Construction Boom

I just realized I haven't written about my "other" job yet. My wife and I have been "flipping" houses for a little more than a year now. Our goal is to use whatever proceeds we earn from our sweat equity to pay for out of state tuition for our son. So far, I think we have paid for his laptop and 4 pencils. I am kidding, but we are still looking for that big payoff. Our first house was shared with another couple, and after paying for materials, labor, taxes, interest, real estate commission (it sold in 4 hours, I think the realtor should have paid us!), and more taxes, our half was enough for 1 semester and books. Still, better than a sharp stick in the eye! We turned a dated, dirty, and ugly ranch into a modern, well-equipped, cute and functional home in just over 3 months...and had a ton of fun doing it. We learned valuable lessons along the way...#1 sometimes partners don't have the same sense of "style"; #2 sometimes partners don't have the same sense of urgency; and #3 sometimes partners don't have the same eye for quality. Thankfully we both decided that it wasn't the best partnership. So now we do it alone.

LH#2 (Little House #2) was a disaster. It is a post WWII bungalow (2 bedrooms and a bath) that had gone long neglected by its previous owner. The shower knobs were actually vise-grips that were permanently fused...not that anyone would want to use that shower with the layers of black mold and fungus. Rotten walls, broken windows, no central heat, knob and tube wiring, and 30 years of nicotine on the broken plaster walls. The yard was even worse...a 12 foot high overgrown Laurel hedge had taken over the lot and the streets on either side. Animals of all kinds (two and four-legged) were used to having their way in the yard behind and within that hedge. The house had also been the victim of a zealous siding salesman that somehow talked the aged owners into having the beautiful clear cedar siding coated with faux stucco in the early 70's. Everything was sprayed down with that crap. It would have been easier to bulldoze the place than to remodel it. Nobody said we were the smartest people...we saw the potential and charm of the hidden home within. We decided to basically tear it all down except 5 of the walls and half the roof structure. We took a detached garage, expanded the breezeway to connect the house with the garage to add about 350 sq. ft. Bringing the total up to a whopping 1280 sq ft. We tore down all the plaster, overframed the roof, rewired, replumbed, added new windows, a new master bathroom, walk-in closet and a laundry room. The siding was pulled down taking the faux plaster coating with it, and in its place we put new Hardie Plank siding. New insulation, lights, doors,tile floors in the bathrooms, wood cabinets, solid granite countertops and stainless steel appliances are going in next week. The new cork floor has been ordered and will be installed after the floor guy refinishes the old oak floor. After that, it is painting, landscaping and finish carpentry, oh and new carpets in the bedrooms.

We have had good and bad luck in terms of sub-contractors, but overall things are progressing well. We are still having a ton of fun watching the changes, and when neighbors see the miraculous transformation, they all want to stop by and chat, learn secrets, find tradesman and deals. I think I may have even found project #3 from one of the neighbors...we will see.

Our original plan was to finish by Feb. and put it on the market for $390,000. Delays due to weather, subcontractors, and changing plans now has us finishing in May. We added a paver driveway, front walk and steps, a new deck and a new garage door to our list. Good thing we waited...the market for entry level homes in Seattle are still going nuts. We think we will list it for closer to $420,000 for 1280 sq ft! Talk about a crazy market! Potential profit in terms of out of state tuition (Ohio State University) is 2 years...okay now that sounds better.

I will keep you posted on this project as it gets closer to completion...maybe even some before and after photos.

Chow!