. Our wish list was relatively short: All we needed were three bedrooms, two bathrooms, a generous yard, and, with a growing family, a highly rated school district.
We went into the house-hunting process with $20,000 and we had been pre-approved for a $105,000 loan, which put our spending power at about $125,000. But the living room ceilings soared 15 feet above us, natural light came in from the large windows on the east and west sides, and there was a brick fireplace in the middle.The house had three bedrooms and two bathrooms, and the schools were top-notch. And all for the price of $115,000. We would still have $10,000 left to spend on renovations.
The inspection confirmed that the house had "good bones" and there were only a couple of outstanding repairs, most of which we were able to renegotiate into our price. There were just a few things the sellers did not agree to pay for: a broken garage door opener and a jammed storm window that needed to be replaced.
Then we ran out of cash and we had to put the rest of our renovations on hold, and that's precisely when the flip stopped being fun.
2014 deja Vu Pha