This week on the season 3 premiere of Flipping Virgins, two best friends, Michele and Melody decided that they were going to transform an Atlanta fixer upper into a money maker. They have a budget of $350,000 which is a pretty healthy budget.
The first house that Egypt shows them is a two bedroom, one bathroom bungalow and it’s only 985 square feet, so it’s pretty tiny. The seller is looking to get $225,000 for this house. The only problem with this house is that it is right on the highway, so outside it’s a little loud. Once you get into the house, the noise is gone. The house is pretty small inside, but it has potential. The floors are a little wonky, so there are some structural issues in the foundation. Egypt has some great ideas and it would only cost about $45,000 to renovate. The average reno value (ARV) in the area is about $325,000 which means that Michele and Melody can potentially make about $55,000 on this property.
The second house they look at is a three bedroom, two bathroom bungalow and it’s 1300 square feet. The average renovated home in the area has sold for $360,000, so even though this house is listed at $249,000, they have plenty of room for profit. There is some water damage in the house, but there is a lot of salvageable hardwood flooring that will save them tons of money. There are some really big issues with the floor in the kitchen, but it’s nothing that Egypt can’t fix. They check to make sure that the house actually has three bedrooms and two bathrooms, they find that there are definitely two bedrooms and one bath, but one bedroom, one bathroom, and the laundry room have been destroyed by roof leaks. Egypt isn’t convinced that this house will be a complete money pit though. She thinks she can get the house for $240,000, put $60,000 in and the ARV is $360,000, they can make $60,000 on this property.
The third house they look at is a three bedroom, two bathrooms bungalow style home and it’s listed at $290,000. The inside of the house is 1200 square feet, but the layout is a little odd with a really weird hallway. There is water damage in the living room, the kitchen has a sinking floor. The bedrooms are super small, but the master bedroom is actually a great size. There is more water damage throughout the house. This house would sell for $260,000, they are looking at putting at least $70,000 into it which would put them at $330,000 and the ARV is only $385,000 so they would only stand to make $55,000.
They decide to flip the second house they looked at and Egypt couldn’t be more excited to go put an offer in.
Gallery: ‘Before’ Flipping Virgins Photos
They were able to get the house for $232,000 instead of the $249,000 it was listed at. The renovation is going to cost between $55,000-$65,000. Egypt tells them that after you crunch the numbers, they stand to make at least $63,000. Here is what the house looked like before the renovation.
The house is a bit of a mess with all the water damage, but Egypt has big plans for this. There are minor issues with the floor that are all framed out and patched up. The laundry room floors and ceiling have been redone and the walls have been sheetrocked. All of the tile work in the bathrooms and laundry room are being put down and the house is coming along pretty quickly.
They had plans of knocking back the wall in the new master bedroom, but there is a problem with that, the floor and ceiling on the other side of the wall is not level with the floors and ceiling on the other. They decide that they are just going to make this a multipurpose room with a futon or daybed for guests.
The outside of the house has been painted, the driveway has been put in and the light fixture that they found for the house has been put on. The cabinets in the house have been put in and they have decided that instead of buying new appliances, they were going to just clean up the existing ones and use those. The fridge was by far the worse clean up job ever. I was really glad that I was watching this on television, rather than there smelling what could have been coming out of that fridge.
Everything went pretty smoothly considering the amount of water damage inside the house and it is time to show us the what the house looks like now!
Gallery: ‘After’ Flipping Virgins Photos
They bought the house for $232,000 and put $64,190 into the house which puts them all in at $296,190. They have decided to list this house at $369,900 to give them a little room for negotiations. They got an offer for the house of $372,000 with $2500 in closing costs. That still gave Michele and Melody a $73,310 profit! What do you think of this flip? Let me know in the comments below, on Facebook or on Twitter!
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