Oak Forest 3
In the summer of 2017, we embarked on a challenging journey of acquiring and flipping two homes simultaneously in Oak Forest. One of these properties, which we purchased off-market, presented us with unexpected obstacles. The home had been inherited by a group of sisters, and one of them had been living there and exhibited hoarder behavior. The clean out process was extensive, but we were determined to transform this 3-bedroom 1-bath house into a unique 4-bedroom 2-bath home with an oversized 10,000 square foot lot, a two-car garage, and a motorized gate.
As progress was being made on the renovation, we received a letter of intent from an attorney's office claiming that we had colluded with one of the sisters to purchase the property secretly and avoid disclosing distributed funds. This sister had a judgment against her for a lawsuit involving another property and had caused damage to a neighboring townhome due to a plumbing leak. Despite our lack of knowledge about these issues, a lien was placed on the house. Fortunately, the other sellers involved in the transaction took it upon themselves to resolve the matter and clear all accounts. Throughout the entire flip, we had to persevere and hope for the best, even though it meant accounting for a significant loss.
Despite the challenges, we are proud of the outcome of the renovation. The traditional colonial one-story home was elevated with a modern farmhouse style, resulting in a welcoming and cozy space. Some of the standout features include a custom whitewashed brick fireplace, real hardwood floors, a spacious primary bedroom with a large walk-in closet, and a luxurious primary shower with double shower heads. The addition of a fourth bedroom and an extra bathroom made this home truly unique in the area.
During this time, the Oak Forest market was experiencing skyrocketing acquisition prices, and the aftermath of Hurricane Harvey had led to increased material costs and supply issues. Additionally, the City of Houston was implementing new remodeling and addition requirements due to severe flooding in the area. These changes significantly impacted our margins, forcing us to shift our strategies to adapt to the evolving market conditions.
Overall, despite the unexpected legal challenges and changing market dynamics, our team's dedication and perseverance resulted in a beautifully renovated home that stands out in the Oak Forest neighborhood. We are proud of the transformation we achieved and look forward to continuing our work in the real estate industry.
