To make sure your project goes smoothly, you should stick to this House Flipping Checklist.
Perhaps the most intricate and time-consuming part of flipping a house is the rehabilitation process. Rehabbing a property is essentially what is going to turn you a profit, and should not bet taken lightly.
When working on your flip, you should always be sure to complete this house flipping checklist. If you miss any one of these essential steps, you could find yourself in a world of trouble. This house flipping checklist will provide you with a methodical approach so that you will never go in blind.
Make sure you learn these important Bathroom Remodeling Ideas before you begin flipping your house.
As you may have heard before, the kitchen is generally considered to be the most important room when flipping a house. However, following in close second is a room that is nearly just as important: the bathroom. Unlike the kitchen, there is typically more than one bathroom in a property. Because of this, it is perhaps even more essential for you to know these important bathroom remodeling ideas before beginning your project.
If done incorrectly or without the proper guidance, a bathroom remodel can turn into a nightmare, costing you a fortune just to get back to par. If you follow these tips, you should be able to create the ideal bathroom for potential buyers, and save a great deal money in the process.
As you might already know, the kitchen remodel is often the most expensive part of real estate flipping. Luckily, it is also the main attraction for prospective buyers. If you know how to do it right and were to allocate your money, you could exceed the par of what is expected of the kitchen, and create an incredible selling point for your property.
In fact, selling points are one of the two key things you should consider when renovating this room. The other important part you should focus on is the overall appearance of the kitchen. Think of the overall appearance as the outward impression that the prospective buyers see from a distance, while the selling points the highlights that you will show them close up.
Knowing how to utilize both of these resources can help you sell your house fast, and at a greater profit.
How do you flip a house successfully? You do it with vast knowledge of the details...
Sure, I do get a lot of emails every week asking how to flip a house with no money, how to use partners to flip houses, how to best use general contractors, how to get started flipping houses, how to wholesale and all the basic beginner questions that most people want to know.
The best way to flip a house and avoid losing money, is to identify a potential bad house flip deal before it happens. Here are 7 early warning signs that the deal on the table is one to walk away from.
I call this type of scenario a DEAR - also known as Drop Everything and Run! Honestly, trying to gauge the after repair value of a home solely through using online tools and websites is a sure fire way to set yourself up for disaster.
Now don't get me wrong, sites such as Movoto and Zillow are fantastic places to start your research - but not the right place to end it. To really get a good grasp on how much a house will be worth after it has been renovated, you need to meet and speak with a local expert real estate agent. At the end of the day, a real estate agent who really knows your area will be your best bet at determining an accurate ARV.
Yep I said it, you don't have to be a guru to flip houses for a living. Last week I closed on the infamous "wood plank" house in Wareham, Massachusetts. If this is your first time hearing about the wood plank house I recommend you give the this post a look before reading on.
I purchased the wood plank house way back in May of 2012. Here we are 8 months later finally selling the home. Believe me it always feels incredible selling a property that I've been holding onto for the past 8 months. In a way I miss each property because so much time and energy is invested into it. However the paycheck and the knowledge that a family will be living in the newly renovated house makes me feel good when my head hits the pillow each night.
I'm no house flipping guru, but I am flipping one house per month which has given me the financial freedom I've always desired. Below is a "before and after" of one of my most recent, rather typical house flips.
The house flipping business hinges heavily upon time.
Shorter timelines generally equate to greater potential profits for the majority of house flipping businesses. Longer timelines typically mean less profit upon the final sale of the home.
Thus in the house flipping business, time is an important concept to keep in mind. When developing your personal house flipping business plan, be sure to make time a top priority.
Ideally the house flipper wants to minimize the amount of time it takes to flip a house, without sacrificing quality.
Remember that quality always comes first. As fellow house flippers, you and I have a responsibility to create a high quality, safe and attractive environment to live in.
Cutting corners during the rehab process can prove catastrophic to any house flipping business model. Cutting corners will always come back to nip you in the butt. If cutting corners doesn't hurt your wallet, it will most certainly hurt your house flipping business reputation.
Slash time but don't slash quality.
Here are my top 3 house flip time-saving secrets, in no particular order.
The Scituate, Massachusetts house flip underwent quite a transformation. If you are not familiar with how this property looked before construction began, definitely check out the this post before reading on.
I am very pleased with how this house flipping project turned out-especially since this property sold after just one day on the market!
Selling a home in one day is completely new for me and to be honest, completely unexpected. Since I began flipping houses for a living I have had numerous houses sit on the market for much longer than anticipated. Needless to say a quick sale like this one is always much appreciated.
As with many of our recent real estate flipping projects we decided to integrate an open floor plan into the Scituate property. The old front door used to lead into a cut up floor plan with absolutely no view of the nearby ocean or marshland. This had to be changed.
As you will notice in the below video, the first floor is now wide open and very spacious. Take special note of the nice staging job that Lynn Amiccuci from Vernace Designs did for us. I really think that staging this house flip played a pivotal role in selling the home so quickly.
Home staging is definitely something I find myself recommending more and more to people who want to learn how to flip a house for profit. The amount of profit you realize when flipping properties often hinges on the amount of time the house spends on the market.
Less time on the market = more money in your pocket
Contractors and flipping houses.
Like bacon and eggs...
Like peanut butter and jelly...
Like pizza and beer...
Like a lit match and gasoline...
Yes, it's not always harmonious using contractors when you're trying to flip and grow rich.
Timelines get extended, promises get broken, tempers flare and before you know it, you're the one managing the flip and managing all the subcontractors.
Flip and grow rich?
Hiring a general contractor for all your house flipping projects is the best possible way to go when you're house flipping...but only if you can make it work. If you do, they will become an enormously helpful member of your house flipping team when you are first learning how to flip houses.
I mean, wouldn't it be nice to Continue reading
As usual I am very excited about how the seaside Onset house flip turned out!
If you have not yet seen the post depicting how this property was before we flipped it, I highly recommend you check it out – just click here to give it a read.
This home underwent many changes. Some changes were relatively simple and typical, while others were more challenging and complex. As is the case with most of house flips, we had some unexpected happenings that proved to be challenges. Those unexpected challenges really help keep me on my toes and overall do a good job of keeping this business exciting.
And of course, please remember that if I am capable of transforming a home like this one, then you are too.
As soon as prospective buyers walk through the front door they are greeted with a fully remodeled living room full of natural light. Here is what the living room looked like just a couple of months ago.
And here is the living room now. Continue reading