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Old 01-24-2018, 08:06 PM
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Default Bought my wife a house to Fix and Flip

The lovely Mrs_Bob is sick and tired of teaching. Wants to try something else.

She has a sister who doesn't have a job, but has worked as a "handy man" doing odd jobs for the past couple of years. She can set tile, paint, do drywall repairs, replace a faucet, wire a light fixture, etc. And she is SUPPOSED to pay me rent for living in our garage apartment but that has not happened in quite some time.

I've flipped some townhouses, houses, commercial buildings, etc so we are not going into this without any experience, but this is going to be my wife's project. With her sister.

I bought the house at auction for $82K. Gave her a $20K budget. Comps in the area are running about $135-145,000. Hoping to get the house repaired and dressed up in budget and then list it below market for a quick sale. Looking for $129K.

This one needs a roof. Garage is detached and needs work. Probably needs kitchen cabinets replaced, or at least re-faced and doors/drawer fronts replaced along with new countertops (laminate NOT granite in this neighborhood). Some paint and some drywall repairs. Hopefully not much more.

Anyone else do this?

If YES, how many do you do a year? I told my wife that if she could do 3 to 5 a year it would totally replace her teaching income.
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Old 01-24-2018, 08:29 PM
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Default Re: Bought my wife a house to Fix and Flip

My parents did that for years. Even growing up they would buy a wreck of a house for a song and dance. We'd live in it and in about 5 years they would completely reno it then sell.

Then when mom's job was eliminated in the 90s she started buying houses, fixing them up, renting them for a year or so then selling them. When they moved to the city, they watched the housing market closely. Then when it started to rise, they bought a property, built a 5 bedroom house with detached garage with a total investment of around 320k. They lived in it for a couple years then sold it for roughly 400k. Now, they still have a couple of rentals and fulltime it in their motor home.
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Old 01-24-2018, 08:42 PM
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Default Re: Bought my wife a house to Fix and Flip

Good luck. I've considered this but never tried it. I know of married couples that tried it. In the end they were lucky to stay married. Working together can be tough on relationships. Good luck to the sista's.
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Old 01-24-2018, 08:59 PM
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Default Re: Bought my wife a house to Fix and Flip

Doc, got to say, this is my wife's project.

This is not OUR project. It is HER project. I funded it so she could see that she can replace her job, make some cash, work flexible hours with less pressure and more fun. Teaching has become a high stress job with little flexibility and no fun. I know many teachers who are no longer happy with the profession, many who have departed it.
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Old 01-24-2018, 09:55 PM
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Default Re: Bought my wife a house to Fix and Flip

I hear ya Bob. Good luck staying out of the fray. I hope it works out for your wife and her sister.
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Old 01-25-2018, 08:58 AM
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Default Re: Bought my wife a house to Fix and Flip

Bob, in your situation with her being the boss on this project there are only two words I want to hear from you. YES DEAR. Trust me, it will save your sanity. LMAO

That's the stance dad always took with the renovations.
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Old 01-25-2018, 10:13 AM
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Default Re: Bought my wife a house to Fix and Flip

And all i did was buy the wife a new lawn mower!
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Old 01-25-2018, 01:49 PM
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Default Re: Bought my wife a house to Fix and Flip

Quote:
Originally Posted by JimVT View Post
And all i did was buy the wife a new lawn mower!
You are safe. Just never buy her anything with a cord that plugs into the wall.

Like a vacuum cleaner
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