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When I was looking for homes I saw a small one that had been updated, not to luxury standards, but with newer cabinets and bathroom with newer fixtures. This was a small starter home. It had a nice small kidney shaped built in pool in the back too. It had a garage too and a decent size backyard. It was a tiny 2/1 and could not have been larger than 700 square feet. The deal breaker was that it didn't have a laundry room or washer and dryer hookup. I did see a 220 outlet in the larger bedroom and there was a connection for water in the backyard so that was ridiculous.
The worst thing and something that made it an absolute deal breaker was that it was next to an abandoned home that looked it had been broken into or may have had squatters. I didn't even notice it at first since you are there to see the home but I always took a look at the neighbors to see how good or bad the area was. It really has to take a special kind of ignorant investor to bother to throw money into such an awful place.
Not sure that's a bad flip.... sounds more like it's just a small house in a not-so-good neighborhood.
I call a bad flip one where new cosmetic improvements are put up without fixing real structural issues. And yes, we have seen some of those too!
It was a not so good area. Maybe the owner fixed it up because there was no other way anyone would buy it. If it was a flip why invest in a home next to an abandoned house, you could tell that it had been that way for a long time.
Yes. I went in one home where it was clear that either the homeowner or a flipper had done cheap work. New kitchen, but the cabinet uppers didn't match the lowers. At least three different types of floor tile and the wall tile didn't match in the bathrooms either. Cabinet hardware was different everywhere. It really looked like they got their stuff from the sale leftover pile at Lowes.
The worst flips I've seen were where the flippers took a smaller, older house and tried to give it McMansion luxuries - for instance, one house I looked at had the laundry moved from the basement to the first floor - right off the living room. It wasn't that the quality of the work was necessarily bad, but the concept was misguided. Another house had a half bath shoehorned into what had been a coat closet - you couldn't sit down without your knees jamming against the wall. I'd have rather had the closet ...
We put an offer on one that has essentially no foundation under an addition. The best part was the flipper refused to fix it! Needless to say we walked and never bought a flipped property.
We saw one that was a foreclosure. They paid 300k and were asking 700+k. There were no mirrors in the bathrooms. We inquired why and the agent said "they were leaving that up to the new homeowners". The landscaping was dreadful with overgrown bushes chopped to the ground, dead areas in the lawn and missing bushes in the front. The quality of the workmanship was not the best and the granite was not smooth where they did the sink and stove cutouts. It was the worst granite work I have ever seen. They replaced all the windows and doors and had expensive finishes in the kitchen that did not match well. We saw another where a RE agent was flipping a the house. It had 1 inch thick granite counter-tops and cheapo cabinets, cheap carpeting throughout. It was a 1960's layout and look like a 1960's layout and finishes with a coat of paint.
The worst flips I've seen were where the flippers took a smaller, older house and tried to give it McMansion luxuries - for instance, one house I looked at had the laundry moved from the basement to the first floor - right off the living room. It wasn't that the quality of the work was necessarily bad, but the concept was misguided. Another house had a half bath shoehorned into what had been a coat closet - you couldn't sit down without your knees jamming against the wall. I'd have rather had the closet ...
I'd much rather have the half bath. Especially if there was only one other bathroom in the house or if they were all upstairs.
Yes, quite a few that on the surface looked aesthetically very nice until you looked closer and realized they had used the cheapest materials or just changed the carpets (cheapest) and then smacked on a hundred thousand.
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