Our Flipping Family flips houses (obviously...), owns rental properties, and develops Airbnbs. Check out a few of our projects below to get a taste of our portfolio!
Our First Property
The first property we bought was a side-by-side duplex in Madison, Wisconsin. We purchased it to live in one side and rent out the other for supplemental income. Looking back, it was amazing we bought this house as first time homebuyers. It was a wreck! It had not been well maintained, was smoked in, had bed bugs, and had some horrible tenants. The story with the tenants will have to wait until another day (look for a future post), but for now let's talk about the physical building. We had to flip the house in 20 days between old tenants moving out and us/new tenants moving in. And we wanted to do all the work ourselves...while working full time jobs! Let's be honest, neither of us had much house fixing experience so we learned a lot from youtube. We also learned that when Youtube said it would take 3 hours, expect it to take 3 days! We gave the home a complete facelift. We had to strip out everything to get rid of the smoke smell and paint the house with KILZ primer. We then did all new bathrooms, flooring, countertops, paint, and some minor landscape and roof fixes. Despite the blood, sweat, and tears that went into it (quite literally) we finished in time and it is still today one of our most profitable properties. To hear more about this property, check out this blog post!
Our Banfil Flip was a fix-to-sell property that was condemned and registerd vacant by the city. It had a 9 page code violation report with over 100 items that needed to be fixed! Someone had stolen the copper pipes from the home, it had foundation and plumbing issues, the elctrical work all needed to be redone, a few walls moved around, and of course everything cosmetic! It had a few odd things about it too--like the washer and dryer in the kitchen (on opposite sides of the room) and the bathroom door cut off halfway so it could open over the toilet. It was quite the project. But where there is work, there is money to be made! The government red tape and inspections were a pain to deal with, but it all paid off when the house sold in two days over list price with multiple offers.
We found a diamond in the rough (really, really rough...) in St Paul. When we purchased it, it came as a half unfinished 2 bedroom 0 bathroom (yes, 0 bathrooms!!) house complete with a couple homemade walls, profanity on the walls, holes in the floors, and a shower made from a pipe in the basement over a dirt floor. The amazing part was that people lived in it that way for years! We turned that house into a four bedroom 2 bathroom house with an open concept, barn door, and built in shelves and window seat. The transformation was quite amazing and one of our prouder moments! Check out this blog post to hear more about it.
We partnered up with our good friends on this Colorado 8-plex which includes 7 2-bedroom units and 1 1-bedroom unit. When we purchased this building, it was being poorly managed and rented under market price. They wanted a high price on it, but we put a realistic offer in and patiently waited a couple months. The good news is that we eventually got our offer accepted and got a great deal on it because they couldn't justify the original asking price with the current rent income. The better news is that we understood the market and were able to make changes in rent and expenses to make this bleeding property into a very profitable one.
We took a lonely dome home in the middle of the desert and turned it into a fun, bohemian getaway near Joshua Tree National Park. We tore out the insides of trailers and turn them into 3 detached, art-muraled bedrooms to expand living space and built two luxurious "outhouse" bathrooms from the ground up. We added plenty of outdoor entertainment options for socializing and enjoying the beautiful desert views. This was definitely one of our most fun projects to work on to date!