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Old 01-24-2018, 07:06 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, 07:29 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, 07:42 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, 07:59 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, 08:55 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, 07:58 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, 09:13 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, 12:49 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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Old 02-27-2018, 07:36 AM
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Default Re: Bought my wife a house to Fix and Flip

Well there is good and bad with this flip.

Gave my wife a $20,000 budget to repair this house. Its a modest house and it will only cell for a modest price. I am now projecting we will have spent $30,000 when we are done. I tried to control the budget but 'design choices' keep the spending climbing. Choices are not my choices with the exception of some fairly minor choices I approved in the lower level bathroom.

We will still make money but damn. I look at it as giving up $10,000
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Old 02-27-2018, 08:31 AM
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Default Re: Bought my wife a house to Fix and Flip

In 1976 I lived in Chicago and was hired fulltime as a firefighter/paramedic. But I had a four month wait to start.

Firemen were then on one day and off for two in rotation. We organized a flip company and turned house around in 30 to 60 days. Split profits based on time participation. I learned a lot of trade skills and had a blast doing it.

So, I bought a burned out house in St Peter's MO to flip. Some 300 miles away but right next to my in laws. Halfway thru the project my wife informed me ( along with her mom and dad) that we were moving in. I would never live in a house I flipped. So, I've been reworking on it ever since.

A four month flip is relatively slow but the wife was still in Chicago and I could do most of the work alone. And do exactly what I wanted. Once she got involved in design the process was extended.

We are still making "changes."

MD,,,; The big issue with your arrangement, would be the two women making decisions. It's hard enough with one and certainly will extend the timeline. In flipping, time is money.

If you think two women would have issues, think of ten guys with ego's making a consensus decision. So our little company in Chicago, though a co-operative effort of equals, with each project we put one guy in charge of final decisions so the project would stay on time and budget.

My advice is free and worth every penny.

You should probably invest in some single malt .


Good luck.
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Old 03-05-2018, 09:35 AM
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Default Re: Bought my wife a house to Fix and Flip

FWIW, my sister-in-law gets virtually NO INPUT on what is being done to this house. She is labor. Not management.

My wife is making the real decisions, I'm offering some input when I see potential for over-spending. But as for design choices, I really don't care as long as it remains "neutral enough" to attract buyers.

The kitchen is a grey & white them. As you can see below. Cheap cabinets. Light duty commercial grout-able vinyl tile. There will be a grey counter top. Backsplash is a ceramic tile that looks like white marble with grey streaks. Ugly? Good looking? Awesome? So-so? I guess its irrelevant to me, but it is relevant to buyers. I think it will look pretty darn good when its done. Not ugly. Probably good looking, possibly awesome?

I've been working on my wife's project.

Today the countertop people show up to measure for the install. It will be a laminate type product as this is a modest house in a modest neighborhood.

I finished installing the kitchen floor on Saturday ... but it still needs to be grouted.

Today I plan to start installing tile in the shower.

I only work a few hours each day because my arthritis tends to rebel and cause me to be a crabby MF'er if I work a full day. So I'll go in about 10, depart about 2 this afternoon. Get done what I get done and be happy with whatever is on the wall at "quitting time" today. Target date is to have this house on the market before the end of the month. Tile and painting are the biggest projects left to complete. We have a project in the family room, not really sure what we are going to do with 1 wall that is a mess. Might pay someone to come in and hang drywall?
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Old 03-05-2018, 09:46 AM
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Default Re: Bought my wife a house to Fix and Flip

Looking good
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Old 03-05-2018, 12:02 PM
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Default Re: Bought my wife a house to Fix and Flip

Quote:
Originally Posted by FrancSevin View Post
In 1976 I lived in Chicago and was hired fulltime as a firefighter/paramedic. But I had a four month wait to start.

Firemen were then on one day and off for two in rotation. We organized a flip company and turned house around in 30 to 60 days. Split profits based on time participation. I learned a lot of trade skills and had a blast doing it.

So, I bought a burned out house in St Peter's MO to flip. Some 300 miles away but right next to my in laws. Halfway thru the project my wife informed me ( along with her mom and dad) that we were moving in. I would never live in a house I flipped. So, I've been reworking on it ever since.

A four month flip is relatively slow but the wife was still in Chicago and I could do most of the work alone. And do exactly what I wanted. Once she got involved in design the process was extended.

We are still making "changes."

MD,,,; The big issue with your arrangement, would be the two women making decisions. It's hard enough with one and certainly will extend the timeline. In flipping, time is money.

