Before I dive into this post, I wanted to let you know about the House Flipping School MeetUp my team and I are hosting this Thursday, October 23rd. This Thursday will mark the 1 year anniversary of our zero-cost, zero-pitch, all education MeetUp. It would be terrific to meet you so please swing by if you are in the New England area.
Ok, so now onto the details of this post...
House flipping is not a cheap venture; you need to invest some money. Renovating a house can cost anything from thousands of dollars to hundreds of thousands of dollars. The amount of money used in a rehab can add up very fast.
I have talked time and again about flipping houses with no money but did you know that you can buy items for under $20 dollars that will make your house flip a success?
Here’s my Top 10 list of items you can purchase for under $20, which can have a big impact on your house flip.
Developing an accurate estimate of repairs is absolutely essential to flipping houses for profit. If you don't nail the repair estimates, you might miss something that will surprise you during renovation and possibly cost a lot of money.
To help you more accurately estimate renovations on your house flips, I want to share with you a document that I typically only give away to attendees of House Flipping School Bootcamps.
I don't do this often, but I really want you to have the best chance possible of a successful flip.
For the past 1.5 years I have been sharing videos of my house flips as part of our Education packages. Today I would like to show you some of these videos, and in particular, provide you with an inside look at a house I successfully flipped in Hanover, Massachusetts.
This Massachusetts flip was unique because we found the deal through social media. The floor plan we chose was also quite creative and the way we managed contractors was new but worked. I'll explain the details below.
When starting out, you want to maximize your profits at every chance you get but this may not be possible if you do not utilize the best possible strategies.
Truth be told; the most important thing when flipping houses is knowing how to control your rehab costs. Comparably, it’s just as important, or even more important, than the price you pay in acquiring the property you’re intending to flip.
To begin with, when you’re just starting out, you may be find it necessary to do the bulk of the rehab work yourself—which, of course, is not a bad idea. But once you start doing bigger rehabs, you’ll categorically need to get the services from professionals.
That’s not to say that you’ll be required to Continue reading
The Boston Red Sox won the World Series this past week, but instead of going to the celebration parade I went to a house flip I just finished up in Hanover, Massachusetts. I wanted to film some new videos for House Flipping School members because, to be completely honest, this particular house flip proved to be quite the challenge for my team and I.
Even with my time-tested and proven step-by-step house flipping system, some house flips still veer off track at times. Folks, in this business we are working and relying upon real humans to get their job done on time, and stay true to their word. This is true for contractors, real estate agents, interior decorators and anyone else who is involved in the project.
Sometimes us humans make mistakes, and things don't go as we planned. So even with a step-by-step house flipping system on my side, it is still important that I remain flexible and willing to adjust on the fly. You just have to take the good with the bad, and keep your attitude in check at all times.
So with all of this in mind, here are 4 tips for flipping a house without the headaches, that I learned as a direct result of my latest flip in Hanover, MA.
Let’s face it folks, flipping a house is not as easy as everyone makes it out to be. On certain days it seems as if there is a new challenge to overcome just about everywhere I look.
Managing contractors is one aspect of house flipping that can require a ton of time and energy. It is critically important to your bottom line to make sure that your contractors get the renovation completed within the time frame you set, and within the budget you develop.
I have a great acquisition manager named Bill, who for the past seven months has been locating houses for me to flip. However, Bill has recently been managing renovations as well. This is great and all, but managing renovations really takes away from the time Bill is able to devote to locating new properties to flip.
What Bill and I decided to do is develop a program so that Bill can get back to what he does best - finding houses to flip - and leave managing the rehab to a general contractor.
A modular home house flip? Seriously? Yep, I tell people all the time to step out of their comfort zone...and I did it here.
"Do what you fear most and you control fear"
My acquisition manager Bill Roberts, who is a huge Tony Robbins fan reminded me of that quote a few weeks ago.
But I couldn't help but think how it applied to my most recent modular home house flip that we've been doing in Sagamore Beach.
Not that I had a "fear" of modular homes, I've just never actually built one or bought one before. So when I decided to do this deal with my contractor Bill Bachant a few months back, I really felt like I was back four years ago when I first started house flipping.
And I have to tell you, it was really awesome learning a brand new way to invest in real estate.
If you want to Flip Your House, you need to know how to properly rehab and stage each room.
Rehabbing is the most time consuming, and often most stressful, part of house flipping. During this process, you will have to deal with a set of contractors, and constantly make sure that they are completing the job you requested on time and within your budget.
Then, if you choose to stage your home, you want to do it in a way that will optimize your chances of adding value to the property. If you spend frivolously on useless furniture and decorations, you might as well be flushing your money down the toilet.
If unexpected costs arise from rehabbing and staging, and you have to pay a great deal more, you could wind up selling the house at a loss.
To avoid going over budget, you should learn how to approach each room in the house. Below is guide to help you flip your house room-by-room.
To improve the value of your house and attract more potential buyers, try using these Curb Appeal Tips.
As we mentioned before, curb appeal is one of the most important parts of the renovation process. The outside of the house is the first glimpse that the prospective buyers will get of your property when they find its listing.
The curb appeal will give the prospective buyer some sort of impression, for better or worse. If you ignore the exterior of the house and only focus on the inside, you might detract potential homeowners. In contrast, if you transform the outside of your home into something visually appealing and welcoming, you might attract more buyers.
In addition to the crowd it will bring to your open house, improving curb appeal will also increase the value of the property.
In our previous post, we discussed how to make an entrance, how to highlight the mailbox, and how to use greenery. Below, you will find three more curb appeal tips: give your house a new face, revamp your driveway, and create an outdoor focal piece.
When flipping a property, don’t forget these important rehabbing tips.
Sometimes, property rehabbing can be the most difficult part of the house flipping process. There are so many pieces to remember and so many variables that differ from house to house. Sometimes the rehab can start to take its toll, and you lose track of the whole purpose of rehabbing: making your house more attractive to potential buyers.
What you need to do is take a deep breath, step back, and look at the big picture. Spend a few minutes to read these cheap and easy pointers, so you can reduce your stress and optimize your profit. These rehabbing tips are often overlooked and can be incredibly valuable to know and use.