Before and After Complete House Flip That Took 15 Months to Sell
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- Опубліковано 26 сер 2024
- This is a house flip that we just sold the beginning of November. We bought it in July over a year ago! We have had projects that took this long before but it was usually because of a long rehab. In this case, the house took over a year to sell!
You can see our list of current fix and flip projects here: investfourmore...
We have 16 in progress at the moment.
I bought this house from the MLS back in July of 17 for $284,000. It was a country property with almost 2 acres. It did not need a lot of work but was on a very busy road. We still thought it would be worth close to $400,000 even with it being on the road. We are in Northern Colorado where it is almost impossible to find a nice country property for less than $400,000.
We repaired the house and stayed very close to budget. We listed it for $419,900 based on the comps in the area and considering the road. The house did not sell and we lowered the price twice. When we got below $400,000 we had a decent offer on the home, but the buyers had a house to sell. They could not sell their house and the deal fell apart. We had at least three more deals fall apart for similar reasons. There was nothing wrong with the house, but the buyers could not come through on their end.
Eventually, we got the home under contract again and we sold it for $361,000. Luckily one of the agents in my office was able to represent the buyers which saved me money and she sold the buyers house as well. It was actually her first two transactions as an agent.
We still made money on the property, but not much! It was a lot of work, and money to tie up for such a small profit. We go over all of the numbers in the video.
Here is the link to financing properties that I reference in the video: • What are the Best Loan...
Here is a link to my book on flipping houses: amzn.to/2JYQZDY
I had a friend in the building buisness in FL who flipped a lot of properties as well that has an entirely different outlook on flipping.... he bought a house or about 400k cleaned the yard filled in the pool, and painted , listed for 600k (it was on the canal, great location) didn't sell he added shutters to all the exterior windows (still no plants in the yard) 2 story brick box house. Still didn't sell, so he added plants about 6 palm trees and a dozen small bushes to the yard and listed for 800k, still didn't sell so he added a dock on the back canal, and raised the price to 1 million. Still didn't sell so he added a 6x6 Pergola with vines, to the front entrance and raised the property to 1.2 million and sold the next week an hard to believe story but true..... location does eventually sell and never drop your price....
That sounds like an incredibly risky and time consuming strategy
The last owner took pretty good care of that house!
No central air, you say? **turns around and walks out of the house**
@Tanner Walker No
I would love a house like this because I could park my 18 wheeler on it when I’m on home time!
I would have planted a nice big hedge or put up a nice privacy fence against the noisy road.
Good idea!
I was thinking the same! Had they of put a big privacy fence around the front with a gate and maybe had installed a garage door onto the "shed" I think it would have sold a lot quicker. I have kids and a dog and seeing that big semi pass by so quick had me terrified thinking about the pet semetary scene, they needed some sort of barrier between them and that highway
you've done 150+ flips by the time of this video????? My gosh dude. you are something else. Bravo
Close to 170 now
Amazing work. I trust you because you show ugly sides of stories as well as successful ones
Thanks man. I try to be as real as I can
verdade
@@investfourmore i enjoy watching you have you considered buying in Surrey bc and renting out?
Love the pink dumpster 😁
Haha, they are beautiful!
I appreciate how much you share of both the good and bad aspects of flipping.
Thnaks!
The first home I bought was a fix n flip and I was so happy. I'm not a fixer upper myself so I was happy to buy an older home that someone else had taken care of all the upgrades. My husband and I had a nice home to raise our kids in. I'm pretty sure if it hadn't been fixed and flipped it would have not sold or have invited less than inviting neighbors to a super family friendly street. I feel what you do is good for buyers and neighborhoods as well as your business and all those you employ. It may sound corny but you probably make a bigger difference to your community than many realize.
Thank you
Appreciate the transparency as usual. Mark always tell all sides to a story. Thanks Mark!
Are you familiar with ductless/mini split HVAC systems? Also, you put new white outlet covers, but left the dingy old beige colored outlets. Seems like a pretty cheap upgrade that will make a big difference aesthetically.
