Cousins from Texas, brunnette, Tanya and blonde, Lori, buy a 100 yr old cottage for $52,000 in Columbia, Texas, plan to invest $30,000 in renovations and sell it for $120,000 and do it in 4 months, and then reward themselves by getting breast implants.
First, I applaud these woman for starting a developement company because they want more out of life, but really both are attractive woman with nice figures they do not need breast implants, that is so shallow.
Our host thinks they did not put enough aside to renovate but seemed impressed with what they wanted to do. Currently it is a 2 bedroom, one bath house and they plan to add a bathroom. After they do the initial demo, they find that they need to structually reinforce the walls and do some other basic work that will cost several thousand dollars more than they planned. I have watched enough renovation shows to know that older homes always have problems that need to be addressed and you need to budge at least 10 to 15 percent of your budget for the unseen problems.
I was impressed how hard these 2 woman worked. They were a real team although Tanya seemed to do most of the talking but Lori was the president of the company. They seemed competent and knew when to hire professionals. They did not whine and complain and finagle relatives into being their unpaid labor force. I only saw the husbands twice, once to help move a fiberglass shower and one of the husbands was keeping the books. These ladies really need a better filing system because they lost control over their budget.
When our host visted she was impressed with what they had done, these ladies were being practical as far as not putting their personality into the house but our host did point our 1 or 2 things , as far as putting in a privacy fence in back instead of spending a lot of money on a vary nice large deck. The view into the neighbours trashy junk filled back yard was not nice. Also it might have been worth spending money on an hour or so of an architects time to figure out the 2nd bathroom. Good advice and the ladies did put in a fence and might use an Architect next time they run into similiar space issues.
Tanya had a fight with the electrician and he quit but I never figured out what it was about, also there were problems with an across the road neighbor who put up no parking signs the day of the open house but again what was the issue. That was annoying to see that there were problems but not know what they were.
They had 3 realtors come in and give they opinion of the value of the home. a lot of the people at the open house thought they were asking too much money for the home, but they had to put in another $20,000 for renovations and were still asking $120,000. Some of the realtors also thought they would be lucky to recoup there expenses. That might be high for the area but after all that work it made sense. (At first I thought it was way too high also considering that they bought at $52,000 and were going to ask for more than double the selling price). They got an offer for $119,000 and took it. They made $17,000 before taxes and other fees. Also the ladies did finish renovating within 3.5 months so at least timewise they were on track.
One thing I did not like was that they had white cabinets in the kitchen and black appliances. Althought they did have black tile counters I would have liked the kitchen much better with white applicances.
All in all I would have loved to own the place as a starter home, and it did need a garage or a carport to keep off the Texas sun.