New high efficiency furnaceAnyone reading posts by home inspectors will eventually see the same theme regarding flipped properties, they are usually a nightmare providing LOTS of blog fodder. Not wanting to be a Debbie Downer all the time. I'm very pleased to report on a flipped house I inspected recently where the flipper did a great job.

Most often the a flipped house is prettied up with a new kitchen and baths, new floors and paint, but the 75 year old boiler is left untouched along with the outdated wiring, plumbing...you get the idea.

On this property the eye candy was kept to a minimum. The kitchen had been redone, but not the two baths, the floors, but not the walls. The interior certainly lacked the WOW factor I'm used too seeing in these houses, but what really left me amazed, perplexed ,was the mechanicals.

New High efficiency water heater

The house had a new high efficiency (95%) furnace, water heater and A/C condenser. New duct work, updated electrical and a fair amount of newer plumbing. It was again perplexing, as this equipment was all very costly. I was happy to for a change get to tell the buyer he had some great new equipment in this house. The house was not without flaws, but nothing huge that should cause the buyer to run, not walk away.

I guess it is more than possible for a flipper to get it right.

 

James Quarello
Connecticut Home Inspector
Former SNEC-ASHI President
NRSB #8SS0022
JRV Home Inspection Services, LLC

ASHI Certified Inspector

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26 Comments on Sometimes They Get it Right

20 Most Recent Comments Displayed Show All

MAY
04
2012
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

I actually have a couple of flippers that have been getting good grades on their home inspections.. Our tough local building inspections here also contribute to the mix. In the end the consumer ends up with a nice home making the process so mucheasier!
6:25am • #7
836,047 Points 69 Featured Posts Outside Blog Called Shot Master

The ones that go all out and do it right do not lose...Move-in ready gets top dollar...
6:44am • #8

Sounds like the people who did the flip are more concerned with the buyer getting a structurally sound residence than increasing their profit margin.  A business with a reputation for quality is going to be around for a long time.  

6:54am • #9
728,881 Points 15 Featured Posts Outside Blog Called Shot Master

James, this flipper knows the importance of have the mechanicals in good working order.
7:05am • #10
386,331 Points Outside Blog

Every time we try to flip a property we get carried away upgrading things. I have just about given up on the 'flipping' since I won't cut the corners and look at it like I would be living there.
7:17am • #11
1,151,923 Points 86 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

James, that is one 'flipper' that understands the value of their money. They recognized that putting a few extra dollars in the mechanicals would get a buyer interested quicker and probably get it sold at a higher price quicker. They chose to reduce the cost of their investment with bank payments on an empty house with a sale quick and a modest increase in costs.
7:19am • #12
135,247 Points 9 Featured Posts Attended Rain Camp Called Shot Master

James, actually I'm seeing this more frequently.. where the money is going into the HVAC systems, tankless hot water systems, upgraded attic insulation and/or radiant barriers and additional attic fans, etc.  And, this is generally being well received by buyers as they tend to feel the important stuff has been upgraded and now they can redo the interiors to suit their own tastes and budget. 
8:42am • #13
915,898 Points 177 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jim, it sure is nice when we find things done nicely---especially the important stuff.
8:49am • #14
477,696 Points 15 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

JIm -- With all the money the buyers will save on the upgraded systems, they can update the home to their liking and really come out winners.  I don't usually see flipped houses with top of the line mechanicals. Nice change.
9:33am • #15
1,582,982 Points 429 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

James

I have seen the good and the bad, as we all have no doubt. It's pretty easy to tell when the flipper has simply put in all the nice looking stuff but ignored the nuts and bolts (and the more expensive things). And sometimes at first glance it all looks great but a close inspection reveals it's cheap and poorly done. It's rare to see the whole enchilada but always a pleasure

Jeff
11:38am • #16
547,229 Points 9 Featured Posts Outside Blog Called Shot Master

James:

Nice to see that a flipper actually put important elements into the flip.  The agent for the flipper will have an easy job selling the home that has all the basics taken care of.
11:54am • #17
197,161 Points 2 Featured Posts Called Shot Master

James,  this was a refreshing post to read! It's nice to see an investor not cut too many corners for a change!
12:33pm • #18
335,118 Points 23 Featured Posts Outside Blog Called Shot Master

Hey, glad to know a home owner isnt' going to get flipped out on this one!  I know, I know, too cheesy!  So too am I!!!
12:41pm • #19
972,707 Points 348 Featured Posts Attended Rain Camp Called Shot Master

Very cool!  I have a flipper here who discovered me when I inspected his first flip.  There was a lot he had to do.  Since then he has actually employed me to look at his flips prior to putting them on the market!
6:20pm • #20
MAY
05
2012
492,337 Points 29 Featured Posts Outside Blog Called Shot Master

Thank you for sharing the positive about flipping. It is unfortunate when some folks do a flip, they are not done well at all. Instead of fixing thing the right way, they cover up what needs to be replaced.

Thank you for sharing the post with all of us.
4:27am • #21
567,003 Points 140 Featured Posts Outside Blog Called Shot Master

Elite, Same here. It is a nice change. 

Clint, Yes it is.

Bill, The sizzle gets the buyer to sign the contract, when they find out there is no "steak" there is no sale. Substance at the end of the day will win out. 

Anthony, Some things you can't hide are an old boiler or ancient electric panel.

Charlie, These are the components that are ignored so often by investors. I will guarantee it costs them more in the end. 

Richard, Exactly. Plus their utility cost will be lower, giving them more money for doing those projects. 

Janis, In the end doing it right makes everyone involved a winner. 

Richie, Like I said to Janis, everyone wins.

Phil, It's not so much the structure as the house itself is generally safe and functioning well. A big repair shortly after moving in can send a buyer into financial dire straits. 
6:14am • #22
567,003 Points 140 Featured Posts Outside Blog Called Shot Master

Michael, Agreed.

Than, That kind of attention is admirable, but like you say, not good for your wallet.

Ed, Yes, it does seem they have chosen a different business model than most.

Judith, Makes perfect sense to me. Paint and paper are cheap compared to mechanical. 

Charlie, Yes it is. It's always nice to have good news to tell a client. 

Barbara, Yes I agree. I don't see this kind of high end mechanicals often if ever in a flipped property.

Jeff, The best way I think to describe this flippers work is practical. The house did not have the usual wow factor, but was functionally far better than average. 

Evelyn, I would believe that to be the case, but not every flipper gets that. 
6:22am • #23
567,003 Points 140 Featured Posts Outside Blog Called Shot Master

Donald, It was refreshing to find and write.

Cathy, I like cheesy :) Thanks.

Jay, Sounds like a practical guy looking to do the right thing. 

Joe, My pleasure, they (flips) aren't all bad. Unfortunately in my experience this is the exception. 

 
6:25am • #24
440,815 Points 69 Featured Posts Outside Blog Called Shot Master
I am listing a house this week for some first time flippers. I have stopped by several times during the rehab process and they are doing it right. They paid special attention to the systems in this home built in the 50's and have updated. They aren't trying to cover up any known problems. I hope it will pay off big for them.
9:51am • #25
MAY
06
2012
567,003 Points 140 Featured Posts Outside Blog Called Shot Master

Debbie, Sounds like they have the right approach. 
5:02am • #26

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