Last night on Flipping Virgins season 3, Egypt Sherrod helped Trina and Eric find their first flip property after Trina quit her day job to pursue real estate full time. Their all-in budget is $300,000.
The first house they look at is a three bedroom, two bathroom ranch. They are asking $229,000 and the renovation costs will be around $45,000, but this is before the foundation issues are taken care of. Egypt thinks that she would need this house to come down in price about $30,000 in order to have a comfortable buffer.
The next house they look at is also a three bedroom, two bathroom bungalow style home. They are asking $249,000 for this house and when they walk into the house, it looks like a closed in maze. The HVAC is in the floor and not working. They would have to replace all of that which is a big-ticket item. The kitchen is completely covered in wood paneling and it’s pretty hideous. The renovation of this house is going to cost about $80,000, but Egypt thinks that she can get it down to about $220,000 which will put them at their budget.
The third house they look at is three bedroom, three bathroom house and it’s listed at $260,000. There is a mold issue in the house, but the potential in this house is there. They quickly walk through so that they aren’t exposed to the mold too long. The house definitely needs a lot of work and the mold would all have to be removed. The whole house would need to be gutted. This renovation would cost about $70,000 and if they got the house for $240,000, it would bring them above their budget.
In the end, Trina and Eric decided on the first house they say and even though they have some foundation issues that need to be addressed, there is still a lot of potential! Here is what the house looked like before!
Gallery: ‘Before’ Flipping Virgins Photos
They were able to get the house at $209,000 which gives them a little extra money in their budget. The renovation budget has been put at $55,000 and a $5000 buffer that puts them at $269,000 all-in. The ARV for this house is about $325,000, but there is a chance they can get more. $56,000 profit isn’t bad though.
The first thing they did was start knocking out some of the walls to move doorways and open up some space. While in the garage, there is water in the garage coming from the kitchen. The next day, the foundation experts came in and leveled out the house. Things took a little longer than expected thanks to a tree root so there isn’t much else they can do until that’s taken care of.
The next day, the foundation has all been finished and it’s time to find out where that water in the garage is coming from. It looks like it’s coming from the water hookup. They are able to replace the floor joist and get the leak taken care of, but there was another problem they came across. The HVAC system was serviceable at first, but when they fixed the foundation issues, something happened in the shifting that caused the HVAC to now not work. It’s going to cost $4500 to replace this HVAC system.
They are able to save some money here and there with tile and flooring choices. Most of the renovation at this point is just cosmetic things like paint and installing floors and cabinets. They had made some changes to the kitchen after a miscommunication with the contractor ended with the whole wall taken out between the kitchen and living area. Trina was actually happy that this mistake happened because she loves having it completely opened up like that. The rest of the project goes off without a hitch. Everything has been installed and the furniture has been brought in and staged. It’s time for the reveal and the open house!
Gallery: ‘After’ Flipping Virgins Photos
They bought the house for $209,000, the renovation cost $56,930, which puts them at $265,930. Egypt thinks that she can sell the house for $339,000. A day after the open house, Egypt got multiple offers on the house. The first offer was $329,000 cash offer with a two-week closing. The second was $344,000 conventional offer with a 30-day closing. They decide to go with the $329,000 cash offer and made $63,070 profit on this flip.
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