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First Flip - Second House

 
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Old 03-13-2018, 01:31 PM   #1
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First Flip - Second House


Hi All,
A little background on myself, I am in my early 20s living in Ontario Canada.

I purchased my first house at the end of 2017. The house is a semi, it came with an unfinished basement and a somewhat nice upstairs. I painted, blocked off the stairs for a stackable washer, cleaned up the kitchen and put a nice new fridge in very minimal. 3 bed, 1 bath, kitchen, laundry and living room.

In the basement with a separate entrance I built a 2 bed, 1 bath, kitchen, laundry and living space. All the work was done by myself except for a small amount of carpet and doors.

Yesterday I purchased a similar house and it closes at the end of April. This one is pretty gross though, infested with roaches, but I bought it about $150k lower than market value. I plan on doing this one as a flip as I dont want to deal with tenants. This is a 4 bed, 2 bath, 4 level house including basement. (one bath is only a two piece but backs on to a large closet)

Anyways, Im looking for advise on what you all would put into it, minimal but effective. My thoughts are below:

-All new plumbing fixtures & turn 2 piece bath into 3. All plumbing costs I can get covered, so this is a give.
-New flooring, most likely a mix of vinyl plank and laminate in dry areas (all flooring in the place is shot, and basement flooring was wrecked by a leaky washing machine)
-LED pots in all rooms except beds.
-New baseboard, doors, casings & trim.
-New kitchen upstairs & install a kitchen downstairs to make a second apartment (house has separate entrance).
-Stainless appliances upstairs, basic appliances downstairs.

All work is done by myself.

NEXT POST WILL HAVE SOME PICTURES THEY ARE GRAPHIC!
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Old 03-13-2018, 01:33 PM   #2
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Re: First Flip - Second House


So here are some pictures, all the junk has to be cleared out on closings along with appliances. I would love to get peoples advise and post pictures and updates as construction goes!


















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Last edited by Frenchy93; 03-13-2018 at 02:01 PM.
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Old 03-13-2018, 01:37 PM   #3
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Re: First Flip - Second House


More pics.









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Old 03-13-2018, 01:40 PM   #4
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Re: First Flip - Second House


Also, if anyone would like to see some of my works in my other house please feel free to ask and I can put some pics up.
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Old 03-13-2018, 09:46 PM   #5
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Re: First Flip - Second House


Is your new house a semi like the previous one? If it's in Toronto it's probably pretty narrow and has no internal load-bearing walls (thus easy to take out). If it was my house I'd go open concept on the ground floor. But for the sake of all that is holy do NOT used vinyl or laminate flooring anywhere but in the basement. The market wants hardwood throughout and that is what you must install.

Here are 3 Toronto semis I've done (staged for resale): https://www.houzz.com/projects/22514...toronto-semi-2 https://www.houzz.com/projects/24356...toronto-semi-3 https://www.houzz.com/projects/21379...l-toronto-semi
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Old 03-14-2018, 05:09 AM   #6
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Re: First Flip - Second House


If you think that is gross and you think your pictures are graphic, you have no idea what's out there.
That is not bad. About 3 dumpsters, a couple long days and that house will look completely different.

Advice on what I would put into it? An exterminator.

Throw everything in the house away. If you have roaches, they will be in everything.
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Old 03-14-2018, 08:20 AM   #7
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Re: First Flip - Second House


Quote:
Originally Posted by JBH View Post
Is your new house a semi like the previous one? If it's in Toronto it's probably pretty narrow and has no internal load-bearing walls (thus easy to take out). If it was my house I'd go open concept on the ground floor. But for the sake of all that is holy do NOT used vinyl or laminate flooring anywhere but in the basement. The market wants hardwood throughout and that is what you must install.

Here are 3 Toronto semis I've done (staged for resale): https://www.houzz.com/projects/22514...toronto-semi-2 https://www.houzz.com/projects/24356...toronto-semi-3 https://www.houzz.com/projects/21379...l-toronto-semi
JBH,
Your places there look good, as you can see by the tenants I'm in a somewhat shadier area than I think you have done your builds in. I think my budget is a little less.

