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A HOUSE flipper has taken on a hefty project transforming a run-down home.
In a truly transformative flip, she turned a “disgusting house into a dream home.”
A property investor flipped a run-down $850,000 home for a $300,000 profitCredit: Youtube Transform Real EstateTHE HOME
Elisa (@TransformRealEstate), a YouTuber and house flipper, has been transforming homes for six years.
In a video, she detailed how she went about remodeling a 50-year-old home that she paid $850,000 for.
Located in the San Francisco Bay area, the home was super run down and had rat feces all over the floor.
“The filming of this home was difficult and nerve-wracking because this house is so filthy everywhere and there’s rat poop and disgusting stains all over the carpet. I didn’t know where to set my feet and I was worried that rats would jump out from behind me any time,” she said.
Due to the decrepit nature of the property, Elisa had to gut everything, including removing and replacing the insulation in the attic to get rid of the rat infestation.
She described the outside of the home as “unappealing” and likened it to a jungle due to the overgrown plants.
Additionally, the second story of the home was sagging into the garage, the garage door was quite old, and there was plenty of dry rot on the wooden structures.
Elisa proceeded to show the home’s interior, which featured “gross and stinky” carpet, popcorn ceilings, dated curtains, a small kitchen, damaged walls, unfinished flooring, and water damage.
“From the broken and exposed ceiling light to the dirty and dated countertops to the missing cabinet doors and appliances to the unfinished floors, it’s hard to believe that someone was living here not long ago,” she said.
THE RENOVATIONS
To fix up the old home, Elisa invested around $150,000 in renovations.
We bought a home for $132,500 at an auction without seeing it first – after ‘quick and easy’ fixes, it sold for $175,000
For the exterior of the property, she removed the overgrown plants and added grass, mulch, and small plants out front.
The old windows were replaced, a new garage door was installed, the exterior was painted, and a fence was added.
On the inside of the home, Elisa replaced the popcorn ceilings, painted the walls, added vinyl floors, removed the wall in between the living room and kitchen, added cabinets and a backsplash in the kitchen, added new light fixtures and a vanity, and installed a new shower, among other changes.
After the renovations, she described the home as transforming “from dark and filthy to bright and airy.”
THE NUMBERS
Elisa bought the home for the “very good price” of $850,000.
She explained how a home of similar size would cost around $120,000 to fix, but that this home cost 20% higher because “there’s so much to do.”
The property investor initially projected the after-repair value of the home to be $1.2 million, but during the renovation process, the market appreciated.
She ended up receiving an all-cash offer of over $1.4 million, ringing her total profit to around $300,000.
In other flipping news, an investor’s $97,000 house flip is selling for $33,000 profit – plus two reasons why flipping fast saves money.
Also, a real estate couple bought a fixer upper home for $51,000 & sold it for $210,000 – it took three months and their profit was “through the roof.”
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This article was originally published by a www.the-sun.com . Read the Original article here. .