The hosts walk in to a wreck of a house and in the space of one episode they transform it into something magical and sell it for way more than the market can bear.
Here's a little glimpse into the reality behind the hit reality shows.
Stay tuned to see our progress. I promise it'll take more than one episode.
The Real House Flip with @Mattifer
Matthew and I recently purchased the house above with the intention of rehabbing and flipping it. We know we've got a long road ahead, but we see great potential in this 3 bedroom, 1 bathroom home on Cleveland's West side. Let's take a peek inside, shall we?
Old Fashioned Living Room
The living room has some unique features including a gas fireplace and built-in book shelves. The arches above the windows and the wide doorway into the dining room add an old-fashioned look that is very much in demand in today's market place.
We plan to strip the wall paper and remove the carpet, but keep the original crown moulding and shelving. The brickwork around the fireplace is unique, but dated, so we've got some plans to spruce it up while keeping the spirit and function of the original.
Formal Dining Room
The dining room has so much potential, and doesn't need a lot of work to make it sparkle. We love the arched alcove above the windows and the hard wood touches featured throughout.
Unfortunately, the original flooring has taken quite a beating over the years, so it's going to be replaced along with the rest of the flooring in the home. We're going to remove and repair the crown moulding and baseboard to keep as much of the original intact as possible. Oh, and we're removing one wall to open up the space and give it the open layout that is so desirable in new construction.
Crumbling Kitchen
The kitchen is the area that needs the most help - and will bring the largest return on our investment. The cupboards are impossibly worn and dated, there is little counter space aside from this paltry unit, and the stove is so old I'd be afraid to use it. The tile back splash could use a modern touch also.
We are going to completely gut the kitchen, all the way down to the lathe and plaster underneath the drywall. The flooring has to go too, to be replaced with one continuous surface throughout the downstairs of the home. Removing a wall to open up the kitchen to the rest of the house will be a big help as well.
Basic Bedrooms
Downstairs there are 2 bedrooms, neither of which need much more than cosmetic repair and updated fixtures. This bedroom has several windows which let in lots of light, and features a decent sized closet. Once we fix the cosmetic issues we'll be ready to install new flooring in keeping with the rest of the house.
Crowded Bathroom
Bathrooms are often undervalued in a home but go a long way toward making a good impression on prospective home buyers. This one is pretty small, and the drop ceiling that's been installed doesn't make it feel any larger.
To begin, we're tearing out the drop ceiling and replacing the tub and surround. The vanity is dated and needs to go as well. You can't quite see it here, but in the corner is a built-in cabinet. By removing most of the cabinet, we can add enough space to install a large, modern vanity. The raised ceiling will make the entire room feel bigger. And to make it even sweeter, we're going to add a master bathroom upstairs.
Demolished Master Bedroom
We couldn't resist. By the time this picture was taken, we'd already torn into the ceiling and the wall, as you can see. The upstairs in this home has so much potential we simply couldn't wait to get started. To the right is space for a giant walk-in closet, and just off screen to the left we are installing a master bathroom.
In addition, once we saw the framework of the ceiling we decided to open it up all the way. The rafters you see in the middle of the image will be removed making the master suite large and airy. The wall in the upper left is getting moved back as well to really maximize the space and make it a relaxing place to be.
Thanks so much for joining us! I'd love to hear your thoughts and suggestions in the comments below. Check back soon to see how we are progressing on the Real House Flip.
Cheers!
Jennifer and Matthew
This is going to be interesting. A friend of my is an interior designer and she was telling me that you should not look at how the space currently looks but at how it will look once you finish :) So I like your attitude with seeing the potential.
I am not sure if I understood the whole post though. What are you planning to do with the house once you finish? Are you going to sell it (You mentioned potential buyers)? Or are you going to use it for business (You mentioned that the kitchen will bring you the highest ROI)? Just curious :)
Good luck with the project Jen! It looks like you had some exciting times ahead :)
We are going to sell it. In the States, when you 'flip' a house, it means you buy it, fix it up, then resell it as soon as possible.
