KLD HOMES, LLC Hillcrest Drive Flip
In this post we will cover all the renovations in the KLD Homes Hillcrest Dr Milford NJ. This home was purchased though the MLS. Home had fallen into disrepair. There was no full bathroom or furnace to heat the house. This was not a paint and list type of rehab, but it did turn over quickly. From start to finish the project took 110 days to complete.
Flip Timeline
The old adage time is money is still very pertinent in the flipping industry. The faster the flip the lower the holding costs. Taxes and payments to lenders still need to be made during the renovation period. Making sure there is enough capital to cover holding cost is vital for a successful flip. The lead came across via the Realtor through the MLS. After 2-3 weeks of negotiation and number crunching a contract was made. From the first contact with the seller to close was 5 months. The actual rehab of the house took 110 days. The house is currently on the market.
The Major Issues-Avoiding Oil Tank Remediation
One of the challenges with the Hillcrest Drive house was a half buried oil tank. Since contaminated soil can cost thousands of dollars to remediate KLD Homes had a very strong contingency plan in place. Avoiding Oil Tank Remediation was key to being able to keep flip profitable. KLD Homes went under contract with the sellers with a contingency plan. KLD Homes paid to have the oil tank removed, at no cost to the seller. The contingency being that if upon inspection there was found to contaminated soil the contract was void or the seller would be held responsible for the contaminated soil removal. These clauses protected KLD Homes from potentially loosing massive profits. Kim and Larry have first hand experience removing a leaking oil tank from their home, and knew oil tank remediation or dealing with contaminated soil was something they never want to deal with again. The oil tank remediation at their private residence cost over 20k and was considered a very mild remediation. It is very advisable to have a contingency plan with every contract. Another challenge was the trying to reclaim the converted garage space. There was a lot of demo work that needed to be done and proved to be a challenge.
Other Structural Issues
The KLD Homes team added a second floor including another full bathroom, second floor laundry, and master suite. Downstairs they created an open concept floor plan. All the windows were replaced, the house resided, and a new roof put on. Brand new electrical wiring, plumbing, and HVAC was also added. Insulation was updated and the house is now fully insulated. Other outside changes include new driveway, new garage door, new deck, along with general landscaping. Essentially the entire house was gutted and rebuilt.
Kitchen and Bathroom Remodels
Nothing in the house was salvageable and this includes the Kitchen and Bathroom. Both were gutted and given the KLD Homes remodel treatment. The open concept floor plan demanded a bright white kitchen complete with granite counter tops, recessed lighting, brand new stainless steel appliances, and a giant center island. The bathrooms received similar treatment; granite counter tops, mosaic shower tiles, and stunning vanities to bring it all together.
