House Flipping Update | the Hanover property
One of the ongoing house flips I have in the works right now is a deal in Hanover, MA that was once on the brink of collapse. This particular house flip almost never happened, but thanks to some swift negotiation I was able to purchase this house back in August. Since then my team of contractors have been working hard to fix this place up for its future homeowners.
I think the best way for you to learn about the house flipping business is to peer into my business and see how we do things. Books and manuals are great, but nothing beats the real deal. In this post I want to let you in on what's happening with the Hanover flip, inside and out.
The outside area at the Hanover house has undergone some dramatic changes. All the overgrowth, weeds and out of control bushes have been removed. In just a few weeks the landscaping will be complete, but for now you can get a good sense of where we are headed by checking out the below photos.
A few weeks ago you could not even see part of the back of the house, due to all the overgrown bushes.
Now with all the bushes removed we are starting to see the potential that the outdoor space really holds.
If you look in the bottom right hand corner of the above photo you will see a Japanese maple tree. These trees were already present all around the house so we decided to keep them. If we were to purchase these trees we would end up spending thousands of dollars. Noticing and keeping these trees intact is proving to be a big value add-on.
Check out the below video for more regarding the outdoor area of this flip.
If you recall from an earlier post about the Hanover property, I mentioned that the inside of the house was a bit of a debacle. There were odds and ends all over creation and overall the house was not in the best of shape.
We needed an entire team of people to help remove all the junk...
For the interior of this home we are actually using a design plan that my daughter created. I chose her plan over other design plans, without even knowing that she submitted a plan. My daughter is currently enrolled in design school, so needless to say I am a very proud Dad right now!
Some of the value add-ons we are incorporating into the interior of the house include:
- High cathedral ceilings
- Open floor plan
- Granite bar
Of course the above value-adds are really just the tip of the iceberg. For more on the interior renovation, House Flipping School members can check out the below video (if you are not yet a member you can signup by clicking here).
Additional Value Adds
When I walk into a new property I always try to imagine ways of increasing the value. This is especially true when I see a really rundown property for the first time. Where most folks see overgrown grass and shrubs, I see a family one day enjoying a cookout on their manicured lawn and back deck.
I can't stress the importance of paying attention to the small details, because each of these seemingly small details could be turned into a big value-add if done correctly.
For example this property had a two car garage which in and of itself is great value. We took it a step further by installing insulated garage doors, because this garage already has a Modine heater, as you can see in the image below.
Let's face it, how many people have a fully insulated heated garage? Little value adds like this can come in huge when it comes time to sell this house.
Another seemingly small but potentially powerful value add is the sliding door that opens up to the backyard.
This slider is actually located in a bedroom which my real estate broker found odd. However, the access to the backyard that this slider gives could eventually be key when the future homeowner's in-laws move in unexpectedly, or when their grown child decides to move back home - LOL.
If a buyer does not like the idea of a slider we can always take it out, frame in the space and close it off.
I explain more value adds in the second walk through video which you can check out below.
We are projected to finish this rehab on October 11th which is coming up quick! If all goes according to plan we will have this property fully renovated in 30-35 days.
I'll be sure to keep you posted on our progress and please feel free to reach out directly to me with questions by posting in our forum.
Also, on October 17th we are holding our first House Flipping School MeetUp. This will be your chance to meet my team and I, as well as network with dozens of investors, flippers, contractors, real estate agents and other professionals.
If you are interested then reserve a spot by clicking here. Space is going quick so please act soon if interested in attending.
Take care and see you at the top!