We are in the final stages of renovating a nice brick house. This home is on a cul-de-sac in a nice, established neighborhood in our town. I just wanted to pause and extol the virtues of this booth and so many like it that we fix and sell.
Now get your minds out of the gutter: I’m singing the praises of the humble house cat and its fanatic owners and advocates everywhere.
I’m sure many of you have seen “Flip this House” and the glamor of buying and selling houses for a huge profit. It’s what I do every day, but I want to tell you the rest of the story…
The owners of “Cathouse” had seven cats and three dogs and let them run the house. The litter box was a couple of piles of urine soaked towels on the floor. They were covered in old and new dog and cat droppings. The occupants moved out and left us enough stuff (garbage) to fill three huge 20 yard construction dumpsters. We made everything from beds and bedding to sofas, a TV and books. We also sweep and vacuum enough pet hair to fill a couple of garbage bags.
The house was in reasonably good condition inside (no major repairs), except for cat hair and the ever-present smell of cat urine. One thing TV probably won’t tell you is that one of the main reasons for buying a cheap house is that the owners have let their pets ruin it on the inside.
People who will live in this kind of mess often have financial problems and then can’t afford to fix up the property and put it up for sale. When I walk into a prospective seller’s home and the stench of pets hits me, I know I will probably buy this home for 50-60% of its potential market value. In the case of the current cathouse, I estimated a low to medium finished market value and then offered 70% because no major repairs were needed.
Here’s the anatomy of the deal.
Finished value of the 1600 square feet. ft house – $96,000 to $104,000.
My offer – accepted at $67,000.
Bank loan based on work to be performed – $76,800.
We received renovation funds of $9800 at closing.
Renovation Needed: Exterior (house and garage) painted, ceilings repaired, and some woodwork replaced. The roof was re-tiled; we spent 3 days cutting trees and brush. Replaced front door light and light over stove. We installed new carpet in the living room. We mopped the floors with soap twice, vinegar once, and bleach water once. Then we professionally clean the house. It was at this point that we finally eliminated the pet odor. The entire interior of the house was repainted in antique white. The hardwood floors have been sanded and stained and are waiting to be varnished. The large deck at the back of the house had bad wood, which has been replaced and will be painted as soon as the weather permits.
We also replaced the overhead garage door with a new steel one. The final piece of the puzzle is installing four foundation piers to stabilize the south end of the house in two places. One is inside and I will continue working on the rest when the rain stops.
Total renovation costs will be approximately $13,000, primarily for labor. The materials on this project cost around $3000.
The house will be listed for sale shortly at a price of $99,700. The sale creates a potential profit of nearly $20,000.
The morale of the Cathouse??? – Pets in the house = profit in the pocket of Steve and Jodi.
Now, before you get a bunch of hate mail, let me say that I have nothing against pets. We have a dog and have had cats, chickens, guineas and even raised a couple of pigs. People who house train their pets and potty train them or let them live outside will not have a problem with pet odor.
There are some characteristics common to many houses that we buy from individuals. Here are some:
Pet Odor: Owners are pet lovers who have let pets rule the house and bathroom anywhere and everywhere. Eventually their noses become immune to the stench.
Coins and Change Everywhere: The same type of people who disregard their home and possessions often disregard coins. It is not uncommon to pick up $2-$3 worth of pennies and coins left on the floor. We often find jars of change or pennies. The old saying watch out for your P (cents) and Q (twenty-five cents) and his dollars will take care of themselves is very true today. There is a reason these people are selling a house for 65% of its market value.
Lots of cleaning products and candles: the house is disgusting and there are almost always a lot of cleaning products. We transport hundreds of dollars worth of household cleaner products from these locations.
Long live the humble domestic cat!
