The budget problem

We have come to the conclusion that, even though this was a nice project to do, we ran into some issues that have put us on the verge of not being very profitable.

I guess it’s a risk you run with these things…

But everything took longer and ended up costing more than we anticipated. Not only that, but we some unforeseen things – like I said-  for example we had to put a new furnace in, A/C repair, and the basement took longer and was more expensive than we anticipated.

So – even though the final figures aren’t in… it’s gonna be a close one. What’s worse, the partners are willing to price the house higher than market, in hopes of finding a fool that will pay it and recoup some lost profits. No, I don’t find the sense in that. The fact is, market price is market price, and that strategy will only use up more time and cost more, having to lower the price to “market” in a couple months, anyway.

Oh well…

I’ll be putting up some new pictures in the next few days – of the finished product. Looks really nice…

Soffit and Fascia, plus Windows


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We got the roof taken care of and then all the soffits and fascias wrapped in aluminum. oh, yeah… wrapped the gables in vinyl siding as well.  Looks a heck of a lot better, and the unusually nice weather we’ve been getting has helped us do more outside stuff.

photo 1Replacing all the windows was a lot of fun… especially the front one: it was one window that measured over 10 feet and weighed close to a metric ton. Most of the rest of those suckers were installed kinda weird, too! Fortunately, we installed all the new ones without having to do too much creative rigging. Another thing that made a huge difference in the look of the place.

Next stop is the gutters. And Dan started working on the basement. We’ll put up some pictures of that soon.

I wanted to give a shout out to the people of Rockford Towing Service (www.towRockford.com) for coming out to help yesterday. My car go into a fender-bender (that wasn’t my fault, of course) and needed a little assistance to get to the shop… In the fun of the moment, I forgot to get pictures, though…

 

 

The Floor

LR LR2I’m gonna estimate that 60 percent of the floor in this house is covered with the “builder store special” .90 cent tile. The whole living room, dining room breakfast area and hallways to the bedrooms have this wonderful tile.  But do you think that whomever installed all this tile had enough common sense to remove the trim first?

Nope. The covered a good 3/8 to 1/2 inch of the trim. Shout out to whomever did that!

Anyway… The windows are crap, we’ll be replacing those, as well soon.

The Roof

Why would anyone think that the roof was in good shape? None of the rest of the house was…

So we needed to re-roof. I’m 45, with bad knees. Dan is in his sixties. Neither of us was about to get up there and do any kind of work… besides, we had so much other work to do inside! So we decided to hire a roofer to take over the roof project. They started ripping those shingles like there was no tomorrow. Of course we find out that some of the plywood is rotten and has to be replaced. It turns out that the roof was lacking ventilation. So these guys (really good guys) at Rockford Roofing added a ridge vent and upgraded our tar paper: I guess they use some kind of tyvek-looking stuff that’s way better then the old black paper.

FasciaThe home had been vacant for a couple of years, so needless to say, some critters had decided to make the attic their home, chewing though some of the wooden fascia, which Andrea and I decided we’re gonna have to get fixed as well…

Great… Another expense…

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The Bathrooms

Enjoy this image from the 1950…

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Yep, some nice poop-looking 4×4 tile up all walls, with poopier looking tiles at the base. Needless to say, all the tile is off, toilette an cabinet are gone.

If I forgot to mention… the entire house has galvanized pipes, rusted in to where the opening for water was slightly bigger than a needle. How did people function like this??

The master bathroom had had some work done to it, but it was still crap. In the picture you can see my partner Dan and his friend Julio going to town in it.

Get this: none of the exterior walls we opened had any insulation.

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Opening up the Kitchen

We decided that we were going to open up the kitchen. It had walls and some ugly-ass bifold doors to the dining/living space.

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And decided to build a half-wall / breakfast bar area that will make the space much more open and modern

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The wall was not load bearing, so we didn’t really have to worry about adding any beams or columns. We did, however, decide to extend the soffit that went all the way around the kitchen across the new open space and added some can lights. Andrea thought that continuing the soffit would sort of define the kitchen area a bit more.

Of course, when you start busting up walls from a house that was built in the 1950s… you’re guaranteed to find some surprises.

They had a feed of aluminum 12 gauge wires coming up from the basement and feeding the kitchen (all of it. Every single flippin’ outlet and light). So we ran two new feeds (thank goodness we had some open slots in the breaker box from removing the electric stove, oven and clothes drier) and split up the outlets around the counter from everything else. Fun stuff.

Flipping Homes in Today’s Market

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Everyone has this idea that flipping homes involves buying a home cheap – from the bank, usually – slapping some paint on the walls and selling it for a massive profit that can be enjoyed sipping pina coladas on a beach somewhere…

Not quite like that.

Over the next few weeks I will document and share with you the process of flipping a house. Stay tuned. It will be fun.