Giving My Wife a Bath

I suppose I could have worded the title differently, but it works.

As if flipping a house isn’t enough, our home has been under constant renovation since we first purchased it.  We’ve got a long way to go and the next project on deck is  the full bath on the third floor.  It’s literally gone untouched since we first bought our home, other than being a storage area for random junk.  We don’t use it, even though it has a beautiful cast iron clawfoot tub that is original to the home.  And they’re not cheap…a tub similar to ours retails for $4500 at Restoration Hardware
 
Here is the third floor bath when we first bought the house…aside from removing the radiators (we had a central heat/air installed), the bathroom looks exactly the same.  Yes, even that ugly shower curtain and the A&F Moose hanging from the “towel rack.”  Our third floor is a perfect example of “out of sight, out of mind.”  It’s dark, ugly and uninviting.  Aside from the need for a good paint job, I have quite a bit of work ahead of me. 
 
House Flipping Couple
 
While I appreciate the value a fully renovated bathroom can add to a home, we’re on a budget. Ideally, I’d like to dedicate less than $500-750 to the renovation, the bulk of which will be spent on a new vanity and flooring.  Despite the tight budget, I do want to give the bathroom a warm and classical look, which really can’t be achieved by just painting the walls.  With that in mind, my wife suggested the use of wainscoting, using the pictures below as inspiration. It’s an aesthetically appealing, easy to install and period-appropriate for our home. 
 
Our tub’s hardware makes it a functional shower, but I will likely have that removed and install the “telephone” shower handle.  It’s more appropriate for a tub that will only be used for baths.  Also — love the wall color and use of black-and-white photography. It’s very much my style….BUT…

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While I’m a fan of the more neutral tones in the first picture, my wife is far less bland  and prefers a more lively and bright environment.  Since this will be her space, we’ll likely opt for a more calming and bright paint.  The baby blue screams Southern Charm (in Cleveland?), which is exactly what this space needs.

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To be clear – that’s not wainscoting. It’s beadboard.  And I hate it. Unless you own a beach house in Nantucket, this shouldn’t be in your home. What I do love about this bathroom, however, is the use of Hex tiles. They’re clean, traditional and typically very well priced at $4-5 per square foot.  I also love the contrast between the white tub and black feet, which I may recreate should we choose to install white tile.

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So, there is my idea-book.  The first step is to tear out the floor, trash the shower curtain and put the A&F moose in a more appropriate location. All told, I would expect this project to take 2-3 weekends as I work in piecemeal.  One weekend for the wainscoting and paint, one weekend for the vanity and flooring and one weekend for paint.  So, hopefully my wife can take a nice bath by late April.  Maybe.  Hopefully.

How We Find Our Flips

A few of you have asked how we found our first flip.  Finding a suitable property is pretty easy; that hard part is seeing it before another investor has already placed a bid on the property.

To actually find the homes, we use both Zillow and the local MLS (Multiple Listing Service).  While Zillow is a powerful tool, it usually updates a day or two after the MLS.  As an investor, timing is key because some of the most desirable properties will have multiple bids within the first several days.

The MLS system sends us an automated email each morning with newly active listings in our target market. These listings are filtered based on our criteria, like the city, number of beds/baths and square footage.  While important, I look at those later in the process. The first metric I look at is price (can I make a profit?) and the description (does it read: TLC-needed, DIY special, updates needed, foreclosure, etc).   Oh, and the pictures.  I look at the pictures.  The uglier, the better.  From there, I build my list of potential investments.  It’s time consuming, but I typically do it over a glass of wine.

Once we have a list of properties we’d like to see, our Realtor schedules a marathon showing session.  We spend less than 30 minutes in each home, mostly because touring foreclosures (no power / no heat) in the Cleveland winter is miserable.  Check out a few of the properties we’ve toured and bid on, but ultimately lost to other investors:

FML, indeed!

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The kitchen in my college house was nicer

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Grandmas house

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Not bad, but it still needed some love

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Flip or Flop

Well, we did it. It only took three months of countless showings and unsuccessful bids, but my wife and I bought a home. Not to live in, of course. We already have one for that. This one is an investment, one that we will hopefully sell in the next 6-8 weeks .

But let’s not get ahead of ourselves. There is a lot of work to do…a brand new kitchen…walls needing to be removed … a bathroom to be gutted … Hardwood floors needing refinished … And paint, lots of paint.

3 beds, 1.5 baths and 1500 square feet of pure potential. There is just some junk hiding the potential …

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I’ll post “better” pictures later this week and will keep you updated on all the happenings. The next step is our second walk-through to develop a Scope of Work (SOW) for our contractors and a general inspection on March 10th. The house looks well maintained to me, but its well worth the money to get a professional inspectors take on it.

Zoran & Harriet

Know any homebuyers?

This blog will serve a journal tracking the growth of what I hope one day to be a sustainable real estate investment business. I have high aspirations and have learned that putting goals in writing creates an environment of accountability. If you know what I want to build, then I am more inclined to do it. I’ll share those aspirations at some point, but will for now will focus my writing on the first step…our first flip.

With all that said, do you know anyone who would like to buy a house? If all goes according to plan, we’ll be selling a beautifully renovated home in about six weeks.