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Flipping a house

A "before" picture of the kitchen. The cabinets, sink and paneling are now gone.

In case you haven’t read about our house flipping adventure, the quick story is that my wife and I have partnered with our 30 year old son to buy, rehab and sell a house.   This house is solid, in a great neighborhood (last night the neighbor, who knows we are rehabbing the house for a flip, brought us a pie as a housewarming gift) but had paneling on most of the walls and outdated ceiling tile on all the ceilings and worn carpet on the floors.

So here is our update.

We have removed all of the paneling, all of the carpets and all of the ceiling tile (including pulling all of the staples from the furring strips);  we have gutted the kitchen in preparation for new counters and are getting started on plumbing and wiring.  We have our design complete, thanks to my design expert wife and have learned that our original rehab budget was not enough.  No big surprise, but one reason we are running over budget is because we have upgraded the quality of the rehab; focusing nearly all of our efforts on the kitchen and bath.  Will a nicer – and more expensive – finished product bring more money?  We are not sure, but we are sure that it will help the house sell quicker.

Now: on with the Roundup! [click to continue…]

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The House We Will Be Flipping

When our son Jonathan approached us with the prospect of flipping a house, I listened. As part of his duties with his current employer, Jonathan has earned his boss some decent income by overseeing the purchase and resale of two houses in our community.

In this post and upcoming posts, I plan to chronicle the process, the strategy and the results of our current house flipping experience. I probably won’t reveal any dollar amounts until all is done, and even then I will wait and see. But this is a new adventure for me, so come along.

[click to continue…]

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