Nightmare House Flip Completed After 15 Months
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- Опубліковано 6 жов 2024
- You can see all my active 20 house flip projects here: investfourmore...
I bought this house 15 months ago from a wholesaler for $173,000. We had a ton of problems from the beginning and many of them I knew about before we bought it. Nikki told me not to buy it, but I did anyway. We should still make money on it, but it has been a nightmare. The house had a .5 acre, which made it non conforming in the county. We had to buy part of the neighbor's lot and add it to this lot. The process took almost a year with the county and caused many more problems.
We had to add a water tap that cost $30,000, a septic that cost $12,000, but the neighbors part of the lot for $15,000, and spend $50,000 on the rehab. We also had carrying and selling costs of $30,000 because it took so long!
We listed the home for $379,900 and should make some money on it assuming it sells for that or close to it. I think that is a good price for the property and it should sell in that price range.
You can see a write up I did on this house here:
You can see the before video here: • Fix and Flip Purchased...
Damn i cant get over that Basement redo thats amazing
Dang, 379k! Where I live this would be a 120-130k house tops.
120k would not get the lot here
Mark Ferguson - InvestFourMore your local average job must start in the 6 figure range lol.
I think the the acreage factors into the cost as well
LOL! A nightmare house flip? That figures. Look at that place! The whole area is a nightmare. Texas Chainsaw Massacre! You couldn’t give me that house!
Where I live and other places I want to live this in top notch shape would be maybe $130,000 at best.
Completely finished, that would be a $180k +/- house where I'm from, tops.
I believe it. prices are different everywhere.
That's true, which is why my area is great for new flippers, while yours takes a little more capital to get things moving, and a litte less forgiving of mistakes.
Actually love seeing the flips that don't turn out how you wanted, I learn the most from these!
That's a million dollars out here lmao
You can buy that here for 80 grand and have the exact same rural setting. Anyone who pays 380 for that tiny house is a fool
Around where I live this would be only worth $150,000 maybe a little more. The house I live in is a fully remodeled five bedroom three bathroom ranch with a finished basement, two kitchens (one in the basement and on the main floor), two dining rooms, three-car garage, acre lot with brand new landscaping, new cedar deck connecting to a stone terrace and it’s worth only $350,000. My house would be worth a lot more in your state.
Seems like there are always big costs associated with the homes that Nikki tells you not to buy 😂 great channel, thanks for sharing!
Thanks! yes that has happened although there are a few she told me not to buy that we did really well on.
That would totally kill a first time flipper...
Yes
First time flipper: *walks in, puts it ALL on black*
*Ball rolling*
*ball rolling*
*ball lands on new septic tank, water tap*
:(
@@fitlyfe4138 I am still going to just fine on this one. It closes next week, but it would be tough for a first timer to navigate through everything.
@@investfourmore Im glad it worked out for you
Yeah for a small timer ...they would go bankrupt on the 1st flip..
Good thinking. Garage space sells.
If you had known this before hand, would you have bought the property? I'm guessing "No way!"
This is why people don't do this. Yikes! Congratulations on completing it. Thank goodness you will make a profit. It looks great! I love it!
I knew a lot of it when I started I just did not know how long it would take> me being me I would probably do it again lol
Don't tear down garages or sheds. The other side of that garage could be turned into a shop. At 8:58, I'd lay down some concrete to make a perfect wood shop.
In the back of your mind, keep a note of how expensive and time consuming the regulatory process takes. Your videos provide evidence as to why we have so many problems in the US.
I realize it's under contract but personally I think the yard looks like crap sorry
Couple years of diligent seeding and landscaping and it will look great I'm sure. Would be cool to get a follow-up, but I doubt it.
Blank slate! In the country and quiet.
Courtney Jones the inside of the house is more important to me. Yes I agree the yard looks great with it done, however my living space is much more important to me 🙂
I'm absolutely shocked! 379k half acre, the inside looks good but the yard is horrible. You can buy a 4br 3 bath new house in a suburb of Minneapolis on 2 acres for that!
