Front of house after

As a reminder, check out the before and  in progress  pictures.

Kitchen

Kitchen After

Detail of kitchen sink after

Bedrooms

Master bedroom after

Bedroom after

Bathrooms

bathroom after

Dining Room

Living Room

Living room after

Living room

In total, this house took just over 2 months to rehab.

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

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The first problem we tackled was the plumbing bursting.  We are repairing the broken plumbing, removing all the damage, and replacing everything. 

Kitchen mid renovation

2. Since the only bathroom on the first floor was the master bath, we really wanted to make it look nice.  Thus, we decided to tile the floor and tub surround. 

Bathroom

3. The 3rd problem we are tackling is the steep hill immediately behind the house.  We will cut into the hill a little, add a retaining wall, and level the area at the end of the driveway to make it more usable. 

Be sure to check back in a few weeks to see the how The Waterfall House turns out and how we plan on selling it. You won’t want to miss the after shots!

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

Or visit us on FB at: https://www.facebook.com/PartTimeRei

Linked In http://www.linkedin.com/company/part-time-rei

This house was a foreclosure we found on the MLS.  Our intent was to flip this house, so the purpose of the first visit was to fill out the Property Repair Estimate Sheet (our punch list) and the Deal Analyzer to determine our offer.  When investing in real estate it is important to not waste time completing work on homes you may not even purchase.  With the proper systems, you can review the property and the comps and make an offer during your lunch-hour.  While this home had the usual repairs, painting, carpet etc, there were 3 big challenges.

1. The upstairs plumbing had burst at some point. The ensuing waterfall descended from the second story through the kitchen ceiling, over the cabinets, into the dining room, before dropping into the basement and finally flowing out the garage. As you can see from the pictures, the damage was extensive.

Kitchen Before

Kitchen – Before

Basement – Before

2. The only bathroom on the first floor was the master bath and there was no real way to add another 1/2 bath anywhere.

3. There was a steep hill immediately behind the house which made the back yard very small and visibility from the house limited.

Problem one would be essentially easy for our team to resolve. It would involve repairing the broken plumbing, removing all the damage, and replacing everything. When flipping houses, some jobs are larger than others.

Problem two, unfortunately, could not be resolved. Some properties just have primary issues that our team has no way of fixing. These are known as functional obsolescence.

Problem three is a combination of the two types of problems. There is a nice flat area at the end of the driveway that is usable. Making the yard immediately behind the house as usable as possible would increase the number of buyers that would consider the house.

Investing in real estate often involves weighing the pros/cons of a particular deal and determining whether to proceed. We decided we could flip this house and overcome the cons by upgrading the interior and pricing the property competitively. After reviewing comps, we were able to submit an offer to purchase the property.

Tune in the next few weeks to see what our team did to combat these challenges.

To learn more about Part-Time REI visit us at http://part-timerei.com/
Or visit us on FB at: https://www.facebook.com/PartTimeRei
Linked In http://www.linkedin.com/company/part-time-rei