Last night on Flipping Virgins season 3, Egypt Sherrod, helped a couple with three kids take on their first flip. Austin and Victoria have three kids under the age of five. She is an interior designer and he is a retired police officer. Their budget is $250,000 and they are super excited to learn how to flip their first house!
Their biggest challenge is that they just moved to Atlanta from California and they don’t really know the area. Egypt brings them to a home in Smyrna. It is a three bedroom, two bathrooms home and they are asking $180,000 and this is one of the bigger houses in the neighborhood. Egypt thinks they can get around $270,000 for it when it’s finished. It is a split level ranch and it has some really good sized bedroom, but they have carpets from the 70s. The bathrooms need to be updated and the kitchen is also in need of a freshening up. The garage opens into the backyard, which is odd, but it can be fixed.
The second house they go to check out is in Marietta, it has three bedrooms, two bathrooms and it’s listed for $187,500. Egypt thinks that they can get about $280,000 for this when it’s finished. It looks like someone came in and attempted to renovate this house, but ended up backing out. The good news is that the HVAC is fairly new. Egypt thinks that because someone attempted to renovate it and it’s still new to the market, they will most likely not negotiate on the price. However, if they can get it for $180,000, they would only need to put $40,000 into this house and then turn around and sell it for about $280,000 they could make a $60,000 profit.
The last house they look at is also in Marietta, it has four bedrooms, three bathrooms and it’s listed at $190,000. Egypt thinks they can get $280,000 for it when it’s finished. It needs a lot of updating, but nothing too difficult. The house seems to be in great shape and Egypt thinks that she can get it for $170,000 because it’s been on the market for a long time. They would have to put $50,000 into it, which puts them at $220,000, but they can sell it for $280,000. In the end, Victoria and Austin choose to go with the first house. This is what it looked like before!
Gallery: ‘Before’ Flipping Virgins Photos
Egypt is able to get the house for $160,000, which is a steal. The renovation budget is $50,000 with a $5000 buffer. The after reno value is $265,000 which could allow for about a $55,000 profit. The house is completely demolished and Victoria and Austin are ready to get some work done. They opened one of the walls up and had a beam put in because it was a low bearing wall. Downstairs, they are able to make another bedroom by adding a closet. Having four bedrooms could increase the value of the home.
There was a snag though with one of the bathrooms. When they took down the walls in the tub and shower, there is so much black mold and a lot of rot. It has to be reframed and sealed properly and it will be great. They finish taking the old carpets out and throwing them in the dumpster.
We then get a look at the crew painting the outside of the house and Victoria and Eygpt are working on painting the fireplace in the new downstairs bedroom. The walls have been primed and it already looks a lot lighter and bigger. The shaker style cabinets in the kitchen are in and they look great, now it’s time to pick some backsplash tiles! They pick a great grey stone backsplash which will look great with the white cabinets.
They decided to spruce up the garage a bit by painting it. Speaking of paint, there was a mix up when it came to painting the downstairs bedroom and it ended up painted a darker grey instead of the lighter color they picked for the room. It has to be repainted. They decide to go shopping because they can’t do anything in the house with the walls being wet. They go antique shopping and are able to pick up a couple things for the house.
They get the backsplash put in, the carpets in the bedroom and the flooring throughout the main floor has been put in. Victoria is working on a mosaic for the house, Austin is working on the landscaping outside and then they tackle refinishing the headboard they bought for the staging. It is now time for the big reveal!
Gallery: ‘After’ Flipping Virgins Photos
They bought the house for $160,000, they put in $45,000 and Eygpt was going to list it at $265,000, but Eygpt is going to actually list it for $269,900. She holds the open house and six days later, they got an offer! The offer is for $265,000, but are asking for $5000 for closing costs. Austin is okay with this offer and Victoria agrees that $55,000 on a flip is huge! What did you think of this flip? Let me know in the comments below, on Facebook or on Twitter!
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