It has over an acre now.
But that's the thing...You're in Minnesota and that in itself is depressing
Its not listed in the top 10 states to live every year for no reason, butnim sure Mom's took good care of you.
@@TheEnd-eg6wq I travel the country for a living. Been to all 48 states. I know this is coming from a stranger and all but trust me when I say this. Minnesota is boring and depressing. It's not the worst place to visit but far from top 10 places to live. But if that's where you were raised then that's what you're used to and as long as it makes you happy then that's all that matters
@@fnfastone You traveling thru is no more an opinion,than googling top 10 states to live in and seeing MN on every list, that's great you drive up n down 94 or east n west on I 90, means nothing. I'm stating in my suburb of Minneapolis where the median income is 10k more per household than the nearest town to this house, you wouldn't get a single viewing on this house even if it was 299k.
Nice job I am doing the same thing your video inspired me to start my own videos thanks for the info
Go for it!
Nicely done. I personally have opinions on colored ceilings, so that's my .02, but it looks like a great finished product overall. Plus, speaking as a country CO person, those garages/sheds are a huge selling point for folks in the country. I foresee tractors and other country toys living in those.
It's a nice house 5 acres. 💖💖💖
I'm 3 and a hlaf minutes in and I'm just like 'Why?'
The table situation made me laugh out loud...literally. Good that you have a sense of humor. :D
I try. lol
379....... Oh hell no, that's a small mansion other places
sold for 370k
I think I would have taken out thatc2nd bedroom and made it part of the living room. The LR is quite narrow and kind of cramped.
That would have decreased the value with one less bedroom
this flip might have been a nightmare but it turned out beautiful. hoping you get it sold above asking right out the box. btw really like the new colors of the outside paint.
Thank you!
Wow what a confusion night mare of a situation of red tape. that's just nuts! But the house looks great, I'm sure it will sell, right away. Keeping the other out building, that I think was a good idea as long as it is not about to topple over, who ever buys it can add the missing doors, Just so vermin will not get in there. Nothing like goin into a barn to have a racoon looking back at you.
Haha, yes it was such a pain. Luckily Nikki got to deal with most of it. :)
I watch these flip shows on A&E, and they are completed within weeks.
haha, that is tv for you
@@investfourmore 👌 Ain't it the truth, With all the editing and all. Finances are always accepted, They show the qualified buyers telling them what a good job they done. Of course none of them are shown, have credit problems. The contractors all are dependable, and show up most of the time. What could go wrong with the easy money making house flipping?
I like that house. Ill have to go back to remember the before but it looks nice. I really like the flooring. Sorry it was such a hassle to deal with.
it will be okay. I think I linked to the before video in the description
Nicky knew what she was talking about. Trust her more often in the future.
We will see....
Another nice remodel, looks great
Thank you
Dizzy with the flooring again, but thank you for sharing your video!
Is it a trend or the norm in Colorado to have multiple different types of flooring?
I don't know why they always have certain restrictions on septic tanks. I thought it would make sense to put it back in the same place.
Too close to the house
Great Job! It looks like a new built house and basically is. Country folks do like lots of storage. Some chickens, a pig sty, vegetable garden, some fruit trees and talk the neighbors out of some that beef on the hoof next door. Set for the apocalypse. ;-)
Thank you. haha
Can they make that garage into a 'grow room'? I've heard you can't find any commercial property in Denver now because all of the warehouses have been bought up and turned into grow facilities. I'm sure that's why the real estate market is sky high in Colorado! This home would make a great little homestead for a family. It's great you were able to buy that land in the back!
Need a gravel driveway and some money into a actual lawn and it would make all the difference.
You did a lot of unusual things to bring this to market! Good job!
Its a nice place though..and the land/space is a good canvas for the right person
I appreciate the effort, but I can't imagine living on such a dusty piece of land. Honestly, you need an interior designer to class up your renos -- they are builder grade. Paint, cheap fixtures, builder grade at best.
