House Flip Story: Kipling Pkwy – Final Update
Here it is. Another rehab complete, another house on the market, and oh -- because this update has taken so long -- another house under contract. When its 6 teeth-chattering degrees outside and there’s 84 inches of snow on the ground, I often wonder why the heck I flip houses in the dead of Maryland’s winter. But I know, its all about the spring pay-off, people! When you live in the northeast, buying crappy houses in November sucks -- but selling them all in April is oh, so AWESOME.
Say it with me, CHA-CHING!
That’s brings me to the final episode of our big rehab flip on Kipling Parkway. You’ll recall that this house started out with a super-sleepy layout; basically a 3/1 with an unfinished basement. We transformed it into a open and airy, kick-ass, 4/3 with a HUGE finished basement. I was REALLY worried about turning the existing kitchen into a bedroom, and turning the cave-like sun-room into a kitchen -- I mean, I REALLY worried, but upon listing the house we had a ton of showings, and every last potential buyer loved the layout.
The place was on the market and under contract in less than a week.
Check it out. Shoot me your comments below.
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Top shelf as usual! I see what you were talking about with the fireplace. Very nice, very nice. ~Kelly Miller
Thanks for the comments on Kipling. Comments from my readers REALLY keeps me going – so please “keep ‘em coming!”
Thanks, Kelly. The fireplace was my first foray into manufactured stone. The completed product was a million times better than the original, but I would do it differently given the opportunity to do it again. Guess I'll just have to buy another fireplace house!
Craig,
Congrats on another bad ass rehab
The stone veneer looks great. It has to be used in the right application or it just looks out of place, but you did great. Do you think you'll ever use it in an exterior application?
What would you calculate the materials costs for the veneer?
Vern
Thanks Big V!
The stone is actually pretty inexpensive. I think we spent less than $400 for the material and another $300 for the application.
Craig:
Just awesome! Do you have a professional stager that you use? How much? Are you willing to give the numbers on this job. I'd love to know. I just finished my first rehab. It's on the market right now. Your feedback would be greatly appreciated.
Scott. Yes we do use a professional stager. Carol Buckalew of Onmi Home Staging. The cost is about $800 to stage the house than about $500 / mo following that. Not cheap, but often worth it.
As a rule I do not give the numbers on our projects – not because I have anything to hide, but rather – I've found many of the new owners look at my blog. I'm not trying to rub their faces with the crazy profits we're making on these flips.
Suffice it to say, our deals elicit far greater than what most investors would consider a healthy return.
Would you be willing to contact me privately and answer my question on the numbers. I'm Greenville, SC, so I'm not the competition. I have my first one on the market right now and I plan on changing my life with this business. I also plan on hooking up with you sometime in the near future. I have family in Deleware. My email is scott@sbradford.biz I'd love to hear from you.
Sorry Scott. I’m not willing to talk numbers. If you buy for less than .50 cents on the dollar and you end up at less than .70 cents on the ARV – you’ll make REALLY good money. Just stick with the following formula:
Max Offer = (ARV*.65)-repairs
Hardwood is at least twice as expensive to install and very time consuming to refinish – especially when you find stains or other unsightly wear in the hardwood. And, in houses that sell for $200k-ish, the typical buyer is not expecting hardwood. Its true. We’ve tested the theory.
I love hardwood and try to keep it when and where I can, but its not always necessary.
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