Fliposaurus

Category - Dollars & Sense

Finding The Right Architect Adds an Outside Perspective to a Flip

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
included.

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.
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Don’t Go Into House Flipping Without a Partner Like Jefe

JefePhoto (1)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?”

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Dollars & Sense

Flip_D&S
  • Buy gift cards at your local grocery store and earn fuel points.
  • If you know that you’re going to spend $4,000 at Home Depot over the course of a flip, buy $4,000 in gift cards and get the fuel points. It’s not difficult to rack up a couple hundred dollars in free gasoline.
  • The same can go for a credit card that offers cash-back rewards. Take advantage of these offers.
  • Lowe’s is no longer selling gift cards at local grocery stores. They have moved away from gift cards and are driving customers to use their store credit card by offering a five-percent discount.
  • Jefe and I are not big fans of credit cards, but we frequently use the Lowe’s card. We save a minimum of $100 when we buy appliances. It adds up. (Pay them off every month. I don’t want Dave Ramsey balling me out for urging people to use credit cards. Companies that give away credit cards bank on you carrying a balance so they can make money on the interest. That five percent you save will be gone in a heartbeat if you carry a balance on your card.)
  • Also, open a ProServices account with Lowe’s. ProServices specialists can save you additional money on some purchases.

You Don’t Get Them All

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.

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How Far Do You Take the Renovation?

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?

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The Auction

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.

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Dollars & Sense

Flip_D&S

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.

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