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The FLIP side of the RENO is RESTORE. A FLIP is a CON even when it stands on edge.

By
Home Inspector with Aspect Inspection

 

 The FLIP side of the RENO is RESTORE.  A FLIP is a CON even when it stands on edge.

As far as I'm concerned flipping is a four letter word. It's a cheat and cover up. Just cleaned and freshened up to show better and sell at an up tick. Buy low, clean up, and sell high.

The real clean up is the 'sell high' bit.

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But even renovators (real ones) can miss things. I once inspected a fabulous place. It was a total remodel and rebuild with upgrades all along the way.

Beautiful, but I found a big fire code safety error that would have been a major risk for any resident. And to correct it meant that contractors would be bringing heavy tools and materials in over the flawless new hardwood floors.

 So my client bought it conditionally that the correction had to be made and all finishes restored to here satisfaction prior to her move in. And that's what they did. They were extra careful and protected the floors and surfaces, because they were motivated.

My client?

She's a happy camper, and that's no shack!

 

 

So when you need a full inspection....................

 

Posted by

bolg signature 

Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Robert,

Sometimes, it's less risky to buy the old house and fix it properly than have the worry that the previuos owner skipped on things and took some shortcuts.

Brian

May 15, 2011 10:33 AM
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

That's a good point Brian and its a good way to end up with a 'perfect house'.

May 15, 2011 11:34 AM
EC, JF, Double R and Zoey the Cool Cat
Russel Ray Photos - San Diego, CA

As with everything in life, there's probably good people and bad people involved in flipping. I don't like to overgeneralize considering any specific profession. If I did that, I wouldn't like attorneys, insurance salespersons, or car sales persons, but I know several good ones in each of those professions.

May 15, 2011 02:22 PM
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

Thanks, Eric. That's a good point. Flipping only benefits the flipper, unless it's areal reno to current standards. Then it's not a flip, it's a reno.

May 15, 2011 02:36 PM
Peg Barcelo
Fluff My House! Home Staging Inc. 250.486.6369 - Summerland, BC
The FlufftasticStager from Summerland, BC

Robert, way to watch out for your client! People need more professionals like you in their corner!

May 15, 2011 03:46 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Oh, no, I hope Russel doesn’t see this. He’s done 318 flips in 33 years in 7 states, 83 here in San Diego.

May 15, 2011 04:06 PM
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

Thanks Peg.

Hi Jim. What Russel does (from what I've read) is restore and renovate. He's not really what we call a flipper wqho makes money on the re-sale with out adding value to the home.

May 16, 2011 02:12 AM
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good morning Robert, too many people who flip homes do not have the knowledge and experience to 'catch' everything, yet they do it all themselves.

My rule of thumb is; if there is one issue there will be many more.  Mostly hidden.

May 16, 2011 05:35 AM
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

Hi dan. That's a good rule to follow. it may be cautious but you wont get into trouble.

May 16, 2011 08:19 AM
Atlanta's Home Inspector, David Lelak IHI Home Inspections
IHI Home Inspections 404-788-2581 - Canton, GA
Experience the IHI Difference

Proving, yet again, the importance of being an inspector!! What would buyers and sellers do without us - the messenger.

May 17, 2011 05:07 AM
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

It would probably end up back where "buyer beware" ruled the market and sellers would be able to unload (at a profit) their problems on unsuspecting buyers who woulds get stuck for the bill or lose their investment. Sadly it happened too often in the past. It would go to court, and the judge would say did you have a professional lookat it?. No, well..... That how this industry got off the ground.

May 17, 2011 06:12 AM