Flipping Houses in Pictures – from demo to finish


By Jim Ingersoll
 A pictures is worth a million words, right?

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Here is a photo blog of house we recently bought that was a short sale, we added new space upstairs with 2 bedrooms and a bath and renovated this cape cod.  This is a house we are flipping retail.  Let me know if you like this format for learning how to flip houses, renovated homes, rehabbing, etc.  This home we purchased with private money at an interest rate that will provide a great return for the lender and still work well for us without needing a bank mortgage.

 

Cape cod – we bought as a short sale, pic as-is when we bought it

       

Here is the exterior renovation on the roof that consisted of tearing off original and installing new 30 year dimensional shingle roof.  Sometimes you can save some money to go over top of existing or use a 3 tab shingle, but our standard now is to Always tear off the old roof, replace damaged decking boards and replace with 30 year dimensional roofs.

 

Get your demo done first thing.  This is the kitchen and bath following demo.

 

         

We took a wide open 2nd floor and made a master bedroom, jack and jill bath and another bedroom.  That added a ton of good square footage to the house.

 

     

Once framing is completed, move your trades in to do all the rough in work.  This includes HVAC, Plumbing and Electrical.  During this early phase there should be a lot of workers at your house like in the picture above with trucks parked everywhere.

 

Mud work on the walls and new sheet rock, paint and start to finish out the house with the new kitchen and baths.

       

Living room, kitchen, bedrooms, bath

 

Final back and front of the house

 

What do you think?  Have questions, comments?  Just leave them below for me and consider sharing this information on facebook, twitter, linked in, etc.

Thanks

Jim Ingersoll

http://www.investingnownetwork.com

 

 

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7 thoughts on “Flipping Houses in Pictures – from demo to finish

  1. Melinda Allen

    Awesome work! How long did it take from contract to close, from close to finish renovations?
    What was the purchase price? have you sold it yet?

    Thanks Jim!

    Reply
    1. Jim Post author

      Hi Melinda

      This renovation took 4 weeks. I just listed it for sale yesterday 🙂

      Thanks
      Jim

      Reply
  2. Kevin Shea

    good info, Jim, but no different than any other renovation project that someone undertakes. where your blog can be incredibly helpful is:

    -costs. If you don’t want or can’t share costs then use something else like %. “I bought this for 64% of what I eventually sold it for. Renovation costs ran 11.5% of the final sale price…” etc.
    -along with costs should be your decision making. why did you put a new roof on? that’s expensive with iffy payback. why do it then? you ripped the bath and kitchen out. do you always? you ripped out the bushes in front and left nothing. why isn’t that a negative? why not invest in new shrubs?
    -timelines. Time is money so how long did this take? was that more or less than you planned?
    -construction contract. you’re a builder (as I am)so you did this yourself, right? what about those who aren’t builders? should they structure the contract a certain way? penalties if missed dates? incentives?
    -finally, why this house? it was a short sale but did you steal it? if so, how much of a discount against what is across the street? how did you find it? short sales are notoriously long, winding negotiations. how did you do it? deal directly wiht the bank? realtor involved? how long did it take? was it worth it vs. buying REO instead?

    I have other thoughts but these main points would go a long way towards gluing the lessons you write to the real world.
    Thanks for putting together.
    KS

    Reply
    1. Jim Post author

      Hi Kevin

      Great questions. I don’t want to publicly list the financials onto a blog, I am sure you understand that perspective.

      Roughly speaking, I purchased it for nearly half of what I just listed it for and my renovations were roughly 1/3 of my purchase price.

      Roof was worn out. I did gut the kitchen and bath. Kitchen was very old and outdated with a 40″ electric range, no dishwaser, etc. Sometimes I can save kitchen cabinets, paint them and add new countertops to save some money. Bathroom had broken tile and defective tub. I prefer not to gut bathrooms, a lot of times the tub can glazed and tile can as well.

      We planned 30 days and were right on-target.

      I sub to the same subcontractors and that works great for me, we have full understanding of our expectations. I expect good work, on the job everyday (for speed) and a fair price. They expect to be treated respectfully and be paid on-time.

      I love cape cods with wide open second floors and dormers. I can convert the space and add square footage without needing a full addition, foundation, roof structure, etc.

      We have worked this neighborhood before and did the house across the street a few houses down last year. It is a very stable neighborhood with lots of residents who have lived in this area for many years. The neighbors are great and it will appeal to a wide range of potential buyers.

      Great questions & I am happy to keep the discussions rolling.

      I thought a photo blog would be a unique way to show how some of the moving parts pull together.

      Jim

      Reply

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