Steve Dobbs is on a new venture and has purchased a house with the intention of flipping.No, not upside down; a complete remodel and future sale.We have worked on houses in the past while we lived in them, but never with the express purposes to just make money.
I had one of my friends in the construction business give me a call on a property in Highgate Springs that needed a lot of work.Jo and I went over to meet the owners and check it out.
The sellers had owned the house since 1965 and raising their children. Relocation forced them to move and they decided to rent instead of selling their home.They turned affairs over to a property management company and let them handle the affairs. After several years, the renter left.The sellers went over to check on the condition of their former home and found through years of neglect, it had turned into a pigsty.
That is when Steve Dobbs got involved. We did some cursory research on the Louisville MLS and Jefferson county PVA before we went over. We knew that it was an all brick home with a full basement and condition was not good from the description our friend gave us. We made an offer on the spot. The homeowners wanted a few days to see if they could find anyone to pay more. Failing that, they accepted our offer and we closed shortly thereafter.
To give you a general idea of the condition of the house, it was constructed in 1956.The original furnace and windows were in place and had lived beyond their useful life.
The kitchen and bathroom were also original and in severe need of updating.
The original hardwood floors were in decent shape except the living room. There was carpet over the living room floors that were soaked with dog urine and had ruined the hardwood.
The drain pipes were stopped up and overflowing. The back yard was completely overgrown.The front steps had settled several inches.If you leaned against anything inside, your clothes were marked from smoke and dirt.
This is a formidable project to say the least. We will keep you updated on how Steve Dobbs progresses on this. If you have any questions about buying or selling an investment property in Louisville KY, contact the Hollinden Team.