There has been very little progress on the Williams house. I moved my resources to the Crestwood house because it will be a more profitable flip, and I have more money tied up in that house.
Since the last update, a new HVAC has been installed, and I have bid for the kitchen cabinets and floor.
Here is a breakdown of what I have spent so far.
| Task | Estimate | Actual |
| New Roof | $7,150 | $7,150 |
| Plumbing | $4,250 | $4,250 |
| HVAC | $5,600 | $5,609.72 |
| Pest Control – Termite Treatment and Vapor Seal | $1,400 | $1,508 |
| Kitchen Cabinets | $3,000 | |
| Remainder of Project | $13,000 | $2,626.31 |
| Total | $33,000 | $21,144.03 |
These are the items that make up the remainder of the project category.
- Wiring Fee – $20
- Manager Commission – $500
- Landscaping and Clean out – $700
- Material – $624.91
- Property Insurance – $771.68
- Utilities – $9.72
Om addition to this, I have accepted the following bids:
Kitchen Cabinets: $4,635.91
Flooring (entire house): $6,090.36
As a reminder, I paid $25,795.57 for the property, which puts me in the property at $57,665.87. It will not be finished at that point. I still need to paint, update fixtures, and make other minor repairs.
I am over budget. The kitchen cabinet cost more than I expected. However, my original estimate was to make it a rental, and now I’ve decided to make it a flip. For that, I am putting down more excellent flooring. I expect to invest about $65,000 in the house and should be able to sell it for about $100,000.
Update: The renovation is back on track.
