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Planning for a New Project

Here we go again

Let the demo begin!!!  A few weeks ago I was checking out the MLS and noticed a new listing come up in a neighborhood that I have been working in for the past several years.  This area, like many areas, has experienced price increases, as well as increased interest from buyers. The last property I purchased in this area was an off market find.

Potential Fixer-Upper

The first time I worked in this area, the home was purchased for around $90,000.00.  Today it is a challenge to find a home to renovate in this area under $250,000.00.  This particular house was priced low for the area, and it definitely looked like it needed some work just from the listing photos.  However, after a quick walk through I knew it had potential.  I just needed to confirm after renovation pricing and sales to determine where the offer should land.

There are key things I ALWAYS look for when I am walking through a house in order to determine if there is potential. (If you haven’t downloaded my checklist make sure to check it out here).  Overall, This house checked off most of the boxes, which made it a strong contender for an offer.  When you are getting ready to start flipping houses you want to look at as many as possible, because there is no better way to know which houses are worthy of an offer than by seeing all of those that have zero opportunity.  Since these houses will often be foreclosures, probates or properties that have not been updated, they likely will not be open for viewing during open houses. 

Above all, you will need to find an agent who can schedule showings and walk you through the properties.  It would be ideal if at the same time the agent can also show you an example of a renovated home in that neighborhood so you can see what renovations and finishes were used.

The scope of work for this project includes:

– New roof
– Exterior paint
– New windows
– Finishing the upper level as a master suite
– Total renovation of the kitchen (open wall to dining room) and main floor bathroom
– New concrete steps and walkway (my most unfavorite expense)
– Finishing the basement (family room, laundry room, bedroom and bathroom)
– New mechanicals (furnace, install A/C, and water heater)
– Update plumbing and electrical

As it is right now the house is a 2 bedroom, 1 bathroom home. However, after we are finished, it will be a 4 bedroom 3 bath home.

Timelines…

I anticipate that the house will be completed in early October…all the fingers crossed and stars aligned, please.

As we move forward, I will be working to document the ENTIRE process and the timelines for you .  Since we had a little extra time between the time the offer was accepted and the closing date, I was able to have professional photos shot. This gives the feeling of the space extra wow.  If there are specific parts of this project that you’d like more details on make sure to let me know. This transformation will be one that you are sure to follow! 


Want to buy a property and renovate it?

Project Plan, House flipping, home renovation, selling a house for profit, real estate, House Flipping Tips

For more inspiration for home renovations, follow me on Pinterest @thresholdhomesmn

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