The Maitland Flip

The Maitland house is now finished and it turned out better than I ever imagined. Randy, the owner of this flip used his custom home building skills to turn this dated home into a beautiful master piece. This home had a lot of quirky areas that Randy had to get creative with. This Maitland home was purchased from Mid Florida Investment Properties for $130,000 and is now currently on the market at $259,900.

Here are some of the repairs.

The roof was replaced by Randy, some helpers and a contractor. To keep down the costs Randy and his helpers tore off the roof and covered the roof. Randy rented the dumpster himself and bought the materials that were delivered to the home. Randy then had his licensed roofer install the new roof. I have done roofs like this in the past and saved money. These days I flip multiple properties at a time and hire a licensed roofer to handle the whole job. Most of the homes I rehab are in the 1500 sqft range and usually run around $5000. My last roof cost me around $8000 and the home was just over 2500 gross sqft.

Here is a before and after of a huge open space.

The before picture shows a big open space connecting the living room and family room. Randy used this archway to divide the rooms up and make it easier for potential buyers to imagination. Buyers like to imagine where to put their furniture and have some idea where a room ends and begins. This was a great addition to Randy’s flip.

The kitchen was installed by Randy and he purchased the solid wood kitchen cabinets for around $2000, the granite was just under $2000 installed and the appliances were approximately $2000. This brand new kitchen cost around $6000 and is usually the max I spend on my kitchens. Kitchens usually run between $4,000 and $6,000 including the appliances. The price difference depends on the type of cabinets, counters and appliances you choose. When installing kitchen cabinets I never pay more than $300 for the install.

Dining room before and after.

Randy went above what I usually like to spend on floors. I usually estimate $2.00 a sqft for floors and always come in under my estimate. I use a lot of tile in my flips and can find tile under $1.00 per sqft. In this economy, I have also found several tile installers that charge $1.00 per sqft. I have other investors who buy from me that have installers that work for $125 per day. I use these workers as well when they are available.

Hall bath before and after.

Master bedroom before and after.

Master bath before and after.

Randy completely gutted all three bathrooms in this home and put them all back together for under $1500 per bathroom. Totally rehabbing bathrooms is less expensive than most people think. It’s very important to find good contractors for a good price. I work with several other investors and we all share our contacts. Getting multiple estimates from different sources has allowed me to find contractors to meet my budget. A good rule of thumb for estimating a complete bathroom is $2000. Estimating high is always better and leaves you more money at the end.

Coming soon we will have Greg and Val’s college park flip.