The past two weeks have been filled with what some would consider the less glamorous tasks of owning a residential rehabilitation company.
We are still working on getting our rough plumbing inspection completed at the project we call Miss Poston. We have been through a few plumbers at this point who were not the professionals they tried to portray themselves to be. This has held the project up about 4 weeks at this point and in this business TIME IS MONEY.
We have begun prepping our Cold Springs property to be put on the market. We have found that one of this homes previous owners applied latex paint over oil based paint. THIS IS A BIG NO NO! Latex paint won’t adhere properly over oil based paint and will peel off as you can see in the pictures. When applying latex paint over existing oil based paint you should rough up the surface with medium grit sand paper and apply a good quality primer before applying the top coat of latex paint. The best way to tell if you have oil based paint is from it’s sheen (i.e. shininess) and if you have an older home built pre 1960’s era. If you don’t know it is a good idea to consult a professional even if you want to paint yourself so you don’t run into these types of issues and have to paint again.
We have also been scouting for new projects. This can be exciting and scary at the same time. It is exciting to see potential projects and get the juices flowing on what can be done to modernize the house by opening up walls, installing new kitchens and baths and getting creative with all the new flooring options available today. The above homes are just two of many that we have put offers on that weren’t accepted. As we mentioned, this goes back to the less glamorous part of this business. A lot of time and effort go into scouting for properties and doing research on comps and budgeting to make offers only to not have them accepted. The market here in Charlotte, NC is very competitive and most homes have multiple offers.
When was the last time you saw an electrical panel (i.e. fuse box for those of us old enough to remember) like this? It is surprising that these relics are still around in homes today. This picture was taken in a home we did not put an offer on but something EVERY potential home buyer (whether an investor or personal residence) needs to look for. Most people don’t think to look in the electrical panel when looking for homes but this is a big expense to upgrade if still fuses.
And then there is the “scary” aspect of looking for new project properties! This situation turned out to be better than it may look. Both dogs were friendly once they got to smell me but at first they sounded like they wanted to attack me. One of the realtors on my team and I toured a another home that the listing did not mention anything about a dog however, when we went toward the back area of the home to the kitchen, a dog jumped in it’s crate scaring the daylights out of both of us. We also toured homes that were in what could be considered ‘rough’ neighborhoods that we weren’t sure if people were in the homes or not. You know that feeling when watching a scary movie and you think someone is going to jump out and get the unsuspecting person? That was the feeling in some of these houses that we toured.
I hope this blog was both educational and comical to show the not so fun aspects of property flipping. It is by no means always as fun and glamorous as we see on our favorite HGTV shows. Those of us in this line of work don’t get the luxury of editing out the not so fun parts but in turn get to share them with you. 🙂