Not Engaged Yet

AW: My house is almost complete!!!

speakeasy14speakeasy14 member
First Anniversary First Comment 5 Love Its Name Dropper
edited June 2015 in Not Engaged Yet
This has been over a two year long process.  I honestly think we are either crazy, or ridiculously patient.  I don't think I've ever shared the full story, so back story first, then lots of pictures.  Sorry this is going to be long. 

My bf has a goal to buy a bunch of houses cheap to flip and either sell or rent.  So while looking for houses to flip we decided to start looking for a house for ourselves.  We found a few we liked and had put it an offer on a townhouse that was move in ready.  While we were putting in an offer on the townhouse, the house we ended up buying was listed.  Based on its location, it was the perfect rental.  It ended up being a competitive bid, so we over bid and also submitted a letter about it being a perfect starter home.  We won, but it was a foreclosure through Fannie Mae so it came with a contigency clause that the owner must live in the house for a minimum of one year or be fined $10k.  So we canceled our offer on the townhouse.  This was November/December 2013.  We were supposed to close January 30th, 2014.

When the bank went to turn everything on for inspection, the oil tank had a leak.  We told them they had to replace it.  They agreed, but because it is the government our closing date was bumped to March, then again to April.  They get the tank in, and we have an inspector come.  There were several items that were flagged (broken/boarded up windows, termites in addition) and the bank refused our mortgage.  So we had to search for another bank.  That bank told us they would give a mortgage only if the flagged items were repaired.  So again, we told Fannie Mae that they needed to fix those items. They did, but again took forever, so our date was bumped to June.  When the contractors went in to replace the broken and boarded up windows they found that the copper piping in the basement was stolen; luckily all of the water was shut off so there was no damage.  All of the basement plumbing had to be replaced.

We finally closed on August 28th, 2014 and thought we only needed to do a little cosmetic work. We had planned to paint over the paneling.  After burning myself trying to remove wall paper, my bf decided to see how easy it would be to remove the paneling.  That led to revealing crumbling plaster lath, horrible electric work, and bowed/damaged major support beams.  We ended up gutting the entire house and starting from scratch.  My bf redid 98% by himself, I helped where I could, but I'm not great with power tools. My big tasks were picking out paint and floors, and then painting everything. 

All we have left to do is the upstairs bathroom, the addition, and repaint/repair the exterior.

Now for pictures:
This is what the house looked like when we got it:
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ding roomimage
kitchen
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master bedroomimage
living room


Construction pictures:
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This is what it looks like now!! (My kitchen pictures are from the party, I'll take more tonight after cleaning up so the changes can really be seen).
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Guest bedroom (for some reason I don't have any before pictures of this room, but it was just as ugly as the master)
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Master bedroom
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After everyone left yesterday, my bf and I kicked off our shoes and ran upstairs. We then just laid on the floor to soak in that this is actually ours and a place to live.  We will probably be in this house another year or so, until we can move into the next house and rent this one out.  But here we are soaking in the moment. 
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Re: AW: My house is almost complete!!!

  • labrolabro member
    First Anniversary First Answer First Comment 5 Love Its
    Wow!!! What a difference!!

    You don't have to answer this unless you want to, but with all the repairs and extra work, are you underwater with the investment on the house or is it still profitable? Not that it matters much, since you plan to turn it into a rental, but how do you feel about the experience now that it's done? Would you do another (true) house flip again?



  • Wow! It looks great! Congrats!


  • Amazing! You guys did such a great job on everything!



  • @labro I'm curious about that too. I don't think I'd have the stomach to do something like that, the thought of hemorrhaging money into major repairs is terrifying to me lol. Great job though, congrats!!

                                                                     

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  • Since we did the work ourselves we saved a lot of money.  We got the house for a ridiculously low price and maybe put in another 10k.  A neighbor told us that one of the other neighbors owns the houses on either side of us and really wants our house.  They own a green house and could extend it to the street if they had ours.  So we could probably make a decent profit if we sell to them.  Even without that neighbor, we aren't underwater. 

    I would do another.  We learned a lot of lessons and could probably get the next house done in less time.  The hardest part was never really having time off.  But honestly, as soon as all the floors were done neither one of us could stop smiling.  We actually have another house that needs to be flipped.  I most likely will not be helping with that one because it really should be torn down.  My bf bought that one at a tax sale, but never saw the house.  He bid on it because no one else was and it was practically given to him.  It is filled with black mold. You have to wear a hazmat suit just to walk through.
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  • labrolabro member
    First Anniversary First Answer First Comment 5 Love Its
    @speakeasy14 SCARY! Yeah, that house has gotta go. Trying to make it safe for people is probably not worth it.

    I'm glad it was a good experience and you learned from it! It takes H and I forever to do major projects around our house....so I totally sympathize with the lack of time off. I think that's what makes house flipping so daunting to me. It practically has to be your full time job plus you need a bunch of liquid cash (or an extra line on your mortgage for home improvement) in order to fund all the repairs/changes.



  • @speakeasy14 - You guys have done such an incredible job! What a difference!

  • Everything looks great!!
    friends tv show funy
  • Yeah the funding is all my bf; without him this would not have been possible at all.  All of my income goes to student loans. He hired a girl for his store, so he basically worked part time.  She would come in and he'd go straight to the house and then stay till 1-2am.  I get out of work between 5-6pm, so I would grab dinner and then go to the house and stay till I was too tired. I don't think this would have been possible, or anywhere near being finished if we both worked full time.
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  • oh wow, I know you did all the work but I would have thought materials would have cost more. We had a friend replace the roof on our last house and we gave him $1,000 cash (far less than contractor rate) but the materials alone from Home Depot were $3500.

    Anyways, looks awesome!! yikes, good luck with the mold house :(

                                                                     

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  • We used Home Depot and Lowes for some things, but found better prices from smaller businesses.  For example trim at Home Depot was three times what we paid for from a local lumber place. The laminate we purchased was on clearance.  


    Also, we were incredibly lucky. My bf knows a lot of different trade people who were willing to help.  For the electric, the girl he hired to help at the store, had her dad help. He's a retired electrician and just gave us rolls of wire along with instructions on how to install wire.  
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  • You guys did a great job - everything looks so updated and refreshed!!


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    Anniversary
  • WOW!!!! what a difference! it looks GREAT!!! major props on being able to see potential through some less than stellar decor. (that neon blue paint....wtf is that?) ENJOY!

    since you closed in august, does that mean you will have satisfied the 1 year tenancy requirement as of this august? or will they start counting it now that youve officially moved in?
  • @jenjen047 we changed our address in September, so technically we'll meet the one year criteria at the end of August.  Since it took us this long to remodel I don't think we'll be going anywhere for at least another year, probably longer if we go the foreclosure route again. 
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  • @Speakeasy14 - It looks fabulous!  I am so impressed.
  • It looks awesome! Y'all did a fantastic job on everything!
  • Holy smokes, thats awesome! So much work, but its really worth it if you can do it.
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  • It looks so good! Congratulations on a job well done! So glad you guys are able to move in now.


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