Its a lovely house, but its boreing theres just nothing in it that says BUY ME, its also very old fashioned nothing modern in it although everything is new, i think if you did modern bathroom and kitchen may have sold quicker. x
Agree with you.
Cute ranch-style house in CO.
I've got a house under contract now that the sellers and I agreed on a price almost 5 months ago. It took a month to get a contract hammered out then my lender required a lot of repairs. The sellers agreed to knock a bunch off the price if I made some of the repairs. Right as I was finishing the repairs. one of the sellers died. Then the house entered probate. We got through probate in record time and are finally closing in the next week.
crazy! Glad you are still getting it
The sod turned out nice!
This one kicked butt. Glad you finally got it sold and at least reaped a little profit.
Yes it did. lol
I noticed that in the bathrooms you take out the old medicine cabinets but you put up mirrors instead. Why do you do that? I understand that some of those medicine cabinets need updating, but why do you not replace them with a newer style of medicine cabinet? When you have just the mirror you will have to find other places to put your medicine and other things as you usually put in your medicine cabinet.... just wondering
IMO, you made a big mistake not replacing the ugly Luan doors, and the kitchen should have been done in white, not oak (arrrggg)
it wasn't oak
I wish this had gone better for you. I really loved the home and the property. The view was amazing.
It was okay, some turn out like this
I loved that whole flip. I was completely surprised how much I really liked it
Live & Learn. Good lesson for future purchases and you still made a little money on it!
Where’s the washer and dryer?
Basement
Vanna White is a real estate person in some way, Her stepdad was into the business too, But she can afford to do this. She flips on the side, She says, she flips only one house at a time. Good rule.
Kitchen turned out nice!
I appreciate all the work you put into these videos... I am a fan of your channel and have been going through the process of trying to watch all of them... I appreciate your honesty vs what these TV house flippers and Internet marketers try to make you believe about the house flipping industry
Thank you!!
You should do a video on how you find properties and how you decide what you want done and how to tell that to contractors.
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Please begin all your videos lighting up a cigar with a hundred dollar bill. Love from Brazil.
lol
Nice job fixing it up! Looks nice.
Thank you
Nice info on how to "grandfather" things in, I am currently hit by some issue I thought I could grandfather in, but didn't due to inspection from some other stuff...
Main road stinks. Do you think the 2 up, 2 down bedrooms hurt it? I can see people not liking basement bedrooms. Plus no ac is a bummer.
The road messed it up!! it looks like the road on the movie pet cemetery .. There are zero barriers to protect the house or the people living there.. who ever bought this house...god speed.. Because i couldnt even sleep knowing some tired 18 wheeler driver falls asleep and comes through my house!!
It is not idea, but being in the country usually trumps those issues
Mark Ferguson - InvestFourMore
I’ve read that in the country locals know to build near a road, whereas wannabe ranchers place their houses far away, but then have to clear all the extra snow.
@@kelligutierrez7022 that's why ppl in the country buy a couple big boulders and use them as landscaping.
I love your videos! Thank you. I also appreciate when you put cost, it helps me not to get ripped off myself🤗
Thank you!
Wonder what a sound sort of proof wall at the front of the property to shield road noise would have cost. Also wonder if it would have helped it sell faster. Probably a very dumb thought. But still I just wonder.
You want ac put in a mini split air conditioning great for Holmes with hot water heating
Very nice house and beautiful work done in the house.
Thank you
LOCATION LOCATION LOCATION, but you should know that by now. The only thing that can make a bad location like the front of your house was to give it STYLE (and you didn't, way to plane).Clean up that front yard install a nice white 3 board fence edge to edge with large pines staggered for a noise block, and a stone drive to the shop. Then use that gorgeous back yard view to make an out door retreat! Sold Sold Sold in weeks not months?
Your talking about spending an extra $25,000 to $50,000 and you still have a busy road.
found the real estate agent who knows nothing about investing
This was awesome. I would have kept the kitchen white or grey to go with the rest of the house and added a island. Do you think putting more money/work into the house would have made a difference?
The road was the killer.
I agree with the white is grey too. Would look more modern and cleaner.
