6 Figure Flip – Day 1 to Day 15
What’s up Under 30 Wealth Nation? Today I’d like to share an update with you on how the first 15 days have gone for our 6 figure flip we acquired as real estate investors.
At the end of June 2017, two weeks ago, we purchased a 3 unit mixed-use building for $32,000 and once it’s renovated and fully occupied with tenants, the building should be worth $240,000 or more.
The bottom floor is office space that will likely be leased out to either attorneys, accountant, or some other small business professional who wants to work in the heart of downtown.
Upstairs, we have two different one bedroom studio units that will be rented out as well.
Let’s dive into the recap of the first 15 days, but first here is a link to check out my real estate investing course for beginners that will help you get started.
Days 1 to 4 – Stripping Wall Paper & Mudding
The very first day we took possession of the building, I began stripping wall paper. There were 6 rooms in total needing wall paper removed, and it was tough work.
Three of the rooms had wall paper that stripped right off in big pieces but then left lots of glue. This added lots of time to the task.
Hot water and a rag or sponge is what I found to work best but it still didn’t work very well. I even tried special wall paper glue removal gel but it was no better than using soapy water and a scraper tool.
The other three rooms were hell. You could only strip wall paper in tiny pieces. Then once you removed the slick wall paper itself, there was still another layer of paper material left. To remove this layer, water was used to soak it all and then a scraper took care of it fairly well.
Once several rooms were stripped, next we went around filling holes and dings in the walls with drywall mud compound.
Days 5 & 6 – Mudding, Sanding, Cleaning Walls
In all honesty, every day for the first 15 days we still had at least one or two rooms needing wall paper removed. But in the mean time we put those rooms on hold and spent time fixing up the other rooms that could move on to the next stages of renovations.
Days 5 and 6 were used to sand off the drywall mud, reapply it in areas that needed it, and re-sand it again to ensure a smooth wall.
Once walls were cleared, they got wiped down with a wet sponge to remove all the drywall dust and floors got swept as well to remove drywall dust from the room.
The old rubber trim running around the floor of the room was also stripped off. See this photo of a wall ready to paint after day 6.
Day 7 to 9 – Painting Begins
On day 7 we we’re able to begin painting the room in the photo above. The first step was using a grey primer paint and then I went around the top of the room with a small brush to clean up spots the roller couldn’t get.
While this painting was going on, we still continued to prep other rooms that had lagged behind. Days 8 and 9 were mostly focused on priming walls in other rooms as they came available to paint.
The reason some rooms lagged behind was due to the drywall mud compound having to be re-applied multiple times to smooth out wall cracks, holes, and dents.
Days 10 to 12 – Final Coat of Paint
Once the primer was applied to all the rooms, we began applying the final coat of grey paint from Day 10 to Day 12.
It was much lighter than the primer which was great news because it looked so much better. We were worried we may have picked the wrong grey after seeing how dark the primer had dried.
The ceilings in some of the rooms also needed painted which added time to the project.
Days 13 to 15 – White Trim
Finally, the last phase of painting is to paint all trim work. This includes the wood trim that goes around doorways, windows, and sometimes the floor trim. In our case we didn’t have floor trim to paint so this saved a lot of time.
We paint trim white in all our properties as this looks amazing, contrasting the colored walls. Here is an example from our last property we flipped for a 6 figure profit.
We also had cabinets in the kitchen and hallway shelving that needed painted white to pop with the light grey wall color.
The white paint we bought was expensive but ended up being crap. It barely covered on the first coat, despite the saleslady saying it should only take one coat. We ended up needing 3 coats.
What’s Ahead for the 6 Figure Flip?
Through the first 15 days we’ve gotten all the rooms but one painted light grey and trim work painted white. The only room lagging behind is a small bathroom where the wall paper was insanely difficult to strip off so it’s slowly getting worked on with extra free time we have.
Next up, the flooring guys will be coming in around Day 43 to rip out all the old carpet and install new commercial grade carpet. We went with a darker grey with shades of blue mixed in which should look pretty sweet with the wall and trim color.
They’ll also be laying down some harder flooring that looks like hardwood in two of the rooms that didn’t have carpet.
The kitchen and small bathroom will keep their flooring as is because it’s historical looking and in style. It will just need cleaned up and scrubbed real well to make it look great again.
Since the flooring guys don’t come until Day 43 and it’s only Day 16, we’ve got 27 days to continue renovations in other parts of the building. The small bath will get attention next to catch it up and then we have a handicap bathroom to design and build in another room to meet code enforcement rules.
We also will be having a handicap ramp installed out back by the parking lot as per code enforcement rules with commercial business space.
In addition to these renovations taking place, I also expect to spend time renovating the upstairs studio units while we have days to kill waiting for the flooring guys.
The process will repeat itself upstairs:
- Prep walls with compound
- Sand walls smooth
- Clean walls with sponge and water
- Begin painting with primer
- Apply final coat of light grey
- Paint trim white
- Remove carpet
- Hire flooring company to refinish hardwood floors
- Install new appliances & renovate kitchen
- Update bathrooms to look modern and new
Look out for my next review post on this 6 figure flip in a few weeks from now. I plan to release updates every 15 days or so since many days in between are the same tasks and don’t require reporting on a daily basis.
I’ll also have some videos produced and published to the YouTube channel soon.
Thanks for being here today reading about my flip. Check out my resource below I created for you.
How to Buy Your First Investment Property
If today’s blog post inspired you to get into real estate investing but you don’t know where to start, check out more articles from my blog that have lots of educational lessons and tips.
I also have a beginner’s course with 16+ modules packed full of lessons on every topic you need to know as a real estate investor.
You’ll learn all the basics plus more advanced topics:
- Why real estate is better than the stock market
- How to find deals with large profits
- How to fund your deals if you have little money
- How to analyze deals and know which one’s are worth offering on
- Setting up legal entities like an LLC
- The due diligence phase prior to closing on the property
- 4 ways you build wealth through real estate investing
- And much much much more!