When you are doing your first flips and trying to get a business started, it is not unusual to do
everything yourself. Jefé and I did everything from the basement to the attic, design work
However, when you’re doing design work, sometimes you don’t know what you don’t know. In other words, there might be clever ways of doing a remodel that you hadn’t even considered.
This is one of my favorite Winston Churchill quotes.
Success is stumbling from failure to failure without losing your enthusiasm.
If you’re flipping houses, it’s important not to lose that enthusiasm, because one of these
days you’re going to have a house that just won’t sell.
Here are five to-dos before launching into that first flip. These will make your purchase easier
and enhance your chances of turning a nice profit.
The ice machine in my refrigerator quit working. I had Jefe take a look, and he
said, “Oh, that’s the wansomjigit clamp on your fanulesprocket pump.”
Or, at least that’s the way I heard it. I said, “Really. How do you know?”
He laughed and said, “Well, what else could it be?”
I have been studying and reading about flipping for several years. I’m very anxious to make the
leap. I’m handy and can do most of the work myself and figure to save a ton on contractor costs.
Last week, Jefe and I found a house in a nice area of town that was being offered on a short sale. The house, a ranch, was a little rough in spots, but we knew there would be a lot of interest because of the location.
We arranged to meet our real estate agent for that area of town on Saturday afternoon.
Jefe and I were faced with a dilemma on this flip in that it had the absolute best kitchen and bathrooms of any house we had ever purchased. Most of the houses we buy need complete kitchen and bathroom renovations.
So, why the dilemma?
We always show up early for auctions. It gives us a chance to go through the house one more time and confirm our plan. But, we also like to scope out the competition and see who we’re going to be bidding against.
Dollars and Sense is a period tip sheet of things you can do, and things to remember, that can save you money when doing a flip.