Angela Sells DFW

Journey with me through my real estate, motherhood and Texas adventures

Archive for the tag “flip house”

Flipping Grandview: Week ???

I seem to have lost track of what week it is… maybe it’s denial that we are more than 4 weeks past the initial goal that makes me want to bury my head in the sand?!? It’s actually week 12 and we have flooring! Hooray! Forward movement is progress and I am happy to have it!

The next hurdles are getting the granite & back splash in, refinishing the shower tile, getting appliances in & completing trim out work & the punch list so far. There is still some touch up painting to do as well.

They did get the exterior painted and the workshop painted red, too, since our last update.

We are over on holding costs putting us $5,000 behind on budget currently which we are adding to our other $1,500 of overage expenses. That has us $6,500 in the red on our budget. We will likely be over budget an additional $6,000 In holding costs & odds, ends that will need to be done. We aren’t going to turn the profit that we had hoped on this one and that’s why it’s important to flip multiple at a time! As always, we are learning great lessons on this one and will do the next one differently.  It is coming together though and looking good!

 

Flipping Grandview: Week 4 & 5

A new week, a new unexpected expense.  Upon further inspection, the water heater that we thought serviced the whole home did not.  The one that does is in need of repair.  Instead of waiting for it to flag on the future buyer’s inspection report, we will go ahead and replace it to ensure it’s up to code before construction is complete.  That will be an additional $1,000 bringing our unexpected total up to $1,500.

Our contractor did see some other unusual items and is going to get them repaired within the original bid which is great!  We are already over budget since we purchased all of the appliances, fixtures, lights, faucets, etc.  We know we will have some electrical work to do once the renovation is done as well so we are really trying to limit our costs.  The holding costs definitely add up quickly, too.  We are getting ready to make our first mortgage payment.

This week, we got the colors right and additional coats of paint on went on.  The progress is visible and that’s exciting.  The contractors believe they will be done around March 23 so our plan is to have the home on the market by the end of the month!

 

Post Navigation