To consistently make money flipping houses, I highly recommend paying extra attention to the details.
I have published many house flipping tips posts about the impact that brush nickel fixtures, good lighting and open space can have on a house flipping business. These small, yet incredibly important details always add up to become a major component of the house flipping formula.
By paying close attention to the small details of a house flip, you will help set yourself up for long term house flipping business success.
Closets are small items with regards to cost, but they are super important when it comes to selling a flipped house. For some uknown reason many people have an obsession of sorts with closets. I guess they just love having a place to store their stuff!
The good thing about creating awesome closets is that doing so is not expensive. Often times creating a closet is as simple as finding some "dead space" and then installing a light and some wire shelving.
Below is my "closet checklist" that I take with me, in my mind, to each new house flipping project. If you find yourself "stuck" with regards to closets, give this checklist a quick read to help reassess your house flipping business situation.
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
The Scituate, Massachusetts house flip turned out to be a very exciting rehab for me. Aside from all the "usual" exciting house flipping stuff (brush nickel fixtures, new decks etc.) this property proved exciting because of how quickly it sold once it hit the market.
For the first time in my house flipping career I was able to sell a home within the 1st day on the market. For me (and hopefully you too) that is pretty exciting stuff!
Needless to say selling a flipped house in less than 24 hours is unusual-especially in the New England real estate market. Believe me when I say I have held onto some house flips for way too long over the years. The holding costs associated with these particular house flipping projects can really add up quickly.
Perhaps selling a home within 24 hours is more common in other areas of the United States or world. If you know of any hot real estate markets where homes sell within 24 hours, I would love to hear about it in a comment below.
As mentioned above, selling a home within 24 hours does not happen often for yours truly. Yet I do think certain house flipping strategies my team and I used on the Scituate house flip really helped motivate the buyer to act quickly.
Below are my top 3 house flipping tips for selling a home during the first day on the market.
Staging is becoming all the rage in house flipping.
We have now used it twice in the past month to sell two houses...one in one day and another in just two days.
Yes, I' m serious.
Seriously excited about staging that is...
What is "staging" you say?
Staging a house flip is when you, an interior decorator, or professional staging company comes into the home and sets up furniture and decorations. Basically, home staging companies turn empty space into a fully furnished home.
I recently began experimenting with staging and so far I have come to one conclusion. In most instances, staging a house helps sell the house quicker, which in turn saves me money. Remember, there are many holding costs associated with a house, so the quicker you sell the better.
Over the past couple of months I have been utilizing staging companies to prepare for open houses with great success. I have noticed that Continue reading
I'm really excited about how our Onset, Massachusetts house flip finished up. In less than three months we have completely transformed this house and made it into one of the most desirable properties on the block!
Typically we use lease options as an exit strategy when flipping properties. If we are not able to quickly sell a house for the price that we want, then we can always fall back on the lease option.
Maybe we have found a person that wants to own the home. Unfortunately their credit is not at the level necessary to purchase the newly renovated house flip. They may have gone through a recent bankruptcy or gone through some other sort of financial trouble.
A way that we can get this type of person into one of our homes is through the lease option. The person will place a down payment of say $10,000 or $20,000 on the home. This is what is known as their “option.” That money secures their interest in the property.
Now if they never decide to buy the house, then the down payment is mine to keep. This serves as my protection and ensures that they will take care of the house. Obviously it is very important to communicate this to the person when discussing the lease option. You always want to remain 100% transparent and make sure that they understand how the lease option deal works.
This property overlooks a tranquil pond in Wareham, MA. The house had a lot of potential, however we knew right off the bat that it was going to require a lot of work to get flip this house and get it ready to be sold.
The first thing that struck us about this home was the exterior. There were certain parts of the house that were, quite literally, falling apart.[flagallery gid=2 name=Gallery]
So needless to say we had some landscaping work to do!
I talk about creating open space in the flipping houses tips section of this blog, and to be honest, it is hands down one of the most important house flipping tips I can share with you-especially now in 2012.
Folks these days commonly search for a home with an open floor plan. A layout that flows from one room through to the next. This is especially attractive if the house is situated near the ocean, a lake, pond or other nice view.
Sometimes creating an open floor plan is a challenge. More often than not the house flips we do are, initially, full of small hallways and walls that really shouldn't be there to begin with.
Flipping Houses Tips You Can Use Today
Successfully flipping houses in today's market requires ingenuity and creativity. One of my favorite designs is the open floor plan.
We have been going with open floor plans in our houses basically whenever possible. I'm finding that people these days really enjoy having the extra space gained through an open floor plan design - as opposed to having a labyrinth of halls and rooms scattered throughout their home.
Creating an awesome kitchen space is one of the most important aspects of flipping properties. People love attractive kitchens so why not give them one?
We boosted the value of this kitchen by first installing quality cabinetry. We chose stained maple cabinets because it is a very "in" type of cabinetry. To get stained maple we had to spend a little more than if we went with oak (about $1,000 more), however the extra expense is 100% worth it.
We also installed a full overlay door so you can't see the trim on any of the cabinets. All the draws have a soft close feature that prevents slamming. The draws also feature dovetail construction instead of the cheaper stapling method.
When showing the home to a potential buyer it is important to point out all of these custom features.