Flipping Houses Part 3

FLIPPING HOUSES PART 3

This is the third and final installment in our series on Flipping Houses. In this final blog post we are going to be covering the repairs and fixes to the house and then getting the house sold in a timely fashion. In the previous two installments we discussed how to choose the kind of house to flip and the numbers and timeline for repairs and flips.

You’ve done it. You found the house that you are going to flip. You planned, bought it and are ready to go. It’s day one of renovations and where do you start? You want to start with the most important fixes first. Plans change, budgets weren’t quite as well thought out as they should have been, you underestimated. It all happens, so it is vitally important to the most important fixes first. So, what are the most important fixes? Wiring and repairing broken fixtures would be at the top of the list for sure. Re-flooring and fixing anything that is loose, peeling, broken or leaking are also all up at the top of the list.

Once you have all the major parts of the fixes done and you still have time in the schedule and money in the budget then you move on to the “cosmetics” of the house. You will typically get the biggest bang for your buck by doing some of the less expensive updates like repainting and updating flooring and lighting fixtures. Typically cleaning, painting and planting are going to be the biggest and cheapest boosts to your properties value.

Just a side note: Many fix and flippers make the mistake of sinking quite a bit of money into kitchen and bath remodels. You need to understand that most flippers spend more money on renovating kitchens and bathrooms than they will make back from their investment. Be very careful with your numbers in these two areas.

Finally as you prepare the house to go back on the market, you will want to read up on what it is that attracts buyers to a house. There are a lot of books on the subject, so just grab a couple and see what it is that you can do to help your house stand out from the crowd.

The last and final step of your flip is to sell the house. The best advice that I can give you in this is to find the best Realtor that you can find who has experience in selling flipped properties. There is a trick to the pricing to make sure that your house sells quickly and you need a real estate professional that understands how that is done. A great Realtor will give you tips on how to stage your house for the best impression - LISTEN TO THEM! Now it is the time to market the heck out of your house. Post it online, talk to the neighbors, shout it from the roof tops, get the word out in any way that you can. You need to get people to the house to look at it in order for it to be sold. The goal is to sell the house for more than what you purchased and invested in it is as quick a time frame as possible. In conclusion, the real trick to getting your flip sold is to have it priced right and to get people into it.

I know I’ve said it before, but truly, the best advice is to have a partnership with a great Realtor that can answer your questions, give you advice and help you get your flip marketed and sold. If you have any questions, my team and I would be happy to give you any assistance that we can. Please feel free to reach out to us at Katie@KatieEvansProperties.com or directly at 480-415-1341.

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