So... did you notice anything different about the title of this post? Note how it doesn't say "flip hunting" - rather "house flipping"? (!!!) That's right guys, we have our first oh-fficial flip under way and I am SO freaking excited to share this whole project, process, and budget with y'all.
I guess it's also pretty obvious which house we got - the Dalton House! A little bit of a gamble since it is a manufactured home, but still plenty of room in the budget and I think pretty fancy for a mobile home flip. Sadly, this renovation isn't going to be of Fixer Upper caliber. In other words, we're mostly going to be repairing, cleaning, and sprucing up a little. This is great news for the renovation cost, but there will not be these dramatic before and afters like the Myrtle House. So, shiplap lovers and farmhouse aficionados - my apologies in advance!
Our final total purchase price was $27,243.29. Our offer of $26,100 barely beat out THIRTEEN other offers. Crazy! The other costs added in account for closing costs, attorney fees, and certified check surcharges.
One question I always wondered with flipping is how people pay for them! We had explored loan options such as a personal loan or working with an investor (Brian actually has a contact who was interested in working with us) but we knew that paying cash was the least risky form of funding. So we used the equity we got from selling the Brooklyn House to fund this little flip. A bonus is that our friends who own a construction/design company (who Brian works for) wanted to go halfsies with us which was perfect. I mean, who wouldn't want to partner with a licensed contractor and interior designer?!
I know in the flip hunting post, I showed a few photos of the place when we looked at it, and here it is after week one. Not too many drastic changes but there was a lot of cleaning, demo, and planning.
The guys took out all of the damaged drywall in preparation for installing new sheets. They also patched the many holes in the drywall. Sad to see all of those artistic spray paint masterpieces (aka profanity) go, but you know, sacrifices have to be made.
While the boys were busy demoing, I got to do a couple of fun, design-y things like scoring some pretttyy awesome vanity mirrors for a steal of a deal. I got these mirrors for less than $70 combined! The silver one is 38" x 48" and is going in the master bath. The round little guy is 30" and is going in the second bath.
I don't know who originally thought these colors all work together, but they are currently not making my life any easier. We are keeping the vanities and countertops (sad, I know) for budget reasons and that wall color isn't doing anyone any favors. Here is a little of what I am thinking instead.
The current wall color is sort of a greenish gold while the cabinets and countertops have an orangish gold color. Not jiving. Since the cabinets and counters stay as is, we're going to try and pull out a lighter, brighter, more neutral tone on the walls. I think we are going with either Benjamin Moore Manchester Tan or Cream Fleece throughout the house. The new carpet going into the bedrooms is from Lowe's and has similar, neutral tones. Here is a photo of how it looks with the vinyl floor we are also keeping. (How gross does the old carpet look next to the new sample?!) In the living room, we are still debating between laminate flooring to match the cabinets or carpet. I have a strong dislike of carpet since we have a dog but am I the only one? Would love your feedback.
WEEK 1 EXPENSES
Laminate Sample 0.24
Drywall Repair 334.38
Temporary Lights 2.82
Exterior Light 18.98
Microwave Repair 85.43
Cleaning Materials 39.45
Vanity Mirrors 66.47
Plumbing Repair 20.96
Exterior Door Hardware 28.48
Built-in Repair 17.74
Water turn-on 50
TOTAL EXPENSES: $921.66
TOTAL INVESTMENT: $28164.95
Stay tuned for next weeks progress report!