We’re Flipping Out

Yesterday was a big day.  Not only was it our two-year wedding anniversary, but yesterday we officially picked up a little (ahem, huge) hobby.

Have you figured it out yet from the title, or do you need a few more hints?  Let’s see . . .

. . . it’s a big investment . . .

. . . a little risky . . .

. . . a lot of fun . . .

. . . a huge amount of work . . .

. . . and it involves flipping houses.

This house, to be exact.

We're Flipping Out

A beauty it is not – yet.  But it will be.  And it’s positively overflowing with potential – 2,450 square feet, 4 bedrooms, 2.5 baths (which we’ll convert into 3 full baths), a pool, a great street . . . I could keep gushing, but I’ll spare you for now.  And we negotiated our butts off for a phenomenal deal – almost $100,000 less than the original listing price, and $70,000 under its appraised value.

And as of 2:30 p.m. yesterday, it’s ours.  But hopefully not for long.  Our goal is to have this sucker back on the market in about 2 months – it’s doable but tight, and we’ll have to be on top of the renovation at all times.  Luckily we learned the ropes during our own remodel last year.

So what do you think?  Have we officially flipped out?  Or are we destined for huge success?  Chime in!

Be sure to stay tuned for all the trials and tribulations of our very first flip.

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Comments

  1. Joan says:

    TERRIFIC! Really outdated look that you see as a diamond in the rough — I can not wait to start seeing the “before” pictures, and following to the “after” shots. This is sooooo exciting.

    Can you please come along the next time I want to make a substantial purchase to help me haggle? The deal you forged is truly awesome; I am really, really impressed

    When I logged on this morning, I was all primed for the top of your reclaimed cabinets, but the house flipping absolutely trumps the cabinet top renovation.

    Also, congratulations on your anniversary! Keep up the fun, exciting entries. I never miss reading them.

    • Liz says:

      Joan,

      You just made me laugh – I have no doubts that you could score an awesome deal on your own – it just takes some knowledge of the market and some serious negotiation. :) And stay tuned for that countertop tutorial – it’s coming, I promise!

      ~ Liz

  2. Averill says:

    OMG — that’s huge! Best of luck and I can’t wait to read all about it. You’ve got great blog fodder for weeks now. :)

    [Oh yeah, and congrats on the 2yr. anniversary. You’re officially an old married couple. ;)]

  3. natalie says:

    Great bargain! I know you can do it!

  4. christy says:

    Happy Anniversary!!! AND Congratulations! I am SOO excited to hear all about this every day. I have always wanted to flip a house – now I get to watch you do just that! I can’t wait to see the pics of the inside and backyard. Oh I’m seriously in heaven – this is so exciting!

  5. Tonya says:

    How exciting!! I can’t wait to see what great, creative changes you make to the house!! And, in only two months! I’m going to be glued to this blog on a daily basis :-) Thanks for sharing it with us all. And, congrats on the anniversary AND the flip-purchase!

  6. Natalie says:

    Congratulatoins! I can’t wait to see what you do with this diamond in the rough :)

  7. Cheyenne says:

    That’s awesome! I think now is an excellent time for flipping houses. Way to go and I can’t wait to see the progress!

  8. kathy says:

    That is so exciting!! Congratulations on the purchase. I can’t wait to see the progress (please post during the reno)!!

  9. Liz says:

    You guys are awesome, thanks so much for your words of encouragement!! It’s going to be exciting, and i can’t wait to fill you in on all of the details!

    ~ Liz

  10. :::Lyzz::: says:

    I like it! Since this is an investment property, will you guys be doing a lot of work to it, or will you just make it livable and rent it out?

  11. Andrea says:

    How fun! I love your website, and being a Texas girl myself, it makes me even more of a fan :). I can’t wait to see the after pics!

  12. Liz says:

    Lyzz:

    This house is getting the full enchilada, so there is tons of work to be done – it’s going to be crazy, but really exciting! Our hope is that a new family will be so wowed by our improvements that they’ll snatch it right up, but we’re also open to renting it – we’ll just see how it goes!

    ~ Liz

  13. Roeshel says:

    Wow! Great deal and I can’t wait to see the changes! Best of luck!

  14. Kristina says:

    Happy 2 year!

    And I am so excited for you! I can not wait to see what you have in store for this baby!!

  15. Lucinda says:

    The Dallas market is so much better than most. I think this is a great idea. I’m guessing this house is in or near east Dallas which is a great area.

    • Liz says:

      Lucinda,

      Your ESP is bang-on!! Like you, we’ve noticed that the Dallas area has managed to hang in there during these crazy economic times, and that remodeled homes are still selling like hot cakes (for the most part). Our fingers are crossed!!

      ~ Liz

  16. Great project. I always get a little nervous to hear announcements like this – mostly because my husband and I are obsessed with electrical, plumbing, and heating. They’re usually the biggest parts of a home flip, and few people ever mention them. How does this house stand on those issues?
    No doubt, you two will knock ’em dead. You’ve certainly got the dedication to do it! Here’s to two long, rewarding months!
    Katie

    • Liz says:

      Katie,

      I agree, it’s totally smart to be nervous and cautious about this! We became familiar with plumbing and electrical issues when we bought our current house, so we’re always on the alert for problems with those systems.

      We obviously had the home inspected top to bottom, and the electrical and heating came out great. The electrical panel needs an upgrade, but that’s about it. There was a small issue with a leak under one of the bathrooms – we got a concession off the sales price instead of asking the seller to fix it since we plan to reconfigure the plumbing in that bathroom anyway. All in all, it’s a great, solid house! Stay tuned for our adventures . . . :)

      ~ Liz

  17. nikkisnacs says:

    This looks like a fun adventure. I’ll be staying turned.

    Happy 2 years!

  18. Congratulations ! You are living my dream ! I can’t wait to buy another fixer…. I am so excited for you and will be following your progress. Hooray !

  19. Meredith says:

    Congrats on the Anniversary and the new house! What an exciting day for you! I want lots of posts about this remodeling job :) Good luck!!