Money “Drain” House http://part-timerei.com Real Estate Investing while Working Full-Time Fri, 03 Oct 2014 17:44:45 +0000 en-US hourly 1 https://wordpress.org/?v=4.0.38 Part-Time REI is a real estate investment education company. Our Lunch-Time Profits System is designed to teach you how to fix and flip homes in your spare time. We specialize in helping investors learn how to control their own financial future. Most importantly, we show you how to leverage other people's time and expertise to help you accomplish your goals. Finally, we provide systems so that you can repeat the process again and again. Erik Hitzelberger and Bryan Snider: Part-Time Real Estate Investors, rehabbers no Erik Hitzelberger and Bryan Snider: Part-Time Real Estate Investors, rehabbers support@part-timerei.com support@part-timerei.com (Erik Hitzelberger and Bryan Snider: Part-Time Real Estate Investors, rehabbers) Part-Time REI podcast with host Bryan Snider and Erik Hitzelberger talk about investing in real estate and flipping houses in your spare time. flipping houses, investing in real estate, part-time, second income, retire early, flipping homes, flipper, REI, rehabbing Part Time REI » The Money “Drain” House http://part-timerei.com/wp-content/uploads/powerpress/Logo.jpg http://part-timerei.com Weekly Flipping House Series: The Money “Drain” House Finale http://part-timerei.com/blog/2013/12/09/flipping-house-series-the-money-drain-house-finale/ http://part-timerei.com/blog/2013/12/09/flipping-house-series-the-money-drain-house-finale/#comments Mon, 09 Dec 2013 17:20:51 +0000 http://part-timerei.com/?p=1831 after front of house

 

If you remember our play on words then you remember The Money “Drain” House had a patio outside the walkout basement door that filled up with water when it rained and the water leaked into the basement.  This of course happened AFTER our team bought it.  So, our team had to fix a problem that we had not planned on fixing. With that major issue out of the way we have made great progress on The Money “Drain” House.

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

Exterior_02_Afterelevation shot. We gave it a new coat of paint through out the interior and also new carpet, vinyl, and tile throughout.

 

 

Kitchen_After

 

 

 

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.

Bath#2_02_After Bath#2_01_After Bath#1_After

 

 

 

 

 

 

 

 

 

 

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.

 

Dining_After FR_After
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.

Bsmt_02_After basement remodel after

Deck_After

 

For a look at the before shots click here.

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]]> http://part-timerei.com/blog/2013/12/09/flipping-house-series-the-money-drain-house-finale/feed/ 0 Flipping House Series: The Money “Drain” House Part 2 http://part-timerei.com/blog/2013/10/28/flipping-house-series-money-drain-house-part-2/ http://part-timerei.com/blog/2013/10/28/flipping-house-series-money-drain-house-part-2/#comments Mon, 28 Oct 2013 16:15:40 +0000 http://part-timerei.com/?p=1380 rehabbing, remodeling

Exterior Steps

 

Here’s an overview of what we are doing with The Money “Drain” House.

This house is a 3 bedroom, 2 bath Bi-level with a 4th bonus room on the lower level and an attached 1-car garage.  The house is located on a corner lot in a good established neighborhood.  The target buyer is a first or second time home buyer and the target price point is slightly above the median selling price for this neighborhood.  Attractions for the house are the open kitchen floor plan, a finished lower level with a second bathroom as well as the large corner lot with fenced yard.  A problem that we would end up running into is a water drainage problem at the lower level patio which causes water to get into the basement.  This problem was solved by digging a trench to the natural drainage ditch and burying a drain pipe.

The REHAB plan:

  • Remove overgrown shrubs and freshen the landscape beds

  • Paint interior

  • New carpet, vinyl, and tile throughout.

  • Salvage kitchen cabinets by painting them, and install new counter tops and appliances

  • Remodel both bathrooms.  Add wow factor with ceramic tile tub surround instead of plastic surrounds which were in all the comp houses.  Also ceramic tile flooring in bathrooms.

  • Upgrade all lighting fixtures

  • Add tile floor in the lower level entry from back yard

 The One Challenge to Highlight

French Drain 01The first hard rain revealed a problem that the lower level patio was not draining and causing water to get into the house.  Immediately had the general contractor assess the situation and determined that a drainage path was needed to the natural ditch in the front.  We are resolving this problem but we want to stress the importance of having a contingency factor in your profit analysis.  By doing this we will be enabled to still make a good profit even after this unplanned expense.

French Drain 02French Drain 03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stayed tuned to see how The Money “Drain” House turns out.

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

Be sure to like us on Facebook or Linked In!

 

]]> http://part-timerei.com/blog/2013/10/28/flipping-house-series-money-drain-house-part-2/feed/ 0 Flipping House Series: The Money “Drain” House Part One http://part-timerei.com/blog/2013/10/07/flipping-house-series-the-money-drain-house-part-one/ http://part-timerei.com/blog/2013/10/07/flipping-house-series-the-money-drain-house-part-one/#comments Mon, 07 Oct 2013 16:00:13 +0000 http://part-timerei.com/?p=1234 the money "drain" house

One of the memorable things about The Money “Drain” House is that it had a patio outside the walkout basement door that filled up with water when it rained and the water leaked into the basement.  This of course happened AFTER our team bought it.  So, our team had to fix a problem that we had not planned on fixing.
So as for a theme name, could had to play on the word “drain.”  As a part-time house flipper, you don’t have time to drive all over the city looking for a good house to flip.  You have to take advantage of good deals when they present themselves to you. This deal was actually and quite literally in one of our team members own back yard. He drives by it almost every day.  Deals are right in your own back yard if you just pay attention to your surroundings. We investigated and learned that the house had been through foreclosure and was now owned by HUD.  After the initial inspection using the property repair estimate checklist we were then able to determine the maximum allowable offer.

Exterior Before

 

 

 

 

 

 

 

Bathroom Blues

bathroom beforebathroom beforebathroom before

 

 

 

 

 

 

 

 

 

 

Basement Before

basement before Bsmt_02_Before

 

 

 

 

 

 

Kitchen Before

Kitchen_Before

 

 

 

 

 

 

Family Room Before

FR_Before

 

 

 

 

 

 

Foyer Before

Foyer Before

 

 

 

 

 

 

 

 

 

Be sure to check back to see what we do to combat The Money “Drain” House problems!

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

Be sure to like us on Facebook or Linked In!

]]> http://part-timerei.com/blog/2013/10/07/flipping-house-series-the-money-drain-house-part-one/feed/ 0