90 Day Lakefront Flip
A few years ago, I was living in Topeka Kansas in a home I purchased in a beautiful lakefront neighborhood. I purchased it as a part of my three year plan to slowly remodel and flip for an investment. Then an opportunity to move back to Maryville and own my own business turned this into a three month flip. Yip. 90 days!
Television shows make flips seem fun and exciting and they certainly are. But…it’s also exhausting, challenging, frustrating and sometimes expensive! Everyone wants to know numbers. How much did you spend? How much did you make? What was the most expensive thing?
How about we look at some before photos and then we’ll jump into specifics?
Let’s start with the exterior. Here’s the before. I know! Crazy isn’t it? This is truly what the front of the home looked like the first time I drove by. You honestly couldn’t even see the house through the weeds and trees. It was definitely the eyesore of the amazing neighborhood.
Here are the after photos of the exterior. Now…you need to know that I lived in this home for over a year and the majority of the first 9 months was spent making the curb appeal beautiful. I was blessed that the home had a fairly new roof. Ka-ching! That was a great money saver.
What did I do to the exterior and how much did it cost?
Tree removal from front and back yard $4000 - I hired out removal of the large trees and cut the smaller trees and bushes myself.
New paint $1500 - I painted myself with friends.
New front door $1500 - I installed full glass paneled doors to allow for more light.
Resurfacing the patio $200 - The back patio had been painted incorrectly so I sanded and repainted with the correct product.
Landscaping $1200 - I planted, moved, replanted and planted some more.
New windows in living room, dining room, kitchen and garage $3000
Total exterior cost: $11400
Now let’s talk interior! Yay! My favorite part! As you can see from the pictures this home had great bones. A see through fireplace from the dining room to the living room. Lots of windows on the East and West. I wish I had photos of the house before I painted the trim. It was really dark wood - windows, doors, baseboards - all of it. Before I moved in I painted it all and I’m so glad I did. The entire feel of the home changed immediately. I was also blessed that the house came with new stainless steel appliances. I only added the stainless steel range hood.
What did I do to the interior and how much did I spend?
New wood floors in kitchen and dining room $3000
New cabinets, upper shelves, granite countertops, island, range hood $9000
Interior paint $500 walls, doors, trim
Master bathroom $3000 tile shower, tile floor, vanity, toilet, mirror, lighting
Guest bathroom $1500 resurfaced tub, tile, tile floor, vanity, toilet, mirror
Painted fireplace $25 paint washed brick
Total interior cost: $17025
Is that all I spent? Noooooo. There were expenses for nails, caulk and other things along the way. I had an AMAZING guy who helped me with the renovations I couldn’t do by myself and was very affordable.
I DID A LOT ON MY OWN. I purchased an inexpensive paint sprayer to paint my own doors and trim. I put together my own IKEA kitchen cabinets and installed them. I laid my own bathroom flooring, painted the exterior of the house, resurfaced the patio, painted everything inside. It really was a lot of work and a lot of late hours but it was definitely worth it!
So…overall…what was my profit with this 90 day flip? I spent a little over $30,000 and a lot of sweat equity to update my home. I was able to sell my home for almost $75,000 more than what I purchased it for. A $50,000 profit. Totally worth it!