Some pics:
http://www.flickr.com/gp/17428234@N05/Ec4sV7
3 BR 2 BA 1144 sq.ft. w/ bsmt. Gut/redo both bathrooms. Replace kitchen cabs, floor (hardwood), counter (granite tiles), appliances, fixtures. Add dishwasher.
Refinish floors, paint everything.
Gut, redo basement.
Windows, roof, siding all relatively new, so I don’t have to deal with any of that.
I plan on spending $5k and doing all the work myself in 2 weeks, and I’ll be sure to use a sledgehammer to remove the kitchen cabinets like they do on TV. I plan on making $100k when I’m done. HAH, just kidding! 🙂 (I am amazed sometimes at the ridiculous ways they do things on those flip shows.)
This should keep me busy for a while, and $5k might get me through the first couple of weeks.
In the last year or so, I’ve reviewed about 350 houses, walked through 5, made offers on this and one other (got out-bid on that one, and it’s still looking the same as it did last year.) This one was accepted, and should close this week. I can’t wait.
I’ve done as much homework as I possibly can so far. Made a plan, budget, and reviewed/refined as much as I can think of. Just chomping at the bit to get started. Business has been real slow so far this year (only 2 calls, small jobs.) Been bored, but really excited about this project. I’ve done just about all the types of work that need to be done, just never all at once on a big project like this.
Hope to post updates as things progress. What do you all think?
Pete Duffy, Handyman
Replies
Congrats!
Send some of that "fishin'" luck my way....
still a bunch of dumb money keepin the good ones out of reach.
Liberty = Freedom from unjust or undue governmental control.
American Heritage Dictionary
Surely you are not going to disturb that retro kitchen, baths, and two beautiful bedrooms. Congrats and good luck.
I think you are nuts but you obviously know your market.
My main questions: how man days on the market are the houses sitting when you finish them? How are you positioned on your selling price after it's fixed up? ARe you under market or at market? Hows the foreclosure rate in your neighborhood?
Bob's next test date: 12/10/07
He's from the Chicago area. My realtor just went there on a weekend vaca. He said the market is still alive there so he may do just fine.
Hey MSA, I used to work in Warren, on Old 13 Mile Road, I think. Used to live in Milford, about a half mile from Kensington Metropark.Pete Duffy, Handyman
I just moved away from that area about two months ago. I lived at 10& Ryan.
Where did ya work?
The company I worked for rented some space from a sales rep. It was basically a ranch house converted into an office. 8300 Old 13 Mile. Don't know if it's still there.
My office was the"family room" behind the garage. 2 salesmen in LR, receptionist in DR. Reps had the bedrooms. Worked out well, pretty laid back atmosphere.
I was an Engineer for a die caster, supporting our dear automotive customers in the Detroit area.
If you ever get out to Milford, check out the house at 1700 S. Mildord Road. It has the hugest white oak tree in the front yard. It was 17' in circumference when we lived there. It was beautifully shaped, too.Pete Duffy, Handyman
Good luck to you Pete, I'll be following along with interest.The best reward for a job well done is the opportunity to do another.
pete.. my dad's family was from Rochester, Pontiac, Capac
are you going to do anything for teh entry ... curb appeal ?
View ImageMike Smith Rhode Island : Design / Build / Repair / Restore
View Image
Hey Mike, hows that for a fast change? Duffy's really on the ball eh?
Why I oughta..............[email protected]
Thanks- Good one!
Front porch will get mud-jacked, (you can see it's listing to starboard, there toward the front door) and a nice hanging basket or windchimes on the overhang corner in the Spring. Rip out some of the shrubbery, clean it up and make it nice.
The back is a big question mark. Depending on how much $$ is left, a deck would dress it up. But then again, I may leave that to the future homeowners to do what they want and get their own sweat equity.Pete Duffy, Handyman
pete,i don'tknow if you'll make any money ,but i like the house.good and solid,sits straight,worth spending the time on. when i first read your post i thought you were serious about the 2 weeks.i was thinking i need to take lessons.