I do think there is a load bearing wall, as you can see from this picture, you have the living room and about 10 feet beside that (room I'm standing in) for width.





Last edited by Frenchy93; 03-14-2018 at 09:20 AM.
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Old 03-14-2018, 08:22 AM   #8
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Re: First Flip - Second House


My intention was to do something like this:



]

This is a house on the same street with the same floor plan that just sold.
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Old 03-14-2018, 11:15 AM   #9
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Re: First Flip - Second House


I always price this stuff as if subs are doing it all. $15k per kitchen, $5k per bath for mid market. Flooring can be all over the place, but at least $7k, without knowing the floor area. Then you'll have to have electric upgrades doe to the conversion. Again, not enough info, but $10k would be a placeholder.
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Old 03-14-2018, 01:20 PM   #10
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Re: First Flip - Second House


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Originally Posted by hdavis View Post
I always price this stuff as if subs are doing it all. $15k per kitchen, $5k per bath for mid market. Flooring can be all over the place, but at least $7k, without knowing the floor area. Then you'll have to have electric upgrades doe to the conversion. Again, not enough info, but $10k would be a placeholder.
Flooring is what is scaring me. I definitely at least need hardwood in the main floor and that tripled my flooring budget.

Kitchens - I just replicated that kitchen in the pictures above on Ikea and it is $2800 but with an Oak countertop and a couple more cabinets . Oak countertop, a big no or a yes? I was thinking it may be acceptable if you can almost match it with an oak looking flooring? Id have to add appliances on top of this of course.

I want to put the laundry room where there fridge is in the pics above, make a small closed off room with a stackable.

Last edited by Frenchy93; 03-14-2018 at 01:37 PM.
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Old 03-14-2018, 02:25 PM   #11
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Re: First Flip - Second House


May be you need to watch more HGTV this site is for pros. There you could learn how to install ship lap and kick you foot thru drywall.
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Old 03-14-2018, 02:41 PM   #12
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May be you need to watch more HGTV this site is for pros. There you could learn how to install ship lap and kick you foot thru drywall.
I must have missed the "pro" requirement when I signed up.
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Old 03-14-2018, 02:44 PM   #13
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Re: First Flip - Second House


Quote:
Originally Posted by Frenchy93 View Post
Flooring is what is scaring me. I definitely at least need hardwood in the main floor and that tripled my flooring budget.

Kitchens - I just replicated that kitchen in the pictures above on Ikea and it is $2800 but with an Oak countertop and a couple more cabinets . Oak countertop, a big no or a yes? I was thinking it may be acceptable if you can almost match it with an oak looking flooring? Id have to add appliances on top of this of course.

I want to put the laundry room where there fridge is in the pics above, make a small closed off room with a stackable.
Stackable in the kitchen? Maybe for a rental, but not for a flip... Since you're doing it yourself, consider maximizing the sizzle factor with low-cost upgrades...

Kitchen Upgrades
- Cutlery inserts / knife block
- Roll-outs in base cabs
- Pull-out Garbage/Recycle unit
- Pantry with Pull-outs
- Spice racks on door or in drawer
- Undercab lighting
- etc.


Garage
- Cabs for storage
- Overhead storage

Bathrooms
- (for the size baths you have pictured) Vanities with bottom drawers
- Wainscotting

Main Rooms
- Crown
- Dimmable lighting

Dining Room
- Wainscotting

Outside
- Landscaping (make the first thing they see raise their blood pressure with excitement/anticipation but not too out of character for the neighborhood) - amazing what low-cost flowers, bushes and mulch can do...

Bedrooms
- Lighted Ceiling fans with dimmers
- Outlets with USB's

Master Bed
- Closet inserts (small cost versus value)
You might want to check with your realtor whether a home in your area would get more with an in-law suite or additional bedroom/bonus rooms before committing to it... my guess is you'll get more bang for the buck with the latter and less out of pocket to accomplish it while giving you the widest potential audience...

