Friends put up $5K for “condemned” house and flip it into beautiful modern home
Many analysts forecast that the housing market will struggle this year.
Yet, real estate specialists and investors believe that property is still a smart investment regardless of the market, especially if you know how to do it.
That’s where flipping comes into play.
Home flipping, according to Rocket Mortgage, often refers to buyers who buy distressed properties, patch them up, and then resell them for a profit.
These properties are often found through foreclosures, bank short sales, or property auctions.
Meet the Austin Flipsters.
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The Austin Flipsters are two college friends who have paired up to flip properties in Austin.
They take viewers behind the scenes of their Texas home improvements and cover all areas of renovating and flipping, including design and investment strategies.
In this episode, they shared how an abandoned house turned into a beautiful home.
They dropped $5K on the purchase.
You will not recognize its new look after the renovation.
The facade looks like this and according to Lincoln, you can see that this house needs a lot of work already.
There are a lot of things that need to be fixed in this home, including the ceiling, flooring, and even the door, which can’t lock anymore.
That’s just the start.
You can also see that the owner of the house attempted to renovate it because there are materials left inside.
Needless to say, the Austin Flipsters put a lot of time, energy, and sheer ingenuity into flipping this house to its full potential.
And the outcome? Gorgeous.
The paint improved dramatically.
The updated windows, trim, and banisters add a certain pop of charm that just wasn’t quite there before.
When you step inside, you’ll see that the ceiling is totally repaired.
The living room is stunning. Look at that before and after.
The door still can’t be locked but now it’s all good.
Lauren designed a beautiful kitchen.
She made it complete with updated appliances and plenty of cabinets for ample storage.
So, how much did it cost?
Austin Flippers, of course, did the math on their investment in the house.
They spent $93,000 in total.
But the market value of the property is $120,000.
They took inflation into consideration and decided to keep it as an investment property and open the home for rent at $1,100 a month.
The two encourage their followers to recommend any house that they want to be flipped because these two are really good at it.
They open their flipping services to their subscribers as well.
See how a couple of friends took this house from “condemned” to coveted in the video below!
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Source: Austin Flippers – YouTube, Austin Flippers – Instagram, Rocket Mortgage