We decided that when our lease was up in May of 2005, we did not want to pay rent anymore. Just for fun, I decided to see what the cheapest thing that we could POSSIBLY find would be. I looked through the MLS, and found a lot of ghetto places. Then I ran across a condo in a questionable area. It looked like a reasonably cute complex for the price. We drove over there around midnight, and put in an offer the next day. It was a quiet little place that just needed some cosmetic fixes. The complex was nice, and it would cost us half as much as we were paying in rent. We decided that it was so cheap that we could get it and fix it up and try to sell it for more. If it didn't sell... that would be fine, since we were going to cut our monthly cost in half.
So, we ended up purchasing the condo at $40,000. We worked on it for about 4 weeks, spending around $6,000 (including furniture). We put in laminate and ceramic floors, granite counters, changed the light fixtures, painted the cabinets, and other things I'm sure I'm forgetting. We dressed it up nice with furniture and paint. It was on the market for less than a month when we got an offer.
Living room before:
Living room after:
Another view of the finished living room:
The Dining room before:
The Dining room after:
Kitchen Before:
Kitchen after:
Another Kitchen after:
Master bedroom before:
Master bedroom after:
Guest room after: (no before shot)
Overall, this was a really great flip. It was very easy... without any major complications. The rennovation projects were small... and we learned a lot on a small scale. If I could do one of these flips every few months, I would!
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