Before and After House Flip That Took 16 Months! Flooded, Foundation Issues, and More!

This flip was supposed to be a nice easy one! Just some paint, a roof, and some other minor repairs. However, it turned into a nightmare pretty quick! The house was flooded by the tenants, we had foundation problems, the lot was smaller than I thought, and we had to replace the kitchen twice!

I bought the house from the MLS for $155,100 with section 8 tenants in the property. We let them stay for a few months to close out their lease and then we gave them 60 days notice that they needed to leave. They were not very cooperative and we did not think they were going leave, but they did! The problem was they did not tell us they left, they left all of the windows open in the middle of the winter, and turned the heat off. The pipes froze and the home flooded. We had to replace the kitchen, flooring, and a bunch of drywall that we were hoping to save!

I realized when I put this video together I forgot the $1,700 water bill that we had to pay in the expenses, but I also forgot to mention the rent that we received from the tenants as well. They pretty much even each other out so I decided not to redo the entire video.

We got the house fixed and put it on the market. It went under contract and the buyer’s inspection said the foundation was bad. We had an engineer and concrete company look at it and they said it would take $84k to fix it! I knew this was a horrible bid so I found another concrete company and they came back with a bid of $5,000. Guess which company we went with? While doing the foundation work we also found that the kitchen was installed wrong and one of the drawers would not open so we had to redo that as well.

We sold the house after all of these issues 16 months after we bought it which killed our budget. We would have made a decent profit had things gone somewhat right but with all of the issues, we lost about $10,000. It could have been much worse considering everything!

We will keep flipping houses and this year looks to be much better year than last year already! We had some crazy situations last year but we got through them and we should have some much better before and after house flip videos coming up soon!

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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped over 180 houses and routinely flips 20 to 30 houses a year. Mark owns 20 rentals properties as well including a 68,000 square foot strip mall. Mark is the managing broker and owner of Blue Steel Real Estate. Mark is also a member of the Forbes Real Estate Council.
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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