T Wilde and you prob never flipped a house this not hgtv
You don't have to try to be a HGTV reno investor, but @ least have some integrity in the product you are selling to folks!
Agree!
I wish that house was closer to me in Wisconsin
Geez!!!! I'm so sorry you went through all of this!
It worked out okay in the end
@@investfourmore I'm so glad! You guys rode it out. 👍
Looks good! I hope it moves quick for you!!
Thank you
Did you know any of that before you signed a contract? For me, I would have walked away.
yes
Wow! Just seen the before video. Amazing flip
Thank you
Drywall finished horribly everywhere, bad paint job too.
Also noticed that you mentioned septic and water tap. When we were looking for a flip, we avoided anything that didn't have city water because we don't have familiarity with septic. Plus, our feeling was a potential buyer might not want the hassle of septic maintenance versus ease of use of city water. Do you find it's harder to work with flips that have septics? and then follow up, do you find it's harder to sell a house with septic vs city?
They can be harder, but if you want a property with acreage it is almost a necessity.
Wow, I'm curious, it sounds like you have been in this business for a very long time, that your dad also dabbled in realty, if you've seen an extreme amount of changes in the requirements in home purchasing and ownership. Here in WA state the taxes will bury you, it is out of control, and the county has made it extremely difficult to prep property for housing.
it has changed but mostly due to prices
It would be hard to take another deal like that after jumping through all those hoops on this one. A good learning experience for sure and it must feel great in the end to still make profit ~ so if you can make it work on this one, you must feel like you can handle just about anything. I'm sure someone will love all that extra storage. I noticed the ceilings have a sheen to them - I prefer flat to help hide the imperfections. It also makes the ceilings feel a little higher in my opinion. For those country houses it's probably not a big deal, but will you leave the yard like that or try improve it?
We will clean up the yard a little more. thank you and we have seen a lot of crazy deals.
Did you think, this is way too much to invest in, with all involved?
it is a toss up
I’m not understanding why the water was converted from a well to tap. That’s a perk to living in the country.
The county made us do it when we added the extra land to the lot. We had to add the extra land in order to put in a new septic.
I don't feel so bad now....ah hahaha! Thanks. That made my day. I guess we all have those nightmares
Aha colorado! Real estate prices are inflated up there
On the way to the high prices from Cali !
That selling price is ridiculous
Nice job for a flip of this kind but, it is Colorado which means really hot summers and really cold winters, which also means the house needs great insolation, central heating and air plus a fireplace and you already spent way too much on this. Live and learn I guess.
It has central heating and air. works way better than a fireplace
How do you go about finding the right remodeling contractor?
search my channel for contractors!
I have 80 acres and a house that size in Missouri for $225,00.00...and green grass.. turkey and deer everywhere....what a shithole.
prices are much lower there
Do you ever have issues with squatters in any of your properties? Is Colorado a landlord or tenant-friendly state?
Landlord friendly. not really
I guess you can mitigate those carrying costs by living in the property yourself. Its a pity that the windows are so small as looks like there is a nice view.
i may be wrong but that bathroom doesn't look like its got a window. Isn't that bad for ventialation
370K!?!? I’m in the wrong market 😳. If I got 215K for that here, I’d be ecstatic
Colorado is crazy
no way you get $379 asking price , maybe $279 if you get the right buyer. good luck
Do you live in Colorado? We had a full price offer over the weekend.
there's 1 born every day , i live in washingon dc , maryland , northern va area which has higher realestate values from having a job market in every field you could think of and no way that house plus 1 acre would sell that high or appraise for that matter , $250 atmost remodeled. but glad you sold it.
It also had 5 showings over the weekend. The median value in our area is $310,000 for any house, let alone one with an acre
DUDE WHAT A NIGHTMARE !!!!!!
You should have kept the same pattern in the dining room as the kitchen, hallway, and bathroom. The herringbone pattern looks too busy and makes the room small. The wall color and carpet looks nice. Where in Colorado is this?