Yes, the four lane highway is a killer.
A lesson learnt I'm sure.
finally a before and after video thx mate
You are welcome
My sister in Denver built a new 5900 sf house and when finished put her 10K sf 11 yr old Tuscan on the market for $3M. Dropped the price to $2.5 M and 18 months later pulled the listing. Sold the new one instead for $2.2 M to a cash buyer within 2 months and is staying put. Both are in a fine part of town. The Tuscan is 70% larger on a 70% larger lot, yet was priced only 15% more. BTW, she had two buyers pull out of contracts at the last minute, one for each house. They lost their earnest money.
That sucks when buyers do that!!!
Mark Ferguson - InvestFourMore
It’s frustrating keeping a big house immaculate for 18 months, inside and out. Buyers were snooping in closets, the fridges, and kitchen drawers. Plus ovens and grill use had to be curtailed, lest they not be soiled. The MBR closet had to look like a boutique at all times. And bathroom use was limited to just one of nine. Life was tough!
A thing would stop me of buying this house is 2 things, 1st it has only 2 bathrooms, 2 they are really small. Bathrooms and kitchens are a BIG thing to me.
Looks nice
Love and appreciate the vids you make.
Thank you!
Nice work! Sad I didn't get to see the mountains, tho... ;)
Whether the house is too remote or too old, it's not good for the business.One would end up with too few buyers or too expensive to fix all the problems.
These videos are amazing!!!
Thank you!
Does A&E's house flipping shows have an unrealistic view of how houses are refurbished and sold? There appear to be sold rather quickly.
yes!
It should of been called a "fixer upper" when you put it back on the market, the house was outdated and no curb appeal
idk.. dangerous place... good space, good job, but i wouldn't live there.. noisy
I dont like the ceilings and the paneling (even if painted)
I have noticed that you do very little to the yards on your houses, is curb appeal just not an issue in your part of the country? I know it will kill a sale in a hurry where I live.
Not needed most of the time
Landscaping certainly adds value in Australia too.
It's a must here, most of the time. Especially if you want the higher price.
Thanks for this. I thinking flipping is cool and theres good money in it but I think of it as a job and gravitate more towards rentals amd BRRR strategy...being more passive with passive income
I have rentals too. It is tough to find them in my market now
@@investfourmore I see that happening here in my area as well unfortunately. Not a single duplex available for at least 40 mile radius. How would you use your first 300k.. How to leverage it get the most out? Idk where to start mark
Is it bad that i actually like wood paneling i think i gives the house the old feel
Very nice work however, I think with the radiant heating was a downfall to that house. No central air, and maybe that upstairs bathroom great you changed flooring. Other than that it looks really nice I wish I had a house on 2 acres.
The curb appeal wasn't good. Heck, you couldn't even see the house with those trees blocking it. All that work and the house was hidden.
That’s too bad. Can’t win them all, but it was a decent property
Good job. I'm astounded it what you're able to sell some of these for. There are great houses. But it's partly because of the area I'm sure. Where I'm from there's no way you would have got anywhere close to 400,000 for that house even if you read it it completely. Where I come from you can build a beautiful modern huge new house for 150 to 200,000 easy. I realize there is a difference between whether you do some of the work yourself or have contractors do it and so on. Keep up the good work
I also live in a area that 150000 would buy you a very nice house, not any more my house was 80000 two years ago it's now 180000, I'm not sure if its immigration or the exodus from Democrat controlled areas but it sucks, as I plan to stay in my home not sell so I'm only looking at more taxes:(
Seriously you bought a property to flip on a 4 lane road where the speed limit is 55+ - dust, noise, access all bad
Why dont you show the cash out on cash in profit calculations, not just the total sale less all costs. And calculate the annualized ROIs.
Why didn't you change out all the closet doors and not just one of the bedrooms downstairs?
Did you paint your dumpster pink?
To impress the ladies no doubt lol
Always seems so weird to me that people have bedrooms and living rooms in the basement. Wouldn’t it be dark and kinda oppressive down there? Maybe it’s an Australian thing - it’s rare to have a house with a basement. Anyhoo, I just kind of stumbled across your videos, but I dig them.
