Just bought a foreclosure to 'flip".......{gulp}

[riptides]

I was waiting for you to chime in Eddie. Here is the attack plan:

-Thatch in new shingles today
-have water & power turned on then hope I don't hear hissing or smell anything burning
-tractor and bush hog the overgrown back yard that blocks a fantastic view down the valley
-haul off all the 'stuff" inside including the flooring and water damaged ceiling sheetrock insulation & flooring
-bleach all surfaces
-repair ceilings & either re-popcorn or scrap it all off, or use drywall mud and brush print ceilings
-tape off an spray kilz on all ceilings & walls(yes this is a must ...trust me)
-paint ceilings & walls with semi gloss white
-carpet the bedrooms, laminate the kitchen, living room & hallway
-repair/replace ac unit
-replace front and back door, both have been kicked in more then once
-repair existing covered deck, then build additional open deck(10x15ish) to take advantage of the backyard view
-install new fridge & stove

I can't remember what was down in the bathrooms, vinyl or tile so both may need to be replaced. I am sure i missed a few things, but that is the bulk of it. I already crawled into the crawl space and saw nothing terrible except spyders, vapor barrier was intact and it was dry.

Ditch the pop corn, mud use gets expensive on time and effort, IF your not good at it.
Ditch the semi-gloss. Flats hide imperfections and allow easier paint overs later.

IMHO

 

[riptides]

Ditch the pop corn, mud use gets expensive on time and effort, IF your not good at it.
Ditch the semi-gloss. Flats hide imperfections and allow easier paint overs later.

IMHO

And never mind my post, sheesh...... timing is everything!

great minds think alike.

 

[tcartwri]

Be careful with the bleach -- it can start corrosion on metal stuff like nails, hardware, wiring, ducting, etc (don't ask me how I know). If you have mold, Concrobium works great and can be fogged into rooms.

Have you used this first hand? Interested in your experience.

 

[bdeboer]

Without knowing your local market or being able to see the view, I wouldn't spend the money on the deck.

I would guess that the house will sell about the same one way or the other.

 

[grsthegreat]

The foreclosures in your area are way cheaper than in my area. I am in tye process of closing on a 1998 house, 3br, 2 bath needing minor cosmetic work. Got it in the 95K price range.

the house appraised last year at 149K, so its a good deal. Im not in the market to flip, i plan on renting it out. Rents in this area are 900-1000/month. I figure 100K in the bank CD is earning about $104/month. So 900-1000 per month is alot better use of this money.


Also, i 3rd or 4th Eddies idea of flat paint on ceilings. I made the mistake years ago of rolling semigloss on the lids...what a mistake.

I still like semi gloss on the walls though. easier to clean small handprints,etc.

 

[murphy1244]

Have you used this first hand? Interested in your experience.

I did HVAC and I've seen lots of Rust caused by Bleach.

 

[Dr_Zinj]

...If the bleach doesn't do the trick for you, buy swimming pool shock in the liquid form. Walmart and Lowes sell it by the gallon. It's a much, much stronger concentration of bleach. It will make your eyes water and in small spaces, it might give you a headache. But it will kill anything you want dead with one application. ...

That's the problem, you're poisoning yourself with chlorine gas. Never use it in a poorly ventilated, enclosed space.

 

[RobertBrown]

I tell y'all, sticking our necks out is very unsettling even if the potential pay off will be over $30K.

Nothing ventured....Nothing gained.
I wish I could say you have made a smart purchase, but I can't because I know nothing of the market where your at, or how you paid for it.

How bad could it go?
Seems to me you're not going to regret this and your probably going to come out ahead.
Best of luck, the quicker you can sell it, the better off you will be. Renting maybe a good option too, hard to say from where I am.
Hope you make a bundle. :thumbsup:

 

[Dr Dave]

Sounds like a good deal, hope you dont find any surprises.

Dave

 

[MotorSeven]

ok, 10-4 on the semi gloss ceilings, I will do flat. My mistake on the popcorn..it isn't, it looks like mud and a sponge or brush...I'll shoot some pictures of it tomorrow. I worked on the roof today until I could not touch the surface, or pick up a shingle or my flat bar that was sitting in the sun...could fried an egg on them. I'm on the second bundle of shingles...lots of small repairs...must have been that hail storm we had 2 years ago that caused $6K of damage to Les's Sorrento...golf ball sized stuff.

Used the tractor to brush hog 30 more feet of back yard, cut down a "shrubbery"(said in a high British nasal accent) that was growing through the deck steps and overhanging the roof. Pushed all the cuttings down the hill in the back yard.

bdboer, I think a nice deck will accent the view and will cost me less then $1K and two days of work. If there was no view I would agree, but the house is kinda small at 1200 sq ft, so a deck will add much needed space. Anyway, I am a deck guy, built them as a second job for almost 30 years & can do them in my sleep.....easy and quick.

Here is the roof as I found it: