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House Flipping Quick Tips

Quick tips is for all those tips that just don’t seem to get mentioned anywhere else. These tips should be above and beyond the basics. We all know to pick good neighborhoods, have a budget, get an inspection, focus on the kitchen and bath, curb appeal, etc, etc.

I wanted this page to be about the small things that get over looked and that can save us a lot of money on our house flipping budget. This page is for the specifics. Colors to use, places to shop, products not to use, financing issues, insurance, online realtors, etc.

I’m looking for quality house flipping tips. If you have a tip to add please leave a comment. If I find it worth a hill of beans, I’ll create a post just for you and include a follow link back to your website.


10 Responses to “House Flipping Quick Tips”

  • I have a tip. Always locate your water meter before you start. You don’t want to break a water line and then spend 30 minutes trying to shut it off.

  • Stewart:

    All ways consider pressure washing a roof before you go ripping it off. Sometime a little cleaning will turn an old roof looking new.

    Also consider shingle over shingle. You may save 50% not having to remove the old roof. Decking repairs can be made and filled with a quick layer of shingles prior to shingling the whole roof.

    Some counties allow up to 3 layers of shingles. Check with your local building regulations.

  • It’s not easy for me to give tips that I haven’t already taught because I don’t hold anything back when I teach. Here’s one that has been working GREAT in this summer and fall of 2009. It’s about selling homes.

    Do a nice job, price your home at the bottom of the comparable homes, stage your home so it presents nicely and list it on a Monday or Tuesday.

    Do not allow showing on your house until Friday. If you have your home priced right, you will get a lot of competition for your home come Friday. The problem in this market is not enough buyers. With a home priced right and not allowing anyone to see your home until Friday or Saturday, you may have numerous people seeing your home at one time. This creates the competition and frenzy we need, to get bids and often times bids above your low list price.

    The last three times we did this, we got $10k over list on all three, and had contracts within one day of showing.

    Blessings,

    Steve

  • Flooded Basements-

    When you see a home that has water in the basement, don’t get to upset. Most people, even investors run from these homes, but if it is a home that has the electricity off, it’s likely that there would not be water in the basement if the sump pump could turn on. Look for signs of previous water damage. If you don’t see any damage, it’s likely that as soon as you turn the electricity on that your basement will soon be dry.

    Blessings,

    Steve

  • When I’m driving around neighborhoods, I look for houses with “For Rent” signs in the front yard. When I find one, I call the number on the sign, and
    asks the owner of the house (the landlord) 4 simple
    questions:

    1. “I’m calling about the house you have for rent would you be interested in selling the
    home”

    (If they answer “no”, then I ask…)

    2. “Do you own any other homes you’d be interested in
    selling?”

    (If this answer is “no” to this question, I then ask…)

    3. “Do you know anyone else who has homes that they may be interested in selling?”

    (If this question is also answered “no”, then ask…)

    4. “Are you looking to build your portfolio? From time to time, I come across houses in this neighborhood. Would you like me to contact you when I know of a house that becomes available for sale in the area?”

    The first 3 questions get you seller leads, and the fourth question allows you to add qualified names to a buyers list(landlord buyers). If any of the first 3 questions are answered “yes”, treat it like any other seller lead.

    You may also try this method while replying to Craigslist and other classifieds ads.

    Good Luck
    True Home Buyer

  • Hire a Contractor!

    Doing the work your self is great, however in most states you must sign a waiver to not sell your home within 1 year if you pull permits your self. If you have a flip that doesn’t require any permits by all mean disregard this post. But if you need to have permits pulled hire a contractor. If you think you can get away with flipping and not pulling permits, well sooner or later you will get caught and it’s going to cost even more money.

    Building department officials have nothing else to do right now, but to drive around looking for job sites with no permits. I’ve been flipping houses for a long time and never had as much trouble as I have had in the past 12 months.

    My advice is stick to everything that doesn’t rquire permits. painting, flooring, cleaning, landscaping, and shopping. After all there is usually plenty of work to be done and you can’t do it all your self if you want the job to be completed quickly. The faster you can get a flip back on the market, the sooner it will sell.

  • Hey Stewart,
    Just wanted to write a short note to say I really like this site. You’ve done a great job of providing readers value for time invested. All of the free advice about houses flipping tips is very helpful. I wish you much success with all you do. Thanks again. Steve

  • I am a reader from Turkey and interested in starting flipping houses already bought one for 75.000 USD spending 30.000 USD and offer for sale 150.000 USD.
    We are lucky comparatively here, as not any permits required for existing house renovation and repairs. Almost renovating the all house by others costs less then 30000 USD (Including kitchens with granite counters, roof redoing, breaking walls, adding space, all house ceramic flooring, 2 bathrooms renovations, electrical and plumbing changes)
    Another luck we have is only %5 of houses have mortgage yet and the last crisis is long past for Turkey.
    Wealth is increasing %10 every year. I wish I can show the construction sites it is like the 60′s of USA.

    I am also an economist and My Tip for flippers is: The crisis will be completely over in the USA around 2014. That is when you should all have houses to improve on hand and make profits of a lifetime.
    If interested to invest in flipping here or request imported construction material etc. or related information, I can be of help as well. ( Marble, ceramic tiles we are leading supplier )

  • Adding a woman’s name to your bandit sign, like this:

    cash buyers only
    3/2 1250 sq ft block
    worth $150k, you pay $40k
    (XXX) XXX-XXXX
    call Brenda

    Will increase your conversion exponentially. And when they call, if you’re a man, just explain that Brenda is out of the office, but you can help them.

  • When dealing with a distressed seller, do everything you can to get the house under contract to purchase FIRST. Once that is accomplished, legally it is yours for the duration of the contract. Then, make an appt. to go out and see the property. If, after you see it, you feel the seller has mislead you, like it needs $50k in repair and he told you it needed $5k, then you can always renegotiate your offer, or cancel the contract altogether.

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