Would you buy a house built in the 1950s that was abandoned by the previous buyer and flip it?
Lauren and Lincoln or the Austin Flipsters were excited when they bought this house. But when they finally did a walkthrough, they were afraid they might have bitten off more than they can chew.
Will they pull it off?
They bought this house from the previous owner who most likely ran out of money flipping it.
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And that’s important to always remember when buying a house for flipping.
“Budget your house flipping plan so that you don’t end up paying too much for a property. Don’t forget to consider the budget for renovations and upgrades as part of your complete budgeting plan. It’s essential to find a home at the right price, so you know you’ll get the best investment return,” Isabella Caprario wrote.
Lincoln echoed the same budgeting sentiment. It happens to a lot of flipping beginners.
They take on a project that’s too big or too complicated. And they forget to allocate a budget for incidentals and unexpected expenses. And this house had a lot of them.
One way to know how much work you have to put into the house, it’s always best to bring in an inspector to check the house. They’ll be able to determine whether a problem is a minor problem or a very big one. And they’ll list it all down so you know exactly how much budget you need.
Once the house is yours and you’re inside, inspect every inch of every room.
Laurel and Lincoln started at the front of the house outside. They inspected the exterior walls, the roofing, and even the beams on the front porch.
And before they stepped inside, they managed their expectations. Even though there was some work done before they stepped in, they cannot assume it was good work because they don’t know how it was done.
So they’re still working from scratch.
One thing they noted right away was to get a structural engineer on board right away. One of the most important parts of the house is the structure. You want to make sure that your beams are going to hold the house and the roof in place.
Lincoln already saw a beam that may or may not be structurally sound. When in doubt, especially with house repairs, bring in an expert to ensure the next homeowner’s safety.
When they went deeper into the house, both of them saw so much they needed to repair.
But what both of them also saw was the potential to reinvent the space.
There were some rooms that could stay where it currently was and there were other rooms that could be rearranged.
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And another part that they loved about the house since they’re starting from scratch is being able to upgrade the house in the best way possible.
Lauren took advantage of this and went dark and bold with the exterior paint.
But on the inside, they kept it simple, modern, and light. Don’t be fooled. There are still splashes of subtle design to break up the simplicity inside. In this case, the tiles have a funky, modern design that’s a great conversation starter, don’t you think so?
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All in all, it took them about nine to ten months to finish flipping this house. Did they regret buying and flipping this?
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Watch the video below where Lauren and Lincoln decide whether it was a huge or a big regret.
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