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Bought my wife a house to Fix and Flip

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
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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.
 

NorthernRedneck

Well-known member
GOLD Site Supporter
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.
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
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.
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
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.
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
I hear ya Bob. Good luck staying out of the fray. I hope it works out for your wife and her sister.
 

NorthernRedneck

Well-known member
GOLD Site Supporter
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.
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
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 :bolt:
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
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
 

FrancSevin

Proudly Deplorable
GOLD Site Supporter
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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Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
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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FrancSevin

Proudly Deplorable
GOLD Site Supporter
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.
What the hell here????
I did not place a link to "BITCOIN". Yet my word "invest" ( post #19) has be kidnapped for an add for BitCoin.

I don't even like BITCOIN!!!!!:hammer:

I spend most of my money wisely on women, booze, and horses. Yes, some of it is wasted but never on BITCOIN.
 

FrancSevin

Proudly Deplorable
GOLD Site Supporter
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:yum:
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
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 :bolt:
 

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Melensdad

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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 :smile:
 

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EastTexFrank

Well-known member
GOLD Site Supporter
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.
 

Doc

Bottoms Up
Staff member
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Good job and good luck with selling. I'm with Frank, looks like a bigger project than I'd want to tackle.
 

Melensdad

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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.
 

Melensdad

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More and more progress.

TILE IS DONE except for the kitchen backsplash and that can't be done until after the counter tops are installed. Counter top installation is set for Friday April 13th.

Family room painting is 100% complete ... that room is now being cleaned ... carpet install for the family room is set for tomorrow morning.

3 bedrooms and living room are painted. Kitchen is painted. Hallway is painted.

Still have 1 bathroom to paint. It also needs the sink, vanity, faucet and toilet installed. Basically it has a nice floor. Nothing else!

The stair rail needs fresh paint too. Probably a few touch ups here and there.

Laundry room in the basement will need paint. That room is pretty ugly. Not getting upgraded. Its basic cinder block that has been previously painted. Needs fresh paint. Will get nothing more.

Almost all the new baseboards and door trim are installed.

Started carting home tools today. Going to need to buy a couple more tool carry bags if this is going to continue (which seems very likely).
 

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FrancSevin

Proudly Deplorable
GOLD Site Supporter
If you are changing out the toilets, might I suggest the Kohler No Clog. It cost about $340.00 which is $200 over a builder grade toilet. But it completely changes the look and value appearance of the bathroom.
https://www.bing.com/videos/search?...F2A6A76CF2C60A27D42EF2A6A76CF2C6&&FORM=VRDGAR
I am remodeling 3bathrooms in my home. One is done and has the Kohler. I went ahead and bought 2 more because they look good and work well. Also because they were on sale over a year ago for $239.
 

Doc

Bottoms Up
Staff member
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Looking good Bob. If you don't mind sharing, how did you find this house? Sheriff's auction?
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
If you are changing out the toilets, might I suggest the Kohler No Clog. It cost about $340.00 which is $200 over a builder grade toilet. But it completely changes the look and value appearance of the bathroom.
https://www.bing.com/videos/search?...F2A6A76CF2C60A27D42EF2A6A76CF2C6&&FORM=VRDGAR
I am remodeling 3bathrooms in my home. One is done and has the Kohler. I went ahead and bought 2 more because they look good and work well. Also because they were on sale over a year ago for $239.
Gerber comfort height beat out Kohler in a flushing competition our dealer showed us. Gerber cost $250 a couple years ago when we bought the last one we needed. We upgraded 3 bathrooms to the Gerber and have been thoroughly satisfied. I'd buy which ever was cheaper of the Kohler or Gerber. Both are quality products.
 

waybomb

Well-known member
GOLD Site Supporter
I've been thinking of installing a couple Geberit in wall closet toilets. They have them in Europe and seem to work well even after eating and drinking like a king in Krakow.
https://www.geberitnorthamerica.com/products/

Anybody here have any experience with these in a home?
 
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Melensdad

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If you are changing out the toilets, might I suggest the Kohler No Clog. It cost about $340.00 which is $200 over a builder grade toilet...
We got a cheap toilet for $96. Very modest home. Modest throne for its future king.



Looking good Bob. If you don't mind sharing, how did you find this house? Sheriff's auction?
Yes, sheriff's auction.



WOW how things have changed :hide:
Just kidding ya
Honestly I'm doing very little actual work. Other than the tile I've contributed almost no real labor.
 

FrancSevin

Proudly Deplorable
GOLD Site Supporter
We got a cheap toilet for $96. Very modest home. Modest throne for its future king.




Yes, sheriff's auction.




Honestly I'm doing very little actual work. Other than the tile I've contributed almost no real labor.

I have two of those in my warehouse for when and if the ones in my rental go. Or the lousy low flow toilets here at the factory die. But I still maintain it is a cheap but valuable upgrade when selling a house.

IMHO Bedrooms, family rooms and closets can be painted builder white. Cheap builder grade carpet, new and the same through out the house, is also okay. But bathrooms and kitchens sell the house.
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
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...

IMHO Bedrooms, family rooms and closets can be painted builder white. Cheap builder grade carpet, new and the same through out the house, is also okay. But bathrooms and kitchens sell the house.

Agreed. But in THIS neighborhood these bathrooms are WELL ABOVE the neighborhood standards. WELL ABOVE. This house is the nicest house in the area now. One of the largest too. This is a very modest area.




PHOTOS of Basement Family Room, before & after :thumbup:
 

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FrancSevin

Proudly Deplorable
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Agreed. But in THIS neighborhood these bathrooms are WELL ABOVE the neighborhood standards. WELL ABOVE. This house is the nicest house in the area now. One of the largest too. This is a very modest area.


I get that. And you are quite right.
Now if you could just turn those rooms right side up:thumbup:
 
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