today i look at a 1000sf brick house,full basement. burned thru the roof in the bedroom. owner told me she would "like" to get 10k. i had to go look. just don't think a guy could make it work at that.wife said to go ahead and buy it if the owner paid me 5k.... larryif a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
If that 1000 sf was sitting in certain neighborhoods in Austin, I'd give you 300k for it. Bob's next test date: 12/10/07
not here,all done house would bring 75k tops.i felt it needed all the rafters pulled off,set new ones and roof .then all the sheetrock need replaced. then to put the final nail in it,they had been in and cut the copper out of it,it's 12g how much would that bring? 50.00 maybe
how come when i'm trying to pull a wire it's stapled every 6 inches? larry
if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
If it were sitting in one of the surrounding neighborhoods here, like Libertyville, Hawthorn Woods, Lake Forest, etc. it would be double or triple too. Mundelein is like this affordable pocket surrounded by really nice ($$) suburbs.Pete Duffy, Handyman
I like this house for the right reasons, I think. It sits up on a hill, nice dry basement, no damp or musty smells. Only one crack in the poured concrete foundation. It's 3 houses from a park.
The shell and attic are in great shape. I don't have to tear out or fix any walls, except baths and basement. Looks like it was built well, and aside from the decorating, reasonable maintained.Pete Duffy, Handyman
hey .. the thumbnails were too small.....Mike Smith Rhode Island : Design / Build / Repair / Restore
What, the little boy isn't curb appeal enough?
Probably right. I wouldn't part with him for anything.Pete Duffy, Handyman
This is my first, so I don't know how many days it will be on the market. Obviously, I'm hoping for a quick sale. I plan on making it really nice, so people will want to buy it. My feeling is that people still need houses to buy, but right now, it's a buyers' market around here, so people need/want a nice house ready to move into. They don't want to have to paint or replace carpeting, they'll just move on to another that is ready to go.
I know of several (although not direct comps with this one) that sold quickly because they were priced right and showed beautifully. And priced right doesn't mean giving it away cheap. A good, reasonable, market price.
Time on market is also related to pricing, of course, so I hope to price it right, and not hold out for an extra few grand.
Lots of foreclosures around here. This one was. Thing is, they're pretty junked up, so not a really good comparison. But our town is one of the affordable ones, and there are a lot of surrounding communities with big $$. Most of the foreclosures would only be bought by an investor. It would overwhelm a weekend DIY'er.
There's a comp house on the market a few blocks away. Same style, smaller garage (1 car), basement a little dated, not much. It's listed at $237,500, don't know for how long. Hope it sells soon for a good price.
I know I'm not going to make a killing and retire on this one in this market. I'm using it to get my feet wet, get some contact with subs, learn the ropes. It's what I like to do. It will also keep me busy, since the Handyman business can be hit or miss. A lot of calls are only a couple hours, so I can still take care of my customers, and work on the house, essentially getting full days in. Rarely do I make 40 hours/week on the Handyman calls. And it's been extremely slow since December.Pete Duffy, Handyman
and I'll be sure to use a sledgehammer to remove the kitchen cabinets like they do on TV.
I just might go that route on the next one, cause I never seem to earn 100k on my flips.:>) I must be doing something wrong. I cant believe what product they provide for the profits they get.
Makes ya wanna puke.
Pete,
I live in Deerfield. I'll be following your posts.
I was thinking about doing something like that.
Here, the housing market is pretty slow, although a few specs have been selling.
Ken
Hey Ken,
What trades are you in? I might need some help on this house once in a while.Pete Duffy, Handyman
Carpenter by trade. I sub everything else.
Good luck. I've been trying to convince my wife to let me do it, but she is worried about the market. One question for you. Only $5,000.00 for all that work? I know in my area (Philly,PA) that would maybe get you off the shelf material at the Home Dope for the two baths and maybe kitchen cabinets (low grade). I would need at least $10 grand to start.
The $5k was a joke. So was the sledgehammer comment. I was imitating those idiots on the flip shows on TV. My best guess is around $30-35k in materials and hiring some things out. Of course, the timeframe was a joke too. I figure 3-1/2 months minimum.
But that should put the house on the market in the Springtime, which is good, I think.Pete Duffy, Handyman
You obviously aren't subbing anything out. 3.5 months is long time for a little house like that. Bob's next test date: 12/10/07
Damn, You got me. I knew the rest was a joke but I thought you were serious on the money.
OK, so I didn't keep an up-to-date running journal of this project on breaktime. Had good intentions, though.
Anyway, it's done. Check it out at http://www.937noel.com
Compare the pics with the link in the original post.
Been getting plenty of showings and it has been on the market a week and a half. Every person that has come through has come back for 2nd showing to bring dad, other relative or carpenter buddy, and then has submitted an offer. Lowballs, or with contingencies that I'm not ready to accept yet. Expect 2 more offers today.
