Here’s a woman who gives makeovers to rundown homes. Kristi Charles is a property manager and former real estate agent with an eye for good deals. Charles has hit upon a great new business idea, which involves buying dilapidated homes for a paltry sum, renovating them, and finally putting them on the market and selling at a profit. Once her current project is sold, she moves on to the next one. Within a year, the property manager has managed to complete three “flips”. Her newest project is a three-bedroom, one-bath ranch on the Hudson River Drive northwest of Dexter, which was built in the 1960s. The ranch is one of several that came to be known as Eckville, named after a local farmer who had a hand in the area’s development.
News of foreclosure convinced Charles to buy the place. The house had been vacant for a year and because the utilities had been switched off, the sump pump had been disabled and it flooded the basement. Plus, the living room ceiling had a large hole and there were windows to be fixed.
Charles bought the home (for a measly $35,000) and set to work renovating it. She visited resale stores and looked out for discounted items at retailers. Saving money by shopping right was key if she wanted to maintain a higher profit margin. Charles did much of the work – painting, wallpapering, laying tiles. For the things she could not do, she hired a handyman.
When everything was complete, Charles put the property on the market. It was soon picked up by Matt and Shari Emhoff. The final price was $109,000. Charles’ “flip” worked its magic again.
Via: AnnArbor.com
