Mentoring townhouse flip

Hey guys!

I wanted to start giving you info on the townhouse we’re going to be working on.

Now, take a look at how our townhouse looks….

Initial walkthrough video

Obviously it needs some work (including a new roof). So, I guess the first question is, how much would you think you’d pay for a townhouse in this condition.

Well, since it is a “fixer upper” the people who we bought it from had it for sale at $155,000.

But, we wanted to do a bit better so we made a lower offer and it was accepted!

We got it for….

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Make a guess….

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Did you guess or are you just scrolling?

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Ok, we got it for $140,000!

Now, it does need work and it does need a new roof, but right now I have the roof negotiated to a price of $5,200 and that’ll be a great thing a new buyer likes.

So the first thing is taking care of finalizing the purchase. This is called “closing” on the property. The “closing” is scheduled for tomorrow.

When you do the closing, there are other expenses. The closing is done by a title company and they take care of the paperwork. I can go over the closing document with you but, for now, it’s not too important at all.

Just know that after expenses the final price was $141,500

Actually I’ll include just one little story about the closing….

It’s important to know how to read paperwork and contracts and not just go by what people say. Here’s why—-it’s the only way to protect yourself from people who try to charge you unfairly. Here’s a screenshot where the title company sent me an email saying that we had to pay them a fee of

But I read the contract and I knew it didn’t say we were obligated to pay that. So I emailed them and told them that we would not pay that fee. Of course they said that everyone pays the fee, blah, blah, blah.

It was only after pointing out that they are wrong based on the contract that they immediately removed the fee. They knew all along the fee wasn’t something we needed to pay. But they try to charge everyone for it. If people don’t ask about it, they just end up collecting that extra money. So always be sure to read your paperwork!

That saved us $375 that we can use toward snacks and sandwiches on work days and we will go out to a great meal after the project is done and celebrate!

Speaking of work days…. in talking with your moms it looks like we will have Saturday and Monday as work days. Dress in stuff you don’t mind getting dirty. I think we will have a lot of fun and the projects you’ll do are quick enough for you to see a big difference by the end of the second work day!

Thanks for your help and see you soon!!

Below are just more pictures if you want to see them. I’m just placing them here to hold them so we can compare to the “after” pictures later.

Master bedroom–going to change the light and curtains here. You can also see the hole in the roof!!

Exterior–needs some cleaning up and maybe some nice red mulch?

Kitchen needs some sort of shelf above the sink, new faucet, and backsplash.

I think this bathroom needs a slightly larger mirror!!

This bathroom needs a mirror

We are going to have to figure out how to make this crazy blue wall look less shocking

Not sure if you can see it well but this wall is very uneven. I bought some wallpaper for us to install to see if we can make it look better.

I’d like for us to really make this little space interesting by adding a “feature” wall.

A professional will install a new window here

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