Property Ladder?

It's officially official.  We're doing this thing.

We purchased and signed on the dotted line for the duplex across the street and are now the tentative proud homeowners of a 1920's duplex that needs A LOT of work.  I should mention that we will still be living in our current home while we "fix and flip" this property and don't plan to move in or sell our house.  Rather, this purchase is an investment and a stepping stone to purchasing our next home.

We (and by we I mean contractors, thank God) will be completely renovating our half of this duplex.  We hope for a 3-4 month turnaround before we put it back up on the market and hope to sell it by March 1st.

A special thanks to Chris' parents for helping us make this happen and who will be splitting the potential hopeful possible future profits with us!  Also, a "shout out" to Chris: thanks for being the crazy one risk taker in this relationship.  Exciting things happen because of you :)

Here are the stats:

Year Built: 1929
Bedrooms: 3
Bathrooms: 2
Square feet: 1,596
Hardwood floors
Private backyard
2-car garage

We don't have any good "before" shots just yet, but here are a few taken on our phones just to give you an idea:
The house is quite literally across the street from us.  This is me standing on our front porch.  The entrance faces the street perpendicular to ours.  Please don't mind how pathetic our own yard is at the moment.  It's a point of contention ;)
A view of the front porch / main entrance.  We will be removing several shrubs, bushes and vines in addition to painting and getting a new awning.
One shot of the kitchen.  We will be knocking out walls, adding new cabinetry, backsplash, and all new appliances. 
A view of the dining room and living room taken from the hallway leading into the kitchen.  Two of the bedrooms are located to the left of where I am standing connected by a Jack and Jill bathroom.  The other bedroom is behind the kitchen.
A portion of the basement.  There are no words.
A portion of the large backyard.  Hot tub anyone?  Kidding.  Yikes.
Demolition and renovations will start November 1st.  Here we go...

Updates to come!


Kara said...

Good luck! I can't wait to hear how it goes! What a huge project!

Kara said...

OMG I am so excited for you all! It's going to be so awesome. Can't wait to follow the flip journey! :-)