Before I dive into this post, I wanted to let you know about theÂ House Flipping School MeetUpÂ 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?
Hereâ€™s my Top 10 list of items you can purchase for under $20, which can have a big impact on your house flip.
For just $2, these signs have been proven to find potential sellers. The potential returns you can get from your bandit signs are much more than expected. When you walk around your town, you canÂ see these signs plunked into the ground and hanging from street signs or telephone poles.
Bandit signs are used to communicate to potential sellers in your area. Your sign could contain messages like â€œwe purchase property in any conditionâ€. This will definitely go a long way in keeping your house flip pipeline full.
Before you embark on using bandit signs, however, make sure you know your local laws and regulations regarding their use. For example, some towns in my area will only allow me to hang bandit signs on weekends.
An outdoor hose can be used to achieve the effect of a freshly painted driveway. Paving a new driveway is expensive-even though it can do wonders for curb appeal.
To achieve a similar "new driveway" effect for only $15, you can purchase an outdoor hose and use it to wash down the driveway, which can give the driveway a "fresh" look.
I recommend doing this prior to an open house. Sounds simple, and a tad ridiculous, but trust me it can work!
Mailbox Decal Numbers
An old rusty mailbox does not make the front of the house look very appealing. In fact, it is the first thing that many potential home buyers see Â when they come for the open house. If the mailbox is rusty, you can either replace it or slap on a new coat of paint.
From there, you can purchase mailbox deal numbers for $6. Tidying up the mailbox and slapping on some decal numbers is super cheap, but the effect can be big.
An added bonus is that the sparking decal numbers will help people driving by (aka potential buyers) locate the house more easily.
New House Numbers
These will cost around $10 and potential buyers will look at them as entering the house.
When you combine new house numbers with other front door accouterments, you can really spruce up the house and sell it faster.
New Door Knob
The doorknob is the first thing that the buyer will touch and secondly, it contributes to the overall welcoming feeling they will get when entering the house.
A new door knob costs $15 and by replacing the old one, you also replace the lock. So you kill two birds with one stone.
LED Walkway Lights
Installing cheap $4 LED lights to line the driveway, lawn or walkway can really enhance your curb appeal.
Not only do these lights add to the safety element of the home, but they also make the entire front yard seem more calculated and uniform.
When figuring out the cost of renovation, you will need to measure the exact dimensions of the rooms in the property you plan to buy. A tape-measure will come in handy and it costs $17.
Take it from me. I've walked into a house before, which I thought about buying, just to discover I left the tape measure back home. I recommend keeping one in your vehicle at all times.
These measurements are important because you can get a more accurate estimate of how much it will cost you to do a rehab once you forward them to potential contractors.
Face Plates For Outlets
The best way to make all the rooms flow together when designing a house is to use a seamless hardwood floor. Unfortunately, this may not be budget friendly. But, if you are consistent with small things like wall trim, doorknobs and door hinges you can achieve a similar effect.
Face plates for electrical outlets in every room are a great way of keeping rooms unified and it shows that the house has been renovated while paying attention to detail.
Face plates cost around $3 per plate.
You need to appeal to the buyerâ€™s sense of smell during an open house. The smell of home baked goods can make potential home buyers picture the house as their future home.
$10 cookies can achieve this effect and even if you donâ€™t believe they are having an effect on the potential home buyers, at least you can be sure youâ€™re giving themÂ something to eat which is always appreciated.
10. Cheap Wine
If you want something fancier than cookies, you can go for some wine. It doesn't have to be expensive wine either.
A $15 bottle of vino can make your open house visitors feel more comfortable. The main aim here is not to throw a party,Â but to simply make them feel relaxed.
A nice glass of wine can put people in a good place. Even if they don't drink or pass on the wine, it's a nice gesture and appreciated by most.
What do you think? Let me know by commenting below.