Last edited by KAP; 03-14-2018 at 02:47 PM.
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Old 03-14-2018, 02:54 PM   #14
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Stackable in the kitchen? Maybe for a rental, but not for a flip... Since you're doing it yourself, consider maximizing the sizzle factor with low-cost upgrades...

You might want to check with your realtor whether a home in your area would get more with an in-law suite or additional bedroom/bonus rooms before committing to it... my guess is you'll get more bang for the buck with the latter and less out of pocket to accomplish it while giving you the widest potential audience...
Thanks KAP,
Keep in mind this is my second one in the area, my other house is a block away with a separate apartments.

The stacker in the kitchen would be blocked off by a partition wall and door in the corner. There is really no other place to put it unless I put it in the living room.

Your list there makes no mention of flooring, baseboard etc. Are you saying not to do it?

I know you've heard it before but don't underestimate my work because I say I'm doing it myself. If I don't feel comfortable or don't think I can do a professional job, I won't do it myself. I have worked in construction for about 10 years now.

Last edited by Frenchy93; 03-14-2018 at 03:00 PM.
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Old 03-14-2018, 05:38 PM   #15
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Re: First Flip - Second House


Square footage?
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Old 03-14-2018, 07:21 PM   #16
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Thanks KAP,
Keep in mind this is my second one in the area, my other house is a block away with a separate apartments.

The stacker in the kitchen would be blocked off by a partition wall and door in the corner. There is really no other place to put it unless I put it in the living room.

Your list there makes no mention of flooring, baseboard etc. Are you saying not to do it?

I know you've heard it before but don't underestimate my work because I say I'm doing it myself. If I don't feel comfortable or don't think I can do a professional job, I won't do it myself. I have worked in construction for about 10 years now.
Not at all, they're in addition to... the list I gave you are the things that excite buyers, which is what you're after this time in doing a flip... they are in addition to your list... IMHO, a stackable is a turn-off to a buyer (especially with kids) and locating it in the kitchen, think about the logistics of that... while you found a "place" it's not an attractive one and diminishes the value of the new kitchen, as now it's a kitchen/laundry area... who wants dirty clothes in the same area they eat/prepare food, dryer lint venting (and it does even with the best unit) into the kitchen area?

Again, check with your realtor on market conditions, but based on what you posted, you'd probably be better off considering maximizing the value of the home by converting the downstairs into a combination of an office/man cave/she-room, great/entertainment room and a laundry room with room to work (i.e. - storage cabs above regular washer/dryer and folding area)... they can do laundry and cook simultaneously without concern... this will expand your buying audience as opposed to narrowing it...

Most people who are buying a 4 bedroom aren't necessarily interested in being roomies with a tenant, especially if they have kids...

When it's done, in a sellers market, talk to your realtor about the strategy of pricing it 5% below the market for the Open House to get a bidding war going,..

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Old 03-14-2018, 07:51 PM   #17
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Re: First Flip - Second House


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May be you need to watch more HGTV this site is for pros. There you could learn how to install ship lap and kick you foot thru drywall.
And don't forget, when on HGTV when you do demo, you always just take a sledgehammer and start swinging!
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Old 03-15-2018, 07:48 AM   #18
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And don't forget, when on HGTV when you do demo, you always just take a sledgehammer and start swinging!
Obviously,
And make sure the water is left on when you do it!
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Old 03-15-2018, 03:02 PM   #19
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Re: First Flip - Second House


What's everyone's take on used appliances for resale.

I'm talking buying say a perfect condition $600 dollar fridge with a new price of $1700.

Note: I'm not really in a rush on this, so I have time to be resourceful.

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Old 03-15-2018, 03:43 PM   #20
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Re: First Flip - Second House


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...I'm talking buying say a perfect condition $600 dollar fridge with a new price of $1700...
What's wrong with it?
If it was really perfect, they would be asking more $$.

Just my.02

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