What I meant by the ROI is that each dollar we put into remodeling the kitchen will increase the overall sales price of the home by the highest amount. For example, if I put $5,000 into fixing the kitchen, I could see an $8,000 increase in the listing price. If I were to put that same $5,000 into improving a bathroom, I may only see an increase of $6,000 in the listing price. On the other hand, if I put $5,000 into fixing up a bedroom, I may only see an increase of $3,000 in the listing price. These are all hypothetical numbers, by the way.
Kitchens are always one of the biggest selling points of a home, so money spent in a kitchen is always money well spent.
A big part of flipping a house is knowing which areas of the home to focus on. We want to make sure everything is done well - but we want a few areas to be spectacular.
Exciting we have a tv program like that 😉
I don't watch many of them...but I catch snippets from time to time. They are fascinating, but typically don't reflect the reality of all the effort that goes into making it possible. As a result, many folks decide to take on house flipping projects that are way over their heads. I hope to provide a real look at what a project like this entails.
Oh wow, this is going to be a series I'll be tuning into ! I love those shows and to see one in action from a wonderful Steemian such as yourselves would be an absolute treat :D :D :D
I see A LOT of potentials, but also a lot of WORK.... I think those arches are really old fashioned hahahaha... I will look forward to see what you will do with all of these spaces and rooms, @mattifer :D
Good luck !!!
Thank you so much for your enthusiasm! It makes me want to post on some sort of regular schedule. We'll see if I can stick to something like that. :-)
And yes - there are some extremely old fashioned features in the house, but we intend to update it nicely while not destroying what makes it beautiful.
Thanks so much for your support!
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Woot!
WOW! I can't wait to see how the living room looks after you're done with it - there's so much potential, and so many cool features, I can imagine how amazing it will be. Also, excellent idea to add a second bathroom - we're a family of five with one, and we're currently looking to rent someplace new - a second toilet would be a huge draw for us.
Love this idea too - maybe you should call your Steem Reality Series... "Real House Flips of Cleveland" 😂
By the way, I've been tweeting out Steem posts (part of the #SteemTweets effort), and since I couldn't find you on Twitter, I used the hash tag #mattifer instead. I'd be happy to link the tweet if you'd like to see it. 😊
Ooooh, I love that idea for a name! Perhaps I'll use it from here on out. Let's see if I remember for the next one. :-)
Thanks for tweeting my post! I recently discovered that I do in fact have a twitter account (thanks to @jaynie for pushing tweets during THE CONTEST). My twitter handle is @ElysiumKing but I'm almost never on there. Actually, I only used it to promote THE CONTEST in the last very long time. But I appreciate it and would LOVE to see the tweet!
Yay! So glad you liked it! 😊
And too funny - seems like I'm already following that account! LOL! I must've done it during the contest, and didn't realize it was you, because I hadn't added it to my Twitter lists for Steemit & PowerHouseCreatives - fixed!
Here's the link to that tweet -
There's not much to follow there, but thanks! :-)
I don't know that I really understand twitter very well. All the hashtags confuse my brain. I used it for a while simply to see firsthand what Trump was always going on about, but pretty soon his tweets just confused my brain too. ;-)
I am a sucker for a home renovation show! Between those and cooking shows, that's my guilty pleasure if I have a spare 30 minutes of leisure. Our house could use a major revamping, too, as it was built in the late '60s. I like to dream about what we could do with it if we had a bit more extra cash to really work on it. I love all the character in this home you purchased, so I can't wait to see what you do with it!
Thanks for the show of support! I love cooking shows too, but I rarely watch them.
There are quite a few changes you can do that don't cost much money at all. Stay tuned and perhaps I can show you some...although this house isn't the best candidate for remodeling on the cheap. We're pretty much gutting it and starting over.
