Slash Time NOT Quality | My Top 3 House Flip Time-Saving Secrets
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.
3 Sure-Fire Closet Tactics To Sell Flips Fast
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.
House Flipping Business Tips | Why Closets are Super Important
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.
House Flipping Tips | The Closet Checklist
Partnerships and Flipping Houses
One thing that you'll notice right away in this business is that every deal is different. The way you work your first house flip deal will most likely be very different from how you work your second house flip deal and so on.
For me this helps to keep this business exciting. For you, deal making flexibility is important because it is possible (as we talk about a lot here on the blog) to flip houses without using your own money.
Instead of using your own money to fund a deal, you use other people's money - which we refer to as OPM. Why would you use someone else's money you ask? Well the most likely scenario is that you don't have enough money of your own to fund a house flip deal, which is of course A-OK.
Often times the best house flip deals appear and disappear very quickly. If you have identified a good deal on a property using ARV, MOA and the 70% Rule, then the next step to take is action.
Is Hiring a Real Estate Investing Coach a Worthwhile Investment?
House flipping for beginners is what House Flipping School is all about. My aim for this blog was to create a free and open resource full of useful information for the beginner house flipper.
I thought doing this was important because I vividly remember how tough this business was for me when I was a house flipping beginner.
When you are just starting out house flipping, things can become overwhelming faster than you can say "Carelton Sheets" 🙂
Trust me, I know because I have been there.
To be honest, I was in your shoes not so long ago.
I spent a lot of time debating what to do, when to do it, and how to do it. Thinking back I wasted more time debating when to Continue reading
How to Flip Houses Trading “Dimes for Dollars”
There’s no secret that I am launching my first House Flipping School coaching program in just a matter of days.
The truth is that when I started House Flipping School, I didn’t start it to make money.
In fact, I really wasn’t quite sure where it would lead.
I really just wanted to help people get into the house flipping and real estate investing business because I love it so much!
And quite frankly, I really just wanted to see where the whole website thing went.
I've made it no secret that I do one-on-one personalized paid coaching for local real estate investors - so in the back of my mind, I always wondered if there were others out there in the U.S and even internationally who I could help teach how to flip houses as well.
Five short months later and with 17,618 unique visitors (just checked it now 🙂 ), it seems kinda obvious that Continue reading
How to Flip Houses (Even When Your Market Is Too Expensive)
I've recently had a ton of questions from readers of this blog on how to flip houses when the 70% Rule may not apply to their market.
It may not apply exactly...but it does apply...even in expensive markets.
As you may recall, the 70% Rule is a standard benchmark used to determine how to do our house flipping math.
So let's get right into it and see if we can answer these questions...
How to Flip Houses: The 70% Rule Review
As you may recall, the 70% rule keeps you out of trouble when you're flipping houses. It also prevents you from doing "eraser math" when you're evaluating how to flip houses. I see lots of different ways to evaluate a property, but the 70% rule is the rule that I've always stuck with because although it does not exactly apply in every circumstance, it is an excellent benchmark to use to keep you honest and ensure a good profit on the property.
So for example, you've determined Continue reading
Sold in 1 Day | Update to the Scituate, Massachusetts House Flip
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.
Flipping Short Sales in Scituate, Massachusetts
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
How to Flip Real Estate Without Strangling Your Contractor
How to Flip Real Estate
There are so many ways how to flip real estate.
This is especially true when it comes to the rehab part of house flipping.
Some house flippers like to do it on their own, some like to use project managers and some like to use general contractors.
One of the best ways to lock in profits as well as get your house flip completed on time is to learn how to flip a house for profit with your contractor.
But how you manage these guys without strangling them?
Contractors have a reputation for being notoriously difficult to deal with at times, and this reputation is often times Continue reading
3 House Flipping Tips for Selling a Home in One Day
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.
Continue reading
How to Flip and Grow Rich With Your Contractor
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?
Not quite.
To GC or Not to GC...THAT Is The Flip and Grow Rich Question
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