We knew that this house wouldn’t last long, but we didn’t expect to get it under contract before is was finished. It’s not too surprising though. Austin real estate is really hot and buyers are having to compete for limited inventory.

Unfortunately the weather isn’t co-operating. We’ve been trying to get the driveway poured for a week now and have had a series of weather delays. Now we just learned that the city has just changed the requirements for driveways. It turns out that we need a continuous apron and gutter. This means we have to take out the old gutter which we hadn’t planned on.

On the bright side most of the final finish out is complete and Scott was able to get a start on the landscaping. We also picked the color of the front door, which was a compromise between Brenda’s purple and Scott’s red. Nice!

4511 Gillis master bath

4511 Gillis Driveway

4511 Gillis front door

4511 Gillis Kitchen

We’re in the final stages of finish out, which always seems to take longer than expected. There are hundreds of little tasks that tend to chew up time. We finally found a suitable concrete contractor to install the driveway that the city added to our list of to-dos. Once that’s done we can install the garage door. Landscaping is scheduled for early next week but we have photos scheduled for Thursday and will have the property on the market by the weekend.

On the other hand we’ve already had a couple of showings and have received our first offer, so like a lot of popular neighborhoods this one may show up on the MLS as pending. If you’re interested give me a call. It won’t last long.

Also passed final electrical this week so we’ll be on permanent power in a couple of days. All the lighting fixtures are in, but currently covered up so no pics yet. By next week we should be close to wrapped up and we can bring in Brian Morris to look at staging.

One last color choice is the front door. Scott and I thought a gold of some kind and Brenda is thinking orange. I’ve included a few ideas in the photos, so vote for one of them or send a sample of your choice. If we choose you’re suggestion you’ll win a Robillard Group GoLocal card or if you already have one something equally exciting.

4511 Gillis Oak Floors in the living, dining and secondary bedrooms

4511 Gillis with a gold front door

4511Gillis with a green front door

4511 Gillis with an orange front door

4511 Gillis with a purple front door

Scott and crew are continuing with finish out so we’re starting to see what the final product will look like. This week they got the tile work done and kitchen cabinets installed. I really like the black and white theme in the guest bath, and the travertine look in the master bath is really cool.

The oak flooring for the living room expansion and dining area has been delivered so in the coming week we should get that installed and all of the floors will be done with the exception of the carpet.

We should be wrapping up in a couple of weeks, so if you know someone who is looking for an almost new house in the new ’04 give us a call and we can arrange an early showing.

Front porch on 4511 Gillis

4511 Gillis guest bath

4511 Gillis kitchen

4511 Gillis master bath

We should see a lot of progress this week as we begin to work on the interior. I can’t wait to see the finished wood floor in the living / dining area. Scott was able to match the original oak flooring so this is going to be really nice.

Kitchen / living at 4511 Gillis

Kitchen wall color at 4511 Gillis

Back porch at 4511 Gillis

Front porch at 4511 Gillis

4511 Gillis

This week we’ll get started on paint, the decking will go on, and Scott is working on the finish out. Maybe I’ll have some new pictures later this week.

If you’re interested in this type of investment give me a call and I’ll show you what it takes to buy and renovate a home like this one.

During the past week Scott of Austin Rebuild Team and his crew finished up all of the wiring and plumbing work and got approval from the inspector to install insulation and Sheetrock. Most of the exterior is painted and the front porch and back deck are framed up. Once the interior is closed in you’ll be able to get a better feel for room sizes and flow.

We’re still waiting on the new garage door to finish up the front, and during work on the garage we discovered some problems with the roof, so we’ll be investing in a new roof for the entire house rather than just the new parts. Too bad, as the existing roof had good quality shingles, but they were applied over the existing ones. Not the best practice.

Interested in a project like this? Take a look at other properties for sale in the area.

1. Learn the Basics

If you’re an experienced investor move to step two, but if you’re new to investing you have some homework to do. I suggest an initial meeting to discuss your goals. Based on your experience and interests we can recommend further research on different types of investments, strategies, and common financial calculations you’ll want to be familiar with. Here are some excellent books on real estate investingthat I like.

2. Have a Plan

Since success means different things to different people it’s important to have a definition of a successful investment, and a way to measure it. Are you interested in rental properties or rehab projects? Single family residential, multifamily, or commercial? Cash flow or long term appreciation? We recommend that you have a financial model based on your ideal investment. Once you have this we can help identify opportunities, and you’ll know when we’ve found a good one.

3. Build Your Team

Any successful investor has a team that supports them. You’ll probably need a lender, real estate agent, property manager, contractors, etc. A top notch team can make the difference between sanity and chaos.

4. Execute by the Numbers

Work your plan. Using your financial model you can track your investments and know when you need to make adjustments. OK, so the steps above seem like common sense. But you’d be surprised how many investors don’t follow them, even experienced ones. So, when you or someone you know has questions about investing in real estate, give us a call. We’ll be happy to guide you to a successful investment.

I added the floor plan to this post so you can see what the final layout is going to look like. There’s going to be lots of storage for a house this size, and the front and rear decks will provide a lot of outdoor living space.

4511 Gillis

4511 Gillis

4511 Gillis

4511 Gillis Floorplan

Plumbing and HVAC is in and we’re ready for siding and electrical work next week.