Sunday, October 25, 2015

Starting Phase Two - The Flip House

The good, the bad and the ugly.
We start phase two and my mortgage free small farm plan.

 The sole purpose of this phase house is to flip it.
Buy a house.  Purchase it at a rock bottom price, or as close as I can to a rock bottom price. Live there, prettify it, sell it with a profit.
Doing so quickly.  Maybe harder to do in real life.
I don't expect to make major money doing this, so it may take me a few flip houses to get to where I want to be.

Phase two homes must meet certain criterias.
Have good bones, clean, decent location, manageable landscaping and preferably three bedrooms.
Also important is my crew.  Over this past year, I have built up relationships with trades people to help me achieve all the phases I maybe going through until I can reach my goal.
They are handyman, painter, plumber, electrician, lawyer and real estate agent.

This week I took one day out and viewed 4 homes.
Three were no's and one was a contender.  A nice home, something to consider and compare to homes I will be viewing over the next little while.
Let's look at the first three homes that I declined.

Got excited about this 3 bedroom rancher.  Priced at $109,000
Unfortunately part of the roof decayed, water got in, damaged the inside and had intense mould.
I don't do large mould problems.

House # 2. $49,000
Nice price, good location, needed work, but in the end I walked away from it.
However, there was just something about it that was right.
It would make for a good investment property if all fixed up.  Still don't think I would live there, but the consideration is there to purchase for an investment property.  Just a thought anyway.
Have a look, you can see the potential.

House #3. $69,000
Not something I was interested in.

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  1. Wow, $49,000 and $69,000! Were are you looking to find such cheap houses in southern Ontario? Here in the K-W area the only thing you'd find in those prices ranges are seasonal mobile homes in a park! Looking forward to following your house hunting.

  2. I always say.......
    location, location, location.
    There are so many fixer uppers out there I'm sure, but if its not in the right not well spent!

  3. It certainly sounds like a great project! I'll watch along with interest.

  4. Wow, house #2 really looks like some pretty good potential. Could be a really cute cottage and sits on a great yard. At $49,000 it looks like a steal to me since I live in California. We couldn't hardly buy white trailer trash for that price here. Good luck and keep us in the loop..Happy Hunting..Judy

  5. I admire you doing this on your own!! I like house #2 also!

  6. I see houses in these price ranges here in Texas too. People can find some decent homes at decent prices if they don't mind do a little bit of work to them. Best of luck to you... can't wait to see what you decide.