Road Trippin' and Rehabbin': Part 2
From last week’s post we shared all about our trip to Colorado. Our next stop on that trip was back to one of our favorite places… Minnesota!! It may sound like a random place to be one of our favorites but take a trip out to the Twin Cities and you will fall in love too :)
While in Minnesota, we were finalizing rehab plans with our contractor for a new property, and walking through another one we have under contract.
A New Flip
This property is probably the most unique flip we’ve had in that we should be able to restore some of the old character to the home. This is a home that fell way behind on taxes and was forfeited back to the state. As a result, it has been vacant and in complete disrepair for quite some time. The city categorizes vacant buildings as Category 1,2, or 3. This is considered category 2 which means the city is very involved in making sure everything is fixed up to code and done correctly… yay more red tape! We’ve worked with the city on another category 2 property with the same contractor in place and we are comfortable with the extra work this entails.
This will be a huge project as EVERYTHING needs to be redone. New electric, plumbing, HVAC system, kitchen, bathrooms, and rerouting some walls to make the flow of the house more suitable for the end buyer. Original quotes from multiple contractors came back to be over $100,000 in repairs, and at that point there wasn’t enough room to make things work with our budget. We were able to work with a contractor we’ve worked with before and made some adjustments to get our rehab costs down to about $80,000, which means we’re back in the game! In order to meet this budget we will need to get creative with some cheaper materials while still making the house look classy and higher-end. If you follow our instagram account (@ourflippingfamily) you can help us make some design decisions along the way!
We’re excited for all this house entails and can already envision the transformation that will take place. Check out this video to see the inside and see what we’re up against. We finally closed on the property last week and construction started Monday. Of course we will be sharing our progress along the way… hopefully there won’t be too many surprises!
A "Bear" of a Deal