It is common here, but cheaper to have a basement than all the square footage above ground
At least you only had to pay the long term capital gains rates.
i don't understand why you did not put a big fence along highway to bring some privacy
Probably cost too much.
In Australia if they are putting larger highways close to houses. They have to build sound barriers along the road where houses are.
Do they do that over there?
Maybe if there were more homes they would...
It never takes that long to sell a house on A&E's house flipping shows. Their shows always start off like fairy tales, always with a happy ending. For editing purposes, I guess, they never turn away potential buyers. Contractors always show on time. Which doesn't happen in real life. I know. Bankers are easy to get along with, and so on, and so one. They never show t he aftermath, once the property is sold. If that happens, they have to find another buyer again. I just don't understand the realistic of house flipping
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I see a gas tank like that and immediately have an urge to shoot it because of GTA
Can you talk more about house flipping insurance? I typically get ‘Builders Risk’ insurance on my properties which is super cheap.
Be careful as some builders risk do not have any liability coverage
Why is the name of your company "four" and not "for"? I feel like this small detail would make life harder 🤔
it is about getting more than four mortgages on rentals
Uck it's not a "popcorn ceiling', it's called a "stippled ceiling". Bears no resemblance to popcorn 🙄
I think 99 percent of people call it a popcorn ceiling so you may have to just accept it. lol
whats the best way to buy a flip? mls or whole saler
either one
hu ouch! Sure shows that 'timing' is everything and the old saying "time costs money" ..
For sure
Do you think Zillow estimates are fairly accurate?
They can be or they can be 20 percent off
Sorry but I'm not liking the colour of the kitchen cabinets..
I'm glad it finally sold for you though.
Hey... $14 000 is $14 000
Do you ever stage houses? Improve driveways? Would it have cost too much to put some fast-growing trees or shrubs in front of & along side of property? Put a fence in front of tank in backyard? Change out the posts (were all of them necessary?) & 'roof' of carport? Thank You.
we don't stage
According to me ,kitchen cabinets ,should be white.
I'll tell you what, if I'm going to pay 400000+ for a house I want plugins in all bedrooms and I certainly don't want crappy vinyl flooring anywhere.
Or the ugly kitchen cabinets..lol
Needs landscaped
ur really scared to invest real money into ur projects mark.. i have book with renovation remodelings highs lows and averages... the i personally researched and noted my self. i love the flooring color it made the room likable. the kitchen u should have went big on.. instead simple... the u should have replaced all the light covers and electrical outlets just for looks.. u should have gated off the 500 gal propane tank with a inclosed wooden fence around it.... the basement is its best feechers so far. u should have invest in the fire place to make it a better selling feetcher. what u didnt do was re pave the font of the house drive way.. its all cracked up....
He's more of a quick, cheap flip kind of guy. Lol
Lick of paint, cheap carpet etc and wella. Ready to sell.
It's about fast turnovers.
With minimal effort and money. Make it l liveable, but better than it was.
Some take more pride. As renovating and style is more of a business for them. Attention to detail etc.
They rent furniture to help showcase the homes.
It's their livelihood. If you know what I mean.
Kind of different to what Mark is doing.
You said “the floor needs redone”. Should be “ the floor needs redoing.”
You are awesome and so are your vids
Thank you
Here is the thing. You’re a business man you know why that house didn’t sale. I’m surprised someone purchased it. You cutting corner being cheap. That house look like crap. Outdated floors. You buying the cheapest laminate. The kitchen cabinets. Are very outdated. And the colors are horrid. I hope you learn from the flip. You didn’t not do well with this house. It’s so bad. I would take the video down. I like your videos. But you are coming off as cheap. Yes it should have been sold as a fixer upper. Really people want to live just like you.
YOU DO CHEAP RENOVATIONS AND TAKE TOO MUCH PROFIT, THATS MEAN...
Horrible!
Very generic. Questionable credibility! Stay away with this man!
Ardor SEO again! Man they never give up with the spam and fake comments do they