By the time I got to our latest flip house today, the roof was nearly gone and another Dumpster was nearly full. It was a beautiful sight. I wanted to stand in the front yard and applaud Andy Meyers and his two sons.
Andy is our general contractor on this project and he’s got his hands full.
Tomorrow, they are starting to rebuild the roof and dig the foundation for the family room addition. The transformation of this house will be rapid.
Beautiful, just beautiful.
It’s very much the fashion these days to write letters to include in your Christmas cards that update your friends and family on the events in your life over the past year.
With that in mind, I wanted to share some of the events in my personal life from the past year.
Melissa and I bought a new house.
There was an article in the Dec. 8 edition of the Columbus (Ohio) Dispatch by reporter Jim Welker about how rising housing prices contributed to a decline in flips during the third quarter.
According to the article, there were 45,718 houses flipped in the United States during the months of July, August, and September. This was down about 1 percent from the second quarter. Mr. Welker obtained his data from Attom Data Solutions, which is the parent company of RealtyTrac.
Here’s our newest flip. It is a small, post-World War II house that is a reminder that we have become spoiled with the size of our homes. This house was built on a crawl space and less than 1,000-square feet. It has two bedrooms, a bath, a small living room, dining room and kitchen. The mechanicals are wedged into the kitchen and one-car garage.
Our mission is to convert this to a three-bedroom, two-bath house with a large family room, basement and two-car garage.
Jefé and I are off on another adventure.
Frankly, it’s about time.
We’ve been spinning our wheels for the past couple of months trying to sell two houses. One was a long-time rental that caused us some heartburn because it needed a lot of work to get into selling condition. The other, which is in contract and scheduled to close soon, is a great house, but we just had trouble getting it sold. That happens sometimes
Sometimes, we need to get slapped in the face to keep things in perspective.
Jefé and I are sometimes in the business of capitalizing on the misfortune of others. We frequently buy houses that have been foreclosed upon by the banks. It’s a sad fact of this business.
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.
When you flip a house, you will most likely have one of two types of neighbors. One will see the value in your work. They will understand that a rising tide raises
One will see the value in your work. They will understand that a rising tide raises all ships. In other words, as you increase the value of your flip property, the value of their property increases. Everybody wins. These neighbors will bring you lemonade and cookies and gush over your work.
And then . . .
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.