Never been to one even though I was in the construction business for 40 years
What did you do in construction?
Pretty much everything except gas and electrics. I have 7 trades, master decorator, carpenter, and so on. Also did project manager for big firms and so on...
I love learning all about things then moving on to the next thing. It's the best way to learn about all the things. :-)
Getting dizzy just looking at the pictures... been working on a 300 year old house myself for some 10 years. Was a total ruin though... good luck with everything!
A 300 year old house?!?! Wow! I'd love to see pictures of that. I bet it's got gorgeous bones. Are you planning on a historical rehab or are you making it more modern?
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Well, you're my house flipping TV station now ;)
Woot! I'll try to have the next episode ready soon, just for you! ;-)
Oh, take your time ;)
Am I seeing it right? Does the master bedroom have the walls bolting?
We have a house for sale that we arent even done renovating. It takes so long to do with kids. We are hoping to find people that are willing to finish up the last few cosmetic works. I hope all the renos goes good for you both! A lot of work to do in some areas.
What does it mean to have walls bolting? Is that leaning? If so, it's probably just the way I took the photo that makes it appear so.
I'm sure you will find a buyer willing to finish the work in your place. It'll take a little longer though. I bet home sales are super slow in the winter in Canada.
Best of luck to you!
The walls curving in or out... these ones seem like they are curving out. Perhaps its the picture style.
Home sales are super slow here all the time! Small town population, not much for kids activities. The majority of the population is elderly. 1 gas station that is soon to shut down because the guy should be retiring soon. 1 restaurant with a tiny store inside. No grocery store, everything is at a car travels distance. There are a couple playgrounds for the kids. A community center that no longer services gym activities and skating. A small library at least.
The bonus, lots of places for fishing, small game hunting, the deer are coming back so moose and deer hunting too but still have to travel a tiny bit for good spots. Snowmobiling and quading are at the top of the list for outdoor activities here.
Thank you and the best of luck to you do for the flip and all!
Hmmmm.... that gives me an idea @foxyspirit... Perhaps you could rehab your house and turn it into a bed and breakfast? Sleepy little towns can be great tourist destinations if given the right motivation. Added bonus? If you garner support to make your town a 'place to be' then when you are ready to sell your property it will sell for a higher amount and in a shorter time. :-)
Motivation????
Thats a pretty cool idea. How do we make it more touristic though? There is already a tourist committee here and they dont seem to be planning much on getting people here. I can see it happening though, seems like I got some research to do! :D Thanks, that's a great idea!
You've heard, "If you build it, they will come?" Start with a B&B. Maybe encourage a friend to develop a yoga studio. Or vote for the city to build hiking trails. Or put your place on the map with your excellent baking skills. Each small step gets you one step closer. :-)
Definitely! I will meet up with the committee to see what they have done and what they are planning, see if I can help bring it up a notch. And ya, definitely get some of my own things happening to get more people coming this way :)
What cable channel are you on? LOL I just love that blue toilet seat accent. If that appeared in lifestyles of the rich and famous they would be sold out by next week.
Good luck with the rehab and please be sure to post frequent updates. Looking forward to seeing the transformation.
Proud member of #powerhousecreatives
Ha! You can catch me on #PHC. :-) And yes, the blue was a nice touch. Gotta keep it classy, right?
Thanks for the support. We're planning to do another big push this weekend, so I should have new progress soon.
Wow, are you really going to be flipping the house! I know people do that as their income stream, but I would rather stay put!
Best of luck with the renovating, I will be curious to see how it works out!
For really real @bengy!
This one is for us personally, but we are looking at flipping to help support our non-profit, The FairCosa Foundation, as well. The idea is to buy low, fix the place up, then sell to folks coming through our program at below market rates. We'll then be able to put the proceeds right back into the Foundation and help more people. :-)
Hey, that gonna be an interesting series. Can't wait to see how it will develop. Hope you don't get any surprise while you renovate it.