East of greeley
4:27 says it all, plumbing is fkd up.
gazoo5681 doesn’t say anything about plumbing.
Cheap tub in a crappy reno.
Love your videos but I never see any landscaping work on any of the flips what about curb side appeal.
you got screwed on that house.. just don't see the price you think you're going to ask.. the structure is so old and you didn't do a very good job with it.. you have the flooring tile in the showers .. you have carpet in the basement... every seam of the drywall you can see.. and its dirty as crap let alone those garages that look like they were raising animals in it.. i would never pay what you paid for it even after the remodel and all that crap you went through.. and county water.. hmm
Are you in Colorado?
You have to have city water if its less than 2 1/2 acres? You would think it would be grandfathered or something.
It was, but when we changed the lot we lost all the grandfathering
Do you think you will make all yours goals you set for this year?
Nope, I never do. If I reach them all I made them too easy
Wow. . $375k? Kinda high isn't it? No curb appeal? Location in a country ? Hope you do well.
One of the cheapest houses in 20 miles with an acre
In the country??? Wow, the greatest place to live. My dream. Living in the country in the middle of about 50 acres with lots of rescue animals………… If one could afford that no price to high…… 🙌🏼♥️😍
You will ask $379K?, WOW, NO WAY!!
That county was a pain in the ass! Lack of creative thinking.
agreed
Sooo...did he sell it? What are the numbers??
Yes, at list price
...Amazing...(smh)
Where are the Ceiling Fans?
Gotta have ceiling fans.
Too dark.
Listen to Nicki!
lol
This is maybe 160-165k in SC. This was a bad flip
379 holy shit here in my city u could get a 6 bedroom with a pool on an acre for 250 lmao
In the case of the room where the hardwood floor was too far gone to be restored and you added carpet, did you replace the hardwood with new subfloor, or did you just carpet over the old hardwood? how bad was the hardwood?
I'm at the point of choosing a paint for my flip right now. I noticed it's mostly the same paint color in your flips. What color is it? And is it Behr?
Behr, and we use a lot of different colors. Check out my paint video I did a few weeks ago
Was the $30K water tap fee for the connection only, or did they also extend the water main to this property?
There was already water in the road. It was just for the access to that line.
That’s a ridiculous connection fee.
That house has MIL potential. Would that be legal there?
I am not sure what that means
@@investfourmore Mother in Law unit.
Great video Mark. good learning experiences? Did the property sell?
Also what kind or type of exterior siding and what type of finish edge on kitchen Granite countertop? thank you again..
This is selling next week. I think it was basic hardboard siding.
What’s the follow up?
How much is too much to put into a house?
All depends on the house, the market, the competition and the costs. Not easy to answer
Very true. Here in California even the crappiest house gets sold for 150k so I'm not to worried😂
Depends on the neighborhood. For the right price, even a complete tear down is worth it if the neighborhood is good.
Colorado is expensive
yes
The garage should be stripped, new electric, insulation, drywall, and paint.
love it...
Thanks matt!
How much value does finishing the basement add?
$20,000, maybe more
Im no professional but, with those numbers, why didn't you tear the old house down and build a new house on the property? The land and location seem far more valuable than the house.
permits, finding a builder, cost of materials and the overall complication of building new. It is not easy.
@@investfourmore Thanks. Seems heavy regulations really hurt.
It sucks, sorry, if you paid for that work done then...wow, sell me a trailer house.
What's with the toilet room window in that small bedroom?!
That's why I do some or a lot of it myself. Screw these crappy subs
We have up to 22 going at once. My business model does not have me doing any of the work
@@investfourmore I'm trying to get to that point but I can't get a loan- cash only for me.
Is this locate in Colorado?
Yes
do you need a handyman for your other flip?
We are always looking for good people
Mark Ferguson - InvestFourMore i can recomand somebody he is good emai him k1slap@yahoo.com
so did u put those kitchen cabinets in or was it there?
