This week's Transformation Tuesday is in Dallas, Texas where we'll see a dark and dreary single family home get some major improvements. We'll turn this barred up, distressed property with very few walls and ceilings into a lovely home, all with the help of our great Texas renovations department and fabulous vendors!
We started this rehab in December of 2018, and we purchased the property AS-IS. This is very typical of our purchases, but what this also means is that we are getting our hands on a lot of unknowns. With this property in particular, the ceilings, walls, bathroom and kitchen fixtures were all missing. In some ways this is a positive, because it's less labor for demo and gives us a somewhat blank canvas to work with. However it also means that there is a ton of dry-wall to do, in addition to the cost of installing and replacing all of the missing cabinets, sinks, toilets, bathtubs, etc. This can get rather pricey, but it also means that many other would-be flippers or do-it yourselfers are not wanting to go after this big of a project.
Many times it's helpful to snatch up those out-of-scope properties where the fear of the unknown will make many too leery to jump in and submit an offer. However, after 15 years of buying and repairing properties, we have the staff and the vendors to make even the most challenging property a piece of cake! If anything is certain when renovating 5,000+ properties, its that we always know there are going to be unknowns. But we budget for that, making assessments on every property prior to purchasing or bidding. Our renovations experts are experienced enough to know how much a property will need in order to get it up to our standards before we even own the home. This means by the time we close on the house, we've already got a pretty good idea of what to expect, regarding budget, teams and timelines.
With this property in particular, there was (as we mentioned before) a lot of drywall hanging and incomplete projects. With these situations, we have to make sure that we not only do our work properly, but that we inspect the previous homeowner's 'repairs' or demolitions to make sure that they were done correctly as well. On every property we renovate, we have a licensed HVAC, electrician and plumbing professional inspect the work done on the home, to make sure that everything is to code and functioning properly. And with many homes like the one in today's post, permits have to be acquired and any renovations have to be approved by code enforcement. Which if left to inexperienced hands, could take many attempts and lots of money.
After 108 days and a $64,000 budget, we were able to wrap up this property's renovation and it was just in time! Two weeks after completion, we had residents in place with a 2-year lease! Everything worked out great to where this once eye-soar of the neighborhood is now a cute and cozy like-new home for our investor's residents. The clients for this property are purchasing 3 Dallas homes at once using conventional financing, and are projected to close early next month!
About this Transformation:
The investor for this property is from California and found us through Fortune Builders, a real estate education company. They are closing 3 properties with Memphis Invest next month. This property was renovated for our Memphis Invest client, here's more info about the house:
- 3 bedrooms, 2 baths
- 1,356 sq. ft.
- House was Built in 1958
- Installed New Water Heater
- Installed New Furnace
- Installed New AC
- Updated Electrical Panel
- Installed New Roof
- Installed New Garage Motors
- Repaired New Garage Doors
- Installed New Dishwasher
- HVAC, Electrical and plumbing inspected by a licensed professional
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