Renovation Project Update
It has been 2 weeks since I have provided an update so there is a lot to write about. However, I thought it was good to discuss the ways we are funding our real estate deals last week. This is especially important because I am in the process of raising money for some great projects we have coming up. Reach out to me if you are interested in finding out how we can partner up to make you some great passive returns in real estate.
So…. What have I been up to the past 2 weeks?
We currently have 8 houses at some stage of the flipping process. One is on the market, 2 are under contract, and 5 are in the process of renovating. I will go through each one for an update on the project.
The two houses we have under contract right now are spaced out well for closing. One will be around the end of this month and the other will be sometime in June. I would like to add 2-3 more over the course of the next month for closing in May. We come across possibilities all the time and try to pick the best ones to renovate ourselves. My initial goal for the year was to renovate 12 houses, but I think that we will be able to push that number up! I will add more specifics on these two properties once I get them closed on and we are officially the owners.
Filled in Pool House
The filled in pool house is well under way and unfortunately has been broken into twice since I have owned it. The first time, nothing was stolen but they smashed a window trying to get in. I suspect they were looking for tools or materials that they could steal. Nothing was taken but the new window will cost me a few hundred dollars to replace. The second time, someone broke into the garage and stole the electrical subpanel, which powers the garage lights and outlets. Can you believe that? I thought my GC was joking when he asked me if there was previously a subpanel in the garage. This house has been demoed, a lot of the electrical work has been completed (along with a new electrical subpanel), the painting has started and the flooring is going in this weekend. Here are a few before photos if you’re interested.
Navarre Pool House
The Navarre Pool house is a new one that I haven’t written about yet. It is a 3/2 with about 1800 sq ft and a pool. This house started about 2 weeks ago and is in full swing. The painters are there this weekend and the tile floor has been completed in the bathrooms and the back porch. This project isn’t a very big one, paint, flooring, countertops, appliances, and general cleanup. The largest part of this renovation will come from the pool and the landscaping. Here are some photos:
The Golf Course House
The Golf Course House is a property I haven’t spoken about yet either. It is in Gulf Breeze along the Tiger Point golf course and is a 4/2 with just over 2200 sq ft. The demo will start on this property Monday and we will be doing a full renovation on it. I’m excited to see how this one turns out; the house has a cool layout and is a little bit funky. We are working with a new contractor on this project so I’m excited to see how he does. Here are a few photos:
The Mobile House
The Mobile house has been difficult to say the least. We have owned this house for over a month and have just gotten started on the renovations last week. This is the long distance flip I wrote about a few weeks ago with a large projected profit margin. The reason it has taken so long to get started is that it took forever to find a contractor who would give us a reasonable bid on the renovations. With it being a new market, we ended up having to interview about 8 contractors before we started getting the numbers I was expecting to see. This just goes to show it is worth it to take your time to find the right people. It was challenging to hold out and not just give in to the higher prices and get started. I suspect that if I were new at this, I would have likely just accepted all the high bids as truth and moved on with the project. The demo on this one started last week and will go on for at least another week. This is a huge project and one I am really excited about. Here are some photos:
The Above Ground Pool House
Lastly, the Above Ground Pool house in Milton. I just got into this house yesterday to take a look at it and it is in great condition. It won’t need much to get this house cleaned up and on the market. I am debating whether to demo the above ground pool or clean it up and leave it. What are all of your thoughts on them? No photos on this house yet but I will add them as they come in.
The Auction House
The auction house is listed on the MLS and waiting for a great buyer to come along and put it under contract. I haven’t been getting as many showings as I would like on this house and to be honest with you, I’m not sure why. I had a broker open house a week ago and the response was incredible. There were at least 20 agents that came through and there was not a single negative comment to be said on the quality of the home or the price. So, I’m working on how I can get more buyers through this house because I know when they come through they will be writing an offer. If you agents out there have any advice please reach out to me or leave a comment below, thanks! Here are the links to the before and after post.
These are just the renovation projects we have going. I also have 3 houses under contract right now that are set to close in the next week. One is either going to be a rental property or just go back on the MLS as-is to resell to a retail buyer for a profit. The other two are either going to other investors or will be future renovation projects for us.
This is a very exciting time for the business. Things are going well and the hard work over the past few months is really paying off. I am growing the business each month and bringing on some great people to work with me. If you are interested in getting involved in real estate and want to see how we can work together, please reach out to me via email, firstname.lastname@example.org or call me at 850-483-1761. Please leave a comment below if you want to hear more about any of these properties or anything I am doing. See you next week.