All right. We just bought another house here in Boca Raton. This is gonna be another flip. The whole process on this house from start to finish. So we closed on this yesterday. Today's actually Thanksgiving, Thanksgiving morning. We're getting ready to go to have dinner with our family. But yesterday, we closed on this property. The tenants moved out, the people who were living there. It was an absolute wreck when we saw it. Let's come take a look at the before, and then we'll walk you through the process of the entire flip from start to finish.
What we're doing. What we're ripping out. What we're putting in. The financials, the whole thing. So let's come take a look at what we got right now. This is a three bedroom, two bath house. We're in the Boca Square neighborhood, here in Boca Raton. So we're just east of 95, just south of Palmetto Park. This is a three bed, two bath with a car port. We are not going to change this into a garage, but if someone wanted to, they could definitely convert this car port into a garage. For a flip, it probably doesn't make a lot of sense, but someone could. We are going to obviously, paint the whole outside of this house by the time we're done. We're gonna do some windows, hurricane impact. So we're probably thinking this big window up front here. Definitely the front door. Definitely these two doors. So we'll see it in a second, but this door takes you into the kitchen. This door takes you into the laundry room and currently, there's no way to get from the kitchen to the laundry room without coming outside. But we're gonna cut through the wall here to make it a little door so you can get from the main house to the laundry room. And that's also gonna add square footage to the house, 'cause right now the laundry room is not AC'd.
It's like 1754 square feet, but once we cut through it and the AC can flow through, we now have 1806 square feet under air. So that's going to increase the size of the house and we think add value to the property. But come on in. Let's see what we got. This house was built in, I think 1965. There was the main house and then they added this whole wing on that side that we'll show you. So that's all an addition. When the house was built, where I'm standing currently was the family room. I'm not sure what this corner was originally designed for, but this was the family room. This was the dining room right here. And then we got the kitchen down this way. So let's go take a look at the kitchen. So currently, it's this galley style kitchen. Obviously, we're gonna rip this whole thing up. All these drop ceilings, these are gonna get raised. We are gonna open this whole side of the kitchen up. So we'd love to open this side of the kitchen up to this big family room addition that was made. But this was the exterior of the house at one point. So this wall is all concrete. I guess it's doable, but it's just gonna be way too cost prohibitive for us. So we're gonna leave this side the way that it is. This side, we're gonna open up to the family room here and this wall is gonna come out. We're gonna extend the kitchen all down this way. So we're thinking, a pantry over here. I guess this side will be more cabinets. 'cause we're gonna lose some cabinets when we open this. Then, this is gonna be just a giant island here, open to that family room, that front room. So when you walk in, you walk into this big, great room. It's gonna feel a lot bigger and very, very open. It's gonna be a really modern kitchen.
This wall, the other side of it is the laundry room. Right now, you have to go out this door and come out the door on the other side to get to the laundry room. We're gonna cut through this wall. You get access straight through the laundry room here. Probably have to move some things around, but we're gonna do all that to make sure that you get access to everything. And that's gonna increase the square footage of the house, actually. So now in the family room, we've got this lovely 1960s wallpaper. So this is all gonna come off. This was originally the exterior of the house that has since been enclosed. So if it's possible, we'll open it up this way, but I really don't think so. This wallpaper is gonna come out. This is gonna come out. This is gonna be the big entertaining family room area. This lovely wood paneling on the walls. This is all gonna come out. This is gonna come out. So we're gonna open this up a little bit more and make the room, gonna add about a foot and a half of space to this room. So this is gonna be a really, really big family room for the family to entertain, the kids to play and you're gonna watch your TV on this wall. This could be a really nice room when we're done. This we're probably gonna, we're not gonna do much with it, but this was like the little eating area here. This was their dining room. I'm thinking maybe this is gonna be a work from home kind of space. We're not really sure 'cause when we open this up, we're gonna move this fan centered in this room, make it a chandelier. And we're thinking this is gonna be the formal dining room. So you walk in, big open kitchen, formal dining room here. So you get a big space for entertaining. Get your big family room over there. No one really needs a formal living room these days. No one's really using it. So it's just gonna give you a big room for family room. Big room for dining room. I think that's the best of both worlds. We got the bedrooms back this way.
