You CAN Do It Yourself

Dated: 09/02/2016

Views: 158

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Mesa House was a Dump in a Nice Neighborhood

The "era" of fix-and-flips is winding down, however, more people than ever are venturing into major renovations on their own homes. Several of my buyer clients who purchased houses this last year are now doing serious updating or repair work and taking it on themselves.

For Michele, this was not a simple painting project. From the git-go she was looking for a project she could sink her teeth into. The homes she was most excited about were usually the most uninhabitable. A smokin' deal came along with a beat up and dated rental property being sold by a Texas investor. We haggled over the price at first, but after the inspection revealed that the roof was trashed along with the fascia, we got the deal.

The Right Kind of Loan on a Shoe-String

Michele was approved for a 203K loan which some people refer to as a construction loan. $30,000 dollars was all she had to work with. New roof, new floors, new bathrooms, doors, yard, complete interior paint job, outside stucco and paint ....... HOW? Michele lined up contractors and got estimates. She met a lot of contractors and hunted down the flooring, paint,vanities and appliances herself.  She made more trips to Home Depot than she can count.   All this while living there!  The cabinets in the kitchen were painted white and some new SS appliances added.  After 6 months, she could have made at least $25,000 in profit had she sold!!! As of August, Michele is renting it out for $1350/month and staying with a relative while she looks for her next coup.

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