One of the Worst Houses I ever Fixed Up. $100,000 Rehab

I bought this house from a wholesaler for $56,000. I ended up selling it for $219,900 over a year later. Even with that huge margin I barely made anything on this stupid house. It was a massive pile of crap, but a contractor I used made the situation even worse by convincing me to add on it to. I will have plenty of pictures, numbers, and videos from this wonderful experience. Here you can see the before and after pictures of the front.

I bought this from a wholesaler as I mentioned. A wholesaler is someone who finds good deals, buys them or gets them under contract, and then sellers or assigns the contract to other investors without doing any work.

https://investfourmore.com/2017/02/20/how-to-get-a-great-deal-from-a-real-estate-wholesaler/

I bought the house knowing $56,000 was about the cheapest you could buy anything for in the area. The house needed a ton of work and my plan was to redo the electric, plumbing, roof, walls, heating, bath, kitchen, windows, doors, paint, flooring, etc. It would be a big remodel but nothing I have not done before. However, my contractor convinced me that for not much more money he could add on two bedrooms and another bath. I agreed to do it if he guaranteed the cost would not be more than $60,000. I should have known this was a pipe dream, but he had done some work for me in the past and been decent. Below are more pics of the house.

Below is a video of the house:

The contractor started with the demo and this is a video of the idiot pulling down the back of the house. As we got farther into the rehab he kept saying it was not a big deal if the house fell down. I asked him how much more that would cost me and he said $25,000 and I said, YES that is a big deal.

In the end the contractor fell apart on this deal and other ones he was working on as well. It turns out he had done decent on the first few jobs for me, because he was eating losses. He had grossly miscalculated the costs, his workers sucked, and he could not eat money anymore. He actually quit on this job halfway through after spending his $60,000 budget.

I had to hire someone else to come finish for him, and the entire job cost me over $110,000. After selling costs, carrying costs, and holding costs, I maybe broke even. I learned to not take on such big projects, not to trust contractors who I know are full of crap, and not do additions. Here are some after photos.

Here is a video of the home finished.

If you are into real estate, flipping, rentals, let me know! I love to hear from others in the business.

I also love to hear from those who are interested in the business. I am happy to answer questions. up to this point I have flipped over 140 houses in my career and have 16 going right now.

https://investfourmore.com/flips/