If you think two women would have issues, think of ten guys with ego's making a consensus decision. So our little company in Chicago, though a co-operative effort of equals, with each project we put one guy in charge of final decisions so the project would stay on time and budget.

My advice is free and worth every penny.

You should probably invest in some single malt .


Good luck.
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I don't even like BITCOIN!!!!!

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Old 03-05-2018, 12:06 PM
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Default Re: Bought my wife a house to Fix and Flip

Quote:
Originally Posted by Melensdad View Post
FWIW, my sister-in-law gets virtually NO INPUT on what is being done to this house. She is labor. Not management.

My wife is making the real decisions, I'm offering some input when I see potential for over-spending. But as for design choices, I really don't care as long as it remains "neutral enough" to attract buyers.

The kitchen is a grey & white them. As you can see below. Cheap cabinets. Light duty commercial grout-able vinyl tile. There will be a grey counter top. Backsplash is a ceramic tile that looks like white marble with grey streaks. Ugly? Good looking? Awesome? So-so? I guess its irrelevant to me, but it is relevant to buyers. I think it will look pretty darn good when its done. Not ugly. Probably good looking, possibly awesome?

I've been working on my wife's project.

Today the countertop people show up to measure for the install. It will be a laminate type product as this is a modest house in a modest neighborhood.

I finished installing the kitchen floor on Saturday ... but it still needs to be grouted.

Today I plan to start installing tile in the shower.

I only work a few hours each day because my arthritis tends to rebel and cause me to be a crabby MF'er if I work a full day. So I'll go in about 10, depart about 2 this afternoon. Get done what I get done and be happy with whatever is on the wall at "quitting time" today. Target date is to have this house on the market before the end of the month. Tile and painting are the biggest projects left to complete. We have a project in the family room, not really sure what we are going to do with 1 wall that is a mess. Might pay someone to come in and hang drywall?
I like it so far. But the level isn't level!

OH Wait,,,;the picture is sideways.



Nevermind
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Old 03-27-2018, 05:48 PM
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Default Re: Bought my wife a house to Fix and Flip

My job at the house has been doing tile.

Largely because I don't like to do these things ... I don't do drywall. I don't paint. I don't install lights. I don't install appliances. I don't install plumbing fixtures.

Long ago my grandfather, father and uncle were bricklayers & tile layers. My grandfather & uncle made a good life of it. My uncle taught me tile work. Never forgot it, actually enjoy it when I am left alone and not pestered ... so I do tile.

I've been busy.

I still have to grout one of the bathroom floors. It will get 2 different colors of grout. Perimeter will be dark grey grout to match the dark grey tile. Then the inner field will get white grout ... that is tomorrow.

Backsplash in the kitchen will be done in tile. A white/grey marble looking tile. 3" by 12" rectangles. Very nice looking tile. Probably set in a white grout.

My wife said she actually wants to try do it ... she has never set tile so I'm
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Old 03-27-2018, 06:46 PM
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Looks good
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Old 03-28-2018, 01:38 AM
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Default Re: Bought my wife a house to Fix and Flip

Carpet will be installed on Friday ... I will not be there for that event. I'm heading to see Melen at law school and take her some furniture and other odds and ends. She is not coming home for Easter but rather is heading to her boyfriends house for the holiday.

We are thinking the counter tops may arrive next week (hope so)

FWIW, my Real Estate agent who handles my properties, suggested we list this in the $139-$145 range. It will end up being one of the nicest houses in the area.

While a modest home, it has a lot of nice features. So when I originally thought that $125 was possible I'm now thinking that we could get $130-$135, which, considering my wife's desire to upgrade even the smallest details, would be a nice thing.

FWIW, here are some of the BEFORE photos ... 2 large construction dumpsters + a trailer of trash & debris were hauled away. New roof. New siding on the garage. New light fixtures. Hardwood floors salvaged and refinished. Should be up for sale in about 14 days
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Old 03-28-2018, 12:37 PM
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Default Re: Bought my wife a house to Fix and Flip

You guys are a lot braver and harder working than I am. Seeing those before pictures, I would have walked away from that. Best of luck and I hope you get your asking price.
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Old 03-28-2018, 12:51 PM
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Default Re: Bought my wife a house to Fix and Flip

Good job and good luck with selling. I'm with Frank, looks like a bigger project than I'd want to tackle.
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Old 03-28-2018, 01:55 PM
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Default Re: Bought my wife a house to Fix and Flip

Biggest problem we encountered was my wife’s desire to paint all the woodwork WHITE.

I think she may have learned a lesson?

Been fairly smooth, but the painting of the woodwork has occupied more time and money than she realized.
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