Offers I got already exceeded what several realtors told me what the comps showed it was worth. It bugs me when "highly trained and licensed professionals" don't do their homework.
I did my homework, I know the comps that have sold and what is currently on the market These gloom-and-doom realtors are their own worst enemies. My favorite quote is "There's really nothing out there that we can compare this to, but here is what has sold so we'll compare it to those." (without making ANY considerations for location, condition, or amenities.) Come on, folks, can you really base your price by comparing this to a run down POS foreclosure that is in the condition that this one was in when I bought it? Or compare it to a house that WAS updated, but the location is crappy and the square footage is 20% less with a smaller lot?
Anyway, it was a good project, and I'd do it again. Only major surprises were needing a new electrical panel, and the A/C condenser/compressor.
I hired out the basement framing (BIL is carp, he and buddy did it in 7 hrs) basement drywall (I didn't want to lug 65 sheets downstairs by myself, and then have to hang them), hw floor refinishing and carpeting. I hired 4 backs from Labor Ready for a day to cart out the demo debris, and filled two 20-yard dumpsters. Paid a guy to install overhead garage door. Had a plumber bring the basement bath underground drains and vents to code, but I busted out the concrete and repoured it myself. Hired a guy to paint exterior windows, trim, & soffits. Everything else I did myself.
Other than the major surprises, I stayed pretty much on budget. It took longer than expected, but there certainly was some adrenaline incuded in the original timeline I came up with. I forgot to add in the "I'm getting old and sore and need to recuperate" factor.
Enjoy the pics.
Pete Duffy, Handyman
Nice job.........I'm with you on realtors, VERY, VERY few worth their salt.......
Of course, the same could be said about contractors that DON'T hang out on Breaktime. :)
Got an offer today that is at least a reasonable starting point. What I keep hearing from these "trained experts" is that it won't appraise out, yet they know little about the appraisal process.
F'rinstance, did you know that there are different types of appraisals? A market appraisal is totally different that a value appraisal. Basically, an appraisal is the value that a ready willing and able buyer would pay a ready willing and able seller with sufficient market exposure and no undue circumstances, So, if there is a signed contract in place, and neither party is an idiot, then the property should appraise out, right?
The main obstacles to overcome in this transaction (as in most of life) is to set their fears and ignorance to rest. Get over that hurdle and life is a piece of cake.
How many problems in the world can be attributed to fear and ignorance? Just check out the tavern discussions! :)
OK cut me some slack, I've just emptied a bottle of wine (outta beer.)
Enjoy the before & after pics.Pete Duffy, Handyman
This is one of the nicest flip houses I've ever seenExcellent job
THANKS!Pete Duffy, Handyman
Similar to the way they quote the prices on the Antique Roadshow. In the past I found myself (as a much younger man) actually lied to and been given terrible advice, but they were the pros. Ended up selling most of the properties on my own. I'm sure there are some decent ones, I've just never encountered them when in need. A perfect example is the fellow on breaktime with the ???? about costs for finishing the basement for new buyer, the broker has it listed as basement- NONE. Go figure but they will want there l2-15 grand comm.
Edited 9/8/2008 6:19 am ET by Pelipeth
Actually, the appraisal isn't what this buyer and seller agree to, it is what the NEXT buyer and seller would agree to, because the bank wants to know how much it can sell the property for, should they end up taking possession.
Very well done!
When can I move in?
"Everyday we learn something new. Take life as a test and shoot for a better score each day. It doesn't have to be an "A" the next day, but let's hope it improves." 08/27/08
Matt Garcia 1986-2008 22 yo Fairfield City Council Member, shot 09/01/08 RIP
You moving?>G<
" You moving?>G< "
Well, ya just never know!
;-)
"Everyday we learn something new. Take life as a test and shoot for a better score each day. It doesn't have to be an "A" the next day, but let's hope it improves." 08/27/08
Matt Garcia 1986-2008 22 yo Fairfield City Council Member, shot 09/01/08 RIP
Looks like a nice house you're buying! Does Bambam know yet!>G<
"Looks like a nice house you're buying! Does Bambam know yet!>G<"
I think you may have me confused with Ladyfire, therefore, I doubt Bambam will care where I move...lol.
"Everyday we learn something new. Take life as a test and shoot for a better score each day. It doesn't have to be an "A" the next day, but let's hope it improves." 08/27/08
Matt Garcia 1986-2008 22 yo Fairfield City Council Member, shot 09/01/08 RIP
opps, sorry!