Through my experience as a landlord, property developer and home owner I am no stranger to renovations. One of my most recent projects was a comprehensive rehab of a 60 year old bungalow. House flipping can be financially profitable but I also believe it is an excellent community service and a sustainable practice for our environment. There are so many wonderful homes in our towns and cities that just need some TLC before welcoming their next family and enhancing our neighbourhoods. If everyone just builds a new home when they can't immediately find what they are looking for we will have major problems on this planet and our communities will be full of crumbling and unsightly properties.
This particular flip is a great example of several enhancements you can make to an older property. Some of the work can be sourced out but in order to be profitable on project of this scope you will need to do most of the work yourself.
I purchased this house on a bank foreclosure for a price $89,000 and I was able to sell it for $182,500. The renovation work took approximately 10-11 months to complete and I outsourced about 25% of the work while completing 75% of the work myself. It was definitely not an easy flip but is was quite rewarding and profitable. The neighbours were ecstatic to see the transformation of the property and since completing the project 2 other homes in the neighbourhood have commenced major renovations.
Here are some before and after photos of the project. Please feel free to comment or ask any questions.