Latest Remodel – East Ridge House Flip
Three months ago, we purchased this 2 bedroom, 1 bath house to renovate and resell in Chattanooga, TN. I am calling this property the East Ridge house flip. The owner had inherited the house from his elderly father who had recently passed away. Since the son lived over seven hours from Chattanooga and was therefore not able to hire contractors to modernize the house and get it ready for resale. This is not an uncommon situation.
Oftentimes, adult children inherit a parent’s home that hasn’t been updated in 20 to 30 years. Since having an outdated house that needs $25,000 to $50,000 of repairs is difficult to get a realtor to list or sale. This seller was looking for a buyer that would pay cash and could close without any contingencies. That’s when we stepped and were able to make him a fair cash offer, perform a three month renovation, and make a profit. Therefore, the East Ridge House Flip was a successful solution for everyone involved in the transaction. Check out the before and after photos to see what all went into this remodel.
Before Photos of East Ridge House Flip
After Photos of East Ridge House Flip
Below is a quick summary of the seller’s problems that needed to be solved.
- Son inherited a house that was not in a condition to sell with a realtor.
- Seller would like to sell quickly to a qualified buyer that won’t nit pick small details, has money to close, can close quickly, and won’t back out at the last minute.
- Seller lived several hours away from house and just wanted to the house.
I met the seller one afternoon and the following evening we got together and signed a simple one page contract that allowed the seller the flexibility to close from his house once all the legal documents from the inheritance were settled.
Here is how we solved the seller’s issues.
- Sign a simple one page contract to sell house.
- Close on seller’s time table. In as little as one week or 6 months from now depending on seller’s preference.
- Receive cash at closing and move on with their life without the stress of a property to manage.
While we can close quickly (often in less than two weeks), I’ve found most sellers that benefit from selling to me need a flexible closing date that could be anywhere from one month to nine months from the date of the contract. Since I’m not a typical homeowner buying a house to live in I can be flexible on the closing dates. Delays related to the seller’s personal situation don’t bother me. I’m perfectly happy to buy a house two weeks from now or next year. This gives the seller the peace of mind that they don’t have to rush to move out, settle legal documents, or worry about losing the buyer due to delays.
One of the best parts of renovating this house was being able to show the seller of the house the pictures of the house after it had been renovated. He was thrilled to see how his father’s house had been renovated back to it’s original condition. That was a great feeling. After we finished I asked him if he wouldn’t mind giving a testimonial and he provided the following…
“I sold my dad’s house to Michael in June of 2016 after his death. Needless to say it was in poor condition and I have just seen pictures of the end result after remodeling. I was totally shocked at how well everything looked. It was a total transformation. I would recommend Michael Rogers and his services to anyone looking to sell or remodel home. Great job!” Gary
Repairs on the East Ridge House Flip
For the East Ridge house flip we had quite a few renovations and updates that needed to be done. In all, we spent a little less than $40,000 on the renovation (materials, labor, and holding costs). Below is a list of some of the improvements made to the house.
- Complete Clean Out of property
- A New Roof
- Replaced the Old Windows with Energy Efficient Windows
- New Patio Doors
- New Doors
- Replaced old Plumbing
- Interior Paint
- Exterior Paint
- Kitchen cabinets
- Kitchen appliances
- Renovated the bathroom
- Refinished hardwood floors
- Removed deteriorated retaining wall
- Excavated lawn to properly drain water away from house.
If you like this flip, check out another one of our flips located HERE. If you or someone you know is needing to sell their house click HERE to fill out an information form and we’ll call you back to discuss a no obligation offer.