Thanks! We got a lot of work done today. Hopefully I'll have a new episode out tomorrow. :-)
Surprises are just part of the game...I just hope we don't find any really expensive surprises.
Howdy mattifer! haha! this is like looking into our past of just a few years ago, we handled literally thousands of bank owned properties exactly like this except in Akron, Stow, Cuyahoga Falls and surrounding communities. You got it all right. Are you doing all the work yourselves? I thought you guys were too busy flying around the country!
What a small world! That's not far from me here in Cleveland at all.
We are not doing all the work ourselves. We've got a small but dedicated and super talented crew doing the bulk of the work. We'd never get it done if we had to work on in between trips. ;-)
So what role did you play in the REOs? Were you doing the work? Or hiring contractors?
howdy again mattifer! yes our brokers office was in Cleveland so we spent more time in Cleveland than I want to think about but yes the average residential homes are exactly the same.
We handled the REO's for the banks, processing them, getting them restored if they wanted to do that, then got them sold. So we dealt with contractors all the time and we valued properties for banks all over the country who owned the homes. We specialized in the valuations and did anywhere from 15 to 17,000 home evaluations, breaking down all costs and profit calculations for them. We could tell them what any home in the region would sale for so we become pretty valuable to them. lol.
Wow! That is a lot of homes to deal with! I'm impressed. How long ago was that? I'd love to get my hands on some of the data that you had to work with. I'm a licensed real estate agent, but our tools are really pretty limited.
Howdy again mattifer! Well the huge number of houses is because we went nuts with it because most agents either specialized in doing BPO's or selling homes but no one did both because they were both full time careers.
But we did both. We worked 14 to 17 hours a day 365 days a year, literally no days off and we did that for ten years before we took a full day off.
Doing the BPO's gave us a huge advantage because we were doing the home valuations at the rate of 30 to 50 per week. We only used the MLS but for repair estimates it was rough estimates at first but then after constantly working with rehabb contrators then we knew the costs of everything so we became super accurate in a year or two.
It's all in the MLS comps and what sold in the neighborhood, that's all we used or needed. We got so good after doing thousands of them that we didn't even need to run comps to have a pretty accurate read once we learned the basics of the home and location but with running comps, unless it was something very unusual for the area, we'd know in 10 to 30 minutes and would nail the actual price that it would sell for within a couple hundred dollars.
We became highly sought after by the banks. We retired from it, unfortunately, at the end of 2015 so just over 3 years. I loved it, it was my dream career but Mrs. J said she had to quit or it was going to kill her. And we DID watch Realtors around us dropping like flies, most from heart attacks because of the incredible stress. The constant pressure, deadlines, threats of lawsuits, on and on, was very taxing. Not to mention no time off ever. lol.
Oh man, that sounds like it was quite the rush. I've got access to the MLS for comps and all that, it's more the contractor's pricing that's difficult to get. Referrals really seem to be the way to go there - otherwise we can have 3 people quote something with a drastic range in pricing and no idea of the quality we'll get. Any recommendations for great pricing + great quality around Cleveland? :-)
Howdy again mattifer! No we don't know anyone in Cleveland and finding good contractors was our biggest headache because the banks would always require bids but no one wanted to give bids more than once or twice if they didn't get the work and we had one contrator who would underbid everyone.
The best way we found to handle it was to find two contractors who were very close in price so that they would usually take turns getting the jobs, of course the banks made the decisions and always went with the cheapest no matter what we recommended.
But I don't know if you're asking for your personal use on this rehabb or for your professional use as a Realtor so my information is probably useless. lol. Retail Realtors never had a clue as to what we did, that's how different an animal the REO's are.
The only way to do it is to just go by trial and error unless you know contractors personally and have seen their work. But we went through tons of contractors until we found a few that were similar in price. That process took a few years and they were still our biggest headache!