In early 2002, just out of college, I bought my first house in North Dallas as a potential flip project. I wanted to go big and convert the modest two bedroom one bath bungalow into a five bedroom three bath two story. This was before all the flipping shows on HGTV, but I just knew there was money to be made.
After renovation addition:
Before renovation:
Five years later my vision would become reality, but not without opposition protest from a few neighbors who formed a group to stop me, my house was even on the local TV news. I would have understood if it was a historic house, but this was the smallest nothing house in the area, and I wanted to improve it and the neighborhood.
I finished up the addition and things were looking great, the housing prices in the area had been going up for years and I was set to make some serious profit in the six figures.
Unfortunately, by the time a realtor had it listed and ready to sell the housing market was beginning to crash. Values were falling faster than I could reduce the price and before I knew it the house was listed at break even, and it still didn’t sell. So onto the rental market it went. I was stuck renting the house for years until the housing market rebounded, at which point I sold it at about break even, but not without a ton of headaches over that time. One tenant stopped paying and damaged the house before leaving, the house was broken into twice and all the appliances stolen.
Looking back I learned many valuable lessons, and went on to flip a number of other houses, which all made a profit.
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I've been trying to get back to comment on this post for several days!! (Shows you what my schedule is like!!) But I can't just let any more time pass before telling you what a marvelous job you did on this little cottage of a house! My goodness, but it is beautiful! I'm sorry you had such an unpleasant experience with it.
Why were the neighbors upset? Did they object to the noise and mess of construction? Or did this house not fit the ambiance in the rest of the neighborhood in their opinion? Did it stand out too much and make their homes look shabby? (I know. People get themselves upset over over some really strange things!) That's so discouraging when you know you're doing a good job and think you're doing a service to the community!
I can't imagine damaging such a beautiful place. It really is a work of art. And I know lots of people think being a landlord is an easy way to make a living -- but I've heard too many first hand experiences that say otherwise.
When he's not glued to his computer, my husband can do work like this -- and enjoys it. But I think we'll stick to doing "improvements" on our home rather than trust someone else to appreciate the effort and treat it fairly.
Do keep posting. I enjoy seeing your beautiful work.
Thanks @enchantedspirit, I actually showed up to their meeting they were having to try to stop me from building. Mostly they wanted to keep the houses small in the neighborhood, under a 1,000sf,maybe that bigger houses didn't fit in, they didn't want the taxes to go up, and I think they wanted to keep out families with kids. They tried to say they were historic houses, but they weren't historic, they were 50 years old track homes and cheaply made without architectural significance. My dad thought it was just jealousy. After I finished the house other people started doing the same thing, or building new houses on the old lots. The neighborhood is very nice now with a mix of old and new houses, different sizes and styles.
I agree with your dad. Sounds like jealousy to me. And I'd say it all worked out well in the end, even if your part of it wasn't so pleasant. Karma has a way of coming back around, so you should have a nice little reward in the pipeline for all your trouble just based on your good intentions and what eventually came of them. Maybe you've already seen it!
I would be interested in hearing more about this process, especially getting on TV and dealing with neighborhood protests.
You certainly made some huge changes to the house, and the interior shot that you posted here looks incredible.
What motivated you to make such a radical change to the house?
Thanks so much for sharing.
I may need to do another post to give more details, there were a lot of stories with that house, mostly bad for me.
Many of my projects are driven by my desire to improve things, take something ordinary or broken and make it better. It may not always make the most sense or the most money, but I enjoy it.
Thank you for the reply.
Being a landlord sucks. Every once in a while you luck out and get good tenants. But when you don't...it's not just a head ache but a pain in the wallet too.
Yes, I've had the good and the bad, if you can hold on to good ones you can make some money without too many hassles.
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Those are some awesome pictures mate and I didn't know there was good money to be made in flip and flopping the houses that you buy. I doubt I would be able to do that here in the Philippines.
Thanks, you might be able to in the right location at the right price.
It was an amazing house in the end. There were so many complications. No roof and a crazy ice storm came through, people stealing stuff while the police watched, calls from the security company at all hours and having to drop everything and run an hour over there! Glad we got it sold eventually. :)
Wow, you turned that little house into a CASTLE! That is amazing!
I'm sorry you only broke even on this house and that the tenants were difficult. These are lessons that are easier to learn by observation than experience. I'm glad in the end you were able to flip a number of additional houses without hassle. @ironshield
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