Overbudget already?

Yes and no. We're still looking good for ROI. Our realtor tells us that a 30% ROI is a home run, so realistically our initial ROI was too high and we're figuring out that means more output from us then originally planned. The HVAC was severely underestimated, note to any others, if the the house doesn't already have the vents and tubing run the out of pocket cost is twice what you'd expect to pay for a system replacement. Lesson learned and we digress. Just means more tightening of the belts until the property sells. In the end, this will be a nearly new house; new roof, new windows, new siding, new HVAC, new kitchen, new carpet and four bedrooms vice the current listing of two bedrooms (based on current availability of closet and heating). That is a lot to offer for the target sale price we intend to remarket at. We have so much to learn but we'll never learn by twiddling our thumbs on the side line, nor will we ever make a return on what we've been able to save if we allow it to sit in a bank account. It's the risk and the hard work that will pay off in the end, that I am sure of even if it means some difficulty now.

Wrapping up week 1...

I think we have had a productive week. Over the weekend Liam and I were able to pull up all of the carpet tack strips and douse the floors with what I call, Cat Pee Be Gone! It is really a Nature's Miricle product. It appears to have helped out a lot. Just one room still had a strong oder and we mopped it again with the product before locking up for the day.  Bill was able to demolish and remove the 1940's furnace all by himself in about 2 hours. He'll be feeling that job for the next few days, talk about weekend warriors!

Should be getting power tomorrow and then we can give a few after work hours as well as our limited day light availabilty. It's a lot like working a second job for Bill and I but we know it is going to require a lot of effort from us to make this work and at least this way we have some control over our hours of availabilty and such.

Day 2:

The remainder of the recycled/upcycled cabinets made their way from the house we live in to Picadilly. The cabinets and appliances were a great find. Barely used all oak cabinetry and newer clean appliances salvaged from military housing in the Maryland area. They came from an L shaped kitchen and Picadilly is a galley kitchen, but with our cleaverness we'll make it work. I am thinking about cutting one of the double base cabinets in half to get it to fit. Any thoughts on that? We have plenty of cabinetry, just getting it to fit and maximize space is going to be a bit of a puzzle for me to ponder on. Also, Bill got the blinds up on most of the windows to deter onlookers.

House still smells like cat pee, going to need a couple gallons of Lysol or the like and mop the poop (or rather pee) out of that place. Window estimate #1 was completed today, about what we were expecting but because of the age of the house and the possible lead containaments there is an extra fee. Trying to work with HVAC guy #1 to lower the cost as much as possible while reserving the intergrity and efficiency of a new HVAC system installation. BTW, master HVAC techs are paid $100 per hour and assistants are paid $25 per hour. Wondering if we can locate a system online comparable to what the installer wants to use for a better price than what he normally would use. It's worth a shot at a few searches.

Bummed out that our help has to join his boat tomorrow and we lose his help for a bit of time. When they return he will get to visit his family and hopefully in January we'll have his assistance again until the boat leaves AGAIN in February, but with our deadline that should work out perfectly.

Welcome to the adventure

We finally made the jump into "flipping" real estate. It is scary prospect yet something we have been considering for a few years and finally decided we had the funds to make a go of it. What makes it more terrifying is that both of our jobs are endangered for different reasons, however, this fear is what is also propelling us to give this adventure a whirl and hope for the best.

If you know us, we are bargain hunters and decent enough at DIY. While we have many unfinished projects of our own and future project wants, knowing that we have set a deadline (February 1st) and a ROI attached to it hopefully helps us get where we need to be.

I welcome your comments and advice as we take this journey on Picadilly Street!

Day One

Day One:

First the positive, all of the cat pee carpeting has been pulled out of the house. The negative is I think we are going to have to stick with carpeting and hope to get a few quotes in the next few weeks. Feel bad for the UPS guy that has to deliver the 20 boxes of flooring we bought online and now have to return. In one of the rooms (which we discovered was actually part of a larger living room at one time) the floor is destroyed either by excess of cat pee or by possible prior termite damage. I believe the other rooms have good potential for floor refinishing but will need lots of labor and love and we don't believe it will be desired or appreciated by our target population and we'll be better off re-carpeting before it goes on the market.

The kitchen cabinets there before are all gone and only one dead mouse was found. I am excited to say that the washer hook-up that in my mind should be there was there, just hiding behind a false wall. Of course there is a downside to that. A washer will not fit in that location because currently a very round yet short water heater sits in that space. We are considering an electric point of use (or two) water heater options in place of the current water heater.

Our first estimate for HVAC is not a good sign, plus we found a humongous 1940's cast iron gas unit under the house (not working) that we will likely have to spend a good many hours demolishing and removing in pieces. There is a gas line (currently capped) running to the house but I think we are going to stick with electric heating because of the addition cost with running updated gas lines and the permits needed. Additionally, there are no gas appliances to contend with.

My buttocks and trapezoids really feel from the work out (lots of squatting and pulling) but already a lot has been accomplished on the demo side, time to start rebuilding and get this house back on the market! Looking for people who like to destroy ancient cast iron things, hang siding, and roof! Dry fitting the base cabinets and appliances this weekend.