Purchase our next door neighbor's house and dub it the Project House (PH for short)
Assess the viability of the house and start ripping out the old lath and plaster walls
Work stops on the PH as we begin to figure out how much it's going to cost to fix it
We come up with a plan that will give us three bedrooms, two baths - perfect for renting
We pick up a few odds and ends for the house at Ikea on our way through Atlanta
Burn lots and lots and lots of wood from the PH in a big bonfire
Lose more shingles from the PH roof, decide first project has to be a new roof
Reassessing our long-term financial goals leads to a decision to close up the PH
So, where does that leave us?
If you've been following our Bottom Line posts, then you know that the decision that we made in March was to aim for paying off the mortgage on our house by the end of this year. What that means for the PH is that we're shutting it down, locking the doors, battening the hatches, and letting it sit (again) for the next seven months. At that point, we'll reassess the viability of throwing $$$$$ into it to make it livable again vs. paying it off ASAP and selling it as scrap, to be moved, or simply tearing it down and having an empty lot next door. A lot of that decision will be based on variables like who wins the November election, the economy, and how long it would take us to pay off the PH vs. using that money to flip and rent it.
Would we do it again (flip a rental)? Absolutely. We've learned a lot from this non-project project, and we'd be a lot more grounded going into a new PH (re: cost of materials, what we're willing and not willing to do, etc.). Plus, we already have most of what we need to upgrade a property, so why not use the materials, right? While you may not see or hear much about this particular Project House from now on, I'm pretty sure it won't be the last time you'll read the abbreviation "PH" on this blog. Stay tuned ...
Have you ever started a project, only to realize that it wasn't worth the time/money to finish?
I'd love to hear your story.