In the bedroom area here, you got this beautiful 1960s bathroom. We're going to completely rip this up. They start demo tomorrow, the day after Thanksgiving. So we're obviously gonna go from this beautiful, beautiful 1960s pink to a very modern, we're thinking like a white marbly kind of look to make it feel brighter. You got a big linen closet over here. There's another linen closet in the hallway here. Which now that I'm thinking about it, I don't know if it's possible to expand the bathroom. That's the master bathroom is on this side. So maybe we expand it this way or somehow make this another closet for the master. I'm not really sure but good storage space here. You have the master on this side of the house. Decent size master for this neighborhood. This is pretty standard. Got one closet right now over here. You got the master bathroom which only has one sink, but I think it's big enough to fit two smaller sinks, side by side. So we're gonna go in there. I think we're gonna try to do that. Obviously, we're gonna gut the entire thing down to the studs and redo the bathroom again. We're probably gonna go with something white and light and bright to really it feel a lot bigger. And you've got this cabana bath door over here and it takes you out to the pool area, which we'll get to. So that we're gonna probably replace with an impact rated door to make it look modern and complete. I think if you redo the entire bathroom, but you don't change the door, you have a beautiful bathroom, but a very sixties looking door. I feel like it might be weird. So we're gonna change that door.
Then, you've got two other bedrooms here on this side. Both decent sized. Originally, when we first saw the house, there was some tenants living in the house and this was full of stuff. The house was pretty gross, to be honest. They got all this stuff out. So we saved a little money. On our last flip if you remember, it was a hoarder who lived there. They left stuff everywhere and we had to spend about 1200 bucks cleaning the house out. They left it empty for us and not only that, there was some really gross, original sixties looking carpet everywhere. They ripped that out for us so that did us. Not that it's super expensive to rip out old carpet, but it saved us a little bit of time and probably a little bit of demo cost as well. This is the green room. We're going to repaint this, obviously. Popcorns that come off all the ceilings. So everything's gonna be brand new by the time we're done here. This was the carpet that was in the entire house. This green looking very dirty sixties carpet. This was everywhere in the house. So we're gonna obviously, rip that carpet out. We're gonna do one tile floor throughout the entire entire house. We are debating what type of flooring we're gonna do, but one bigger tile, modern floor throughout the entire house to give it all a clean, seamless look. Let's come on outside 'cause I think this is part of what's gonna sell this house for us. When you walk in and you see these huge sliding glass doors. This is a really cool, lets in a lot of light. There's a really nice feature, but these are the original sixties windows. So we're thinking about replacing these with impact rated sliders. I don't wanna do the entire house because it's very expensive. Then as you come out, you've got a really nice, very big covered patio area. But the roof, the flat roof that's on this part of the house is completely shot. It's just terrible. We have a quote from the roofer that we use to come out. It's about $10,500 and they're gonna come in and completely redo all the flat roof on the entire house. So you have this big patio area. Everything over that big family room that was all added on, that is all going to be redone with a new flat roof, 'cause as you can see here, it's clearly leaking. It's seen better days.
So this is all gonna be replaced. All the dry wall is gonna be fixed and it's gonna be in much better shape. Obviously, we're gonna pressure clean the patio 'cause this is gross and dirty. We got someone coming to redo all the pool. So they're gonna re-Diamond Brite the pool and change the pool tiles. 'Cause currently, you got these pink disgusting sixties looking tile. But this is a really, really good size pool and patio area. So I think this is one of the good selling features of this house. In addition to that, we're a corner lot here. So this lot is over 10,000 square feet, which for the neighborhood is really, really big. So most of the homes in this neighborhood are 7,000 to 8,500 square foot lot. We're over 10,000 on a corner lot. So it's a good size lot. There's just a lot of these shrubs and trees and greenery back here that it's making the lot feel a lot smaller right now. But I'll show you where the property line goes to. This screen enclosure as well, very sixties. It's got the flat screen. It just feels old and dated. So once we get a fence around the property line, they're gonna take this down. For code purposes, you need to either have a fence or some sort of screen enclosure or pool baby gate. So we can't take down the screen enclosure until we redo this landscaping and then put a fence down there. But this will come off. Like I was saying, this lot is really, really big.