We put them in
This video gives me anxiety.
haha
Dude you might not want to flip places anymore lol
it worked out
$379,000 what planet are you from I would not pay $79,000 with all the work done. Good luck you're gonna need it.
We had a full price offer over the weekend. Do you understand how values differ in different areas of the country?
Hey Mark, what is going on with the walls upstairs? Are they textured or is it the camera making them look bubbled ? I noticed in the master bedroom as you were leaving, the left wall looked like it had about a ft and a half long bulge going down the wall. Are my eyes messing with me? I know that video doesn't always show things clearly. Once I saw the bulge in the bedroom, your camera started showing more in the rest of the house. Just curious and thought you should be made aware so a perspective buyer doesn't see the video and think that it's substandard work. You seem to have put your all into this place, so I can't see you ever letting something like wall texture and a decent paint job slide. I enjoy your videos and learn a lot from you. Thanks
Now that I've looked at it again, it might have been a shadow at 5:06/5:07 in master bedroom and living room.
I don't see that in person
With the water situation are you getting water from the city
County
30K for a tap? daaaaamn for an 80 acre property and house half mile driveway their tap was around 1K!
I got an 1acre property with a house and properties around me get water from a canal im wanting to tap into city water cause city limit is literally feet away but i hope its not close to 30k
Colorado has very expensive water
NO WAY would I buy a farmhouse WITH CARPET!!!!!!
someone did
Listen to nikki!
Why does everyone keep saying that .lol
No way is that hoyse worth that kind of money !!!!!
It sold for full price
@@investfourmore Thats great ! But not in Nebraska☺ I've been watching the market or your videos, my son is looking .. Ill keep watching !
MARK, Teach me how to flip houses using bitcoin & popsicle sticks while Investing in hefty trash bag stocks & installing an extra bedroom in my car! Next video plz!
Valentine Ayers Great comment! You can actually open a free Steemit account and follow Investfourmore there so you can learn to flip and invest in crypto currency at the same time. The popsicle sticks can be used as shims for the kitchen cabinets to make sure they are level. You can never have too many trash bags, although I prefer roll off dumpsters and we did add a bedroom in the basement of this house. 4 car garage to store your car which you may or may not live in if you want a bedroom in it? They do have campers which are much more comfy.
One question. Why are you watching house flipping videos if you don't like house flipping videos?
Mark Ferguson - InvestFourMore I actually do. I enjoy your videos & you actually inspire me to invest my time into property/real estate in the future. I'm only 20 & in school with a UA-cam of my own & a small SEO business. Sorry if my joke comment came off immature or dislikable, my generation has a very ironic & memish humor attached to it but It was only for fun. But keep the videos coming! I subscribed earlier today. Your content is very relaxing & therapeutic approaching the topic of real estate despite how hectic it could be. I'm rambling.. Anyways I look forward to your future videos!
-Valentine
Valentine Ayers haha, no worries! I could not tell if you were being crazy or sarcastic. I am the same way and sometimes it is hard to convey your intent online. I get a lot of harsh comments on youtube!
Mark Ferguson - InvestFourMore You're not lying man! Your channel is great though. It hasn't been infected by negativity like the bigger channels. It's what comes with notoriety so not much we could do. Anyways I wish you the absolute best! You're a great speaker, never awkward, not obnoxious, just positivity & business! I love it! I'll be taking notes. This goes without saying but I love observing your mindset & analysis when it comes to your field, you're great man. Take care of yourself!
What flooring did you use in the kitchen? And bath? Look good.
Home Depot tile
There's so many types of flooring it makes me dizzy!
Well maybe a pain in the butt, but you did a great job
Thank you
Whats a water tap?
I'm not sure but I think he means the town or city water.
To get water from the city or county you have to have a water tap. Most people get them when they first build the house
Is water tap the pipe that hooks up to the main pipe at the street?
yes
It’s the connection to city or county water.