Awesome House Flipping Before and After’son November 22, 2016 9:29 pm under Real Estate Investment Tips
Sometimes it’s important to highlight the amazing things our house flippers are doing! Not everyone can take unlivable spaces and turn them into beautiful homes. We are thankful to be a part of the community of people who can see the potential in neglected homes, identify the best renovations to make for the property resale and ultimately help to restore neighborhoods. Here are some of the most impressive transformations we’ve seen recently:
South Philadelphia: Trash to Treasure
This project took a lot of TLC and several dumpsters, but had tremendous potential. The 784 square foot townhouse property was purchased for only $46,000 but required an expensive and extensive rehab to be done at a cost of $82,000. The bathrooms were updated with tiled showers and laundry areas were added for convenience. Most importantly, the kitchen was modernized with energy efficient stainless steel appliances, ample cabinet space, gorgeous granite counter-tops, a breakfast nook and a tiled floor. The client was able to flip the property for $215,000. As you can see below, the client did an amazing job and was rewarded with a high profit margin.
Contract Price: $46,000
Repair Escrow: $82,000
Current Value: $215,000
2 beds, 2 baths, 784 sqft
Bathroom Before and After:
Kitchen Before and After:
Basement Before and After:
Home Sweet Harrisburg
RFG recently funded a property in Harrisburg, PA for a new client. This traditional semi-detached single family home is a block away from the Susquehanna River. The client purchased the property at $58,000 with close to $40,000 allocated to rehab. The ARV was $135,000. It is now under contract for $173,000, significantly over the ARV, primarily due to the borrower and her team’s beautiful work on the property.
Contract Price: $58,000
Repair Escrow: $40,000
Current Value: $173,000
4 beds, 2 full , 1 half bath 2,718 sq ft 3,049 sq ft lot
Rehab Financial Group recently funded a project in a transitional neighborhood in Philadelphia for one of its long time clients. The client purchased the property for $125,000 in September 2015 and allocated a rehab budget of $89,100. The client remodeled the kitchen with Artisan poured and polished concrete, replaced the floors with wide plank, original pine floors, and updated the bathrooms with cobalt octagonal tile floors and brush brass fixtures just to name a few of the repairs made to this property. The property is currently on the market for $369,900 and offers are being negotiated.
Contract Price: $125,000
Repair Escrow: $89,000
Current Value: $369,900
3 beds, 2 full baths 1,700 sq ft .02 acres
Impressed yet? We constantly are.
The work our borrowers do is improving neighborhoods while creating income for them and their families. We are thankful to be a part of these amazing transformations.
Ready to start your flip? See if you prequalify today.