Believe it or not, our property line comes all the way out to comes out to basically here. So everything you're seeing, all the shrubs and trees and stuff like that, this is on our property. So we're gonna rip up almost all of this. We're gonna leave some of these really big, nice, beautiful palm trees and that kind of stuff. But these little trees, all these bushes and shrubs and all that, it's all going to come out. And it's gonna really open up this whole backyard and then we're gonna fence it in. So you have a really good sized backyard for the neighborhood. Fully fenced in and private. I think that's really gonna be a good selling feature for a lot of families coming in here, moving into the neighborhood and everyone wants their space for the kids to run around behind the house and behind the pool. So that's gonna be a really nice feature for us. So again, our property line goes past these trees here. There's a little chicken wire kind of fence that the neighbors installed. So you really can't see and appreciate how big the lot on this house really is, but it is a very good size lot. We got the landscaper coming first thing next week to rip all of this out, to really be able to see how big this lot really is. And then, like I said, they're gonna put in the fence to make it private and really, really nice. And this house was built in the sixties. These clamshells were kind of made for hurricane protection. They just look super dated. Obviously, these have not been maintained very well. They're dirty, they're rusty. They're just kind of gross and they make the house look a lot older. So we're gonna take all of these off when we paint the outside of the house, It's gonna be night and day. The house is gonna look completely different without all these clam shells on these windows. So we're in the Boca square neighborhood, which is a really nice neighborhood. We're here, we're east of 95. So you're close to everything and we're zoned for Addison Mizner Elementary and Middle School. So if you don't know, this is kind of like the hottest school district in Boca right now. They just tore down the school completely and they completely rebuild it from kindergarten all the way through eighth grade. So it's Addison Mizner Elementary and Middle. That's a big draw right now. So there's a lot of people moving into this neighborhood. A lot of money coming in here and people coming in and redoing houses. So it's a really hot neighborhood. We think we're gonna be able to do a very well on this property. We ended up buying it for $481,000 and change about $482,000. With that, you had to buy this cash. There was multiple offers on this. In order for us to do that, we definitely don't have that much cash just lying around.
We took out a home equity line actually on our house. So we borrowed the money from the equity in our house to be able to make this investment. Plus, some of the cash that we had saved up from whatever else we're doing. So some of it is our money. Some of it we borrowed against our house. So owning a home, actually allowed us to make investments like this and create more opportunity for us to make other make other money. So that's just one of the benefits of home ownership. So if you haven't taken out a home equity line on your house, if you have any credit questions on any of that kind of stuff, make sure you reach out to us. It's a really great way to have money available. It doesn't cost you anything until you draw on it. Yes, there is interest that we have to pay on that money, but it's a lot cheaper than it would have been to take out a hard money loan at 10% interest. The interest rate's less than half of that. So home equity lines have been a lifesaver. It's a great way for us to buy these kinds of flips. We bought the property for about $482,000. Based on our numbers of painting the house inside and out, kitchen, bathroom, plumbing, electrical. All the things that we've got to do here, roof. There was really a lot of work. There's nothing in this house that's salvageable, but we think we're gonna be at about $140,000 when we're all said and done as far as improvements to the house. So at $482,000 plus $140,000 in improvements, we think we can sell this property by the time we're done for close to $725,000. If it had a one car garage, I'd be much more certain we can get even more money, but I think $725,000 should be all day on a property like this. So we'll see at the end of the day, what we end up selling it for, but that's gonna be our target price. So there's gonna be a good amount of profit in this property, if we can hit our numbers and sell it for what we think we can and keep our costs down. The issue with flipping houses, as I'm sure you can imagine, once you start ripping things up and doing this work, costs add up and there's hidden things that you don't necessarily, you weren't planning for. So we're hoping that we've done our homework on this enough to know what has to go in and we'll be okay, but this is hopefully gonna be a very good flip for us. We're super excited to show you the process. If you have any questions about flipping homes, investing in properties in South Florida, buying or selling. Our full-time job, we are realtors. This is what we do day in and day out. Obviously, when we see a good opportunity, we jump on it. We're very bullish about the housing market here in South Florida. Even with everything that's been going on with COVID and home prices going up like this, we just don't see the dynamics of the housing market and the economy really changing to cause a crash in prices.
So I don't think there's any way we can lose money on this. We're hoping we make a good amount of profit, but we're very bullish about the housing market here in South Florida. We're investing along with our clients. We don't just tell people, "Hey, you should buy a house. You should buy a house." This is the second house that we've bought this year in 2021. So we're very bullish. Like I said on the direction of the housing market. If you have any questions about buying a home, selling a home, investing, anything like that here in South Florida, make sure you give us a call, shoot us a text, or send us an email. Stay tuned to our vlog and please, if you like this content, subscribe to our channel, like, comment, and share. Send it to your friends. We'd love to answer any of your questions and I look forward to seeing you on the next vlog.Posted by Andy Mandel on