Flipping Green Bay Wisconsin Part 3

Now that we've laid out some guidelines to help prevent some rookie mistakes, lets look at a real life example that is going on at this moment.

I analyzed the market and came up with some results that led us to focus on Allouez and East De Pere areas. These two areas had higher movement in the past 6 months compared to others in Green Bay.

When I look for properties I step into the shoes of today's buyers. Being active in selling real estate gives me a big edge. I know what the general public is looking for. The general public is really looking for homes with at least 3 bedrooms, a 2 stall garage, and 1 bathroom minimum. Depending on the price range your focusing on I'd recommend 1.5 bathrooms at least.

I found a property in Allouez that was a Government HUD Forclosure that had been on the market for 6 months. There were a couple keys things that made this property stand out in my search. It had been vacant for 6 months and it had a huge issue that would make most people run in the opposite direction. There were hardwood floors that had been victim to pet urine. We're not talking about a little spot here, we're talking the whole living room floor had stains everywhere. The first time I walked into this house I almost lost my cookies. The smell was very strong and scared the majority of investors away.

It was now time for Shannon to contact a couple flooring contractors to get opinions on the best way to remedy this problem. To make a long story short, we orginally thought of sealing it with Kilnz which is a product I've heard of people using with good success. However, a flooring expert told us that in summer time when the humidity rises, the smell had a high probability of seaping through the sealant. Instantly I knew that this would not suffice. We are in the business of fixing problems, not covering them up. Shannon decided that our only option was to remove the hardwood floors and replace the sub flooring.

The house was also in need of complete renovation. The kitchen was at least 25 years old and not even close to salvagable. We know that if we were going to spend money anywhere, the kitchen was the best place to put it. You can imagine if the kitchen was in complete disrepair, what would the bathroom be like. Same exact situation- it needed to be completely gutted. We knew that we could tile the tub, put in a new toilet, and put in a very modern pedestal sink to bring this bathroom back to life without blowing our budget.

The house had a ton of potential and we both knew it right away. The bedrooms are much larger than standard ranch homes like this. Usually you'll have two bedrooms that are 10X11 and maybe on room will be 12X13. This home had 2 12X13 and a 10X13. We were ecstatic because buyers love larger rooms and in this price range you generally don't see that. You want to focus on cost efficient ways to make this property pop. Back when this home was built everyone was into sectioned off rooms. Today open concept is extremely popular. I had a vision when I saw this property. I knew that we could open up the whole living room and kitchen and make this stand out from the competition.

We both new that if the numbers made sense on this property, it was a no-brainer. I'm not the expert when it comes to estimating construction costs, thats Shannon's forte. I'm putting Shannon in the driver seat to talk about tips for estimating and negotiating with contractors in my next blog post.

I orginally intended to post all of the before pictures of this property but the computer gods had other intentions for me. My camera memory card has stopped working and I'm really disappointed that I don't have the pictures. I can assure you the after pictures will be in working order.

 

Contact Greg Dallaire, Realtor®, Micoley and Company. Licensed Realtor® in Green Bay, Wisconsin at 920-217-2647 to list your property for sale or to purchase a property in Green Bay, Howard, Suamico, East De Pere, West De Pere, Bellevue, Hobart, Bellevue, Allouez, Wrightstown, Denmark and the rest of Brown County Wisconsin. I'm accepting referrals.

Call me today at 920-217-2647. Contact me by email if you prefer by clicking on email me on the right side of this page under my profile.

To view all the Green Bay Wisconsin Homes For Sale Click here and then click on Search For Homes Greg Dallaire knows Brown County and
will help you get your home Sold if you need to Sell your home and help you buy your Green Bay Home or Land ; call me today.