(Week One) Lessons From Flipping

By
Home Stager with Great Impressions Home Staging/Interiors

old outdated bathroom

I'm finally doing something many of my investor clients do: flipping a house in NJ.  

In just the first week since closing, I'm learning how important it is to:

* have a plan of action, including a contractor lined up well in advance

* get quotes on work quickly 

* be able to navigate disagreements with a team of 6 other investors, and arrange meetings

once a week to go over problems and progress

* buffer into your budget at least a 10-15% margin for extra costs 

* TRY to stick to a timeline 

* don't get overly upset when the house throws you a curve -- such as an extra $3500 expense to remove a chimney and replace part of the roof above in order to run a/c ductwork up to the 2nd story --

but in this case we were lucky enough to get a silver lining: the 3 x 3 shower will gain at least a foot in one direction

* always keep in mind buyer preferences when making decisions  -- the upstairs bathroom shown here will have white or gray vanities, large plank subway tiles, and either a gray luxury vinyl floor or ceramic tile floor. 

* avoid being penny-wise and pound foolish: instead of using Ikea cabinets that we either have to assemble ourselves or pay our contractor extra for, we are using just slightly more expensive CC cabinetry in a white shaker style (probably Oxford Latte) from Regal Kitchens that come assembled. 

* If you decide to remove a back door and move a window, for instance, make sure you have

pieces of the siding available to match up with the existing siding in those areas :) 

 

And even before closing on this house, I learned the importance of patience -- we had an accepted offer in early July but due to in-fighting among the heirs of this estate sale, and the discovery of an in-ground oil tank that had leaked (which we had the sellers remediate), it took over 4 months to close, even with an all-cash offer. Thanks to our amazingly unflappable agent, Lisa Sammataro of Keller-Williams in Ridgewood, NJ for her endless patience and gentle persistence in seeing this deal through! 

 

 

 

 

Posted by

Home Staging Bergen County -- Amy Bly

Great Impressions Home Staging 201-390-4649  

 "Great Impressions Get Offers"

Presentation and price are critical to selling houses quickly. You and your agent figure out the best price; I make your home stand out from the competition to appeal to the most buyers, whether they are first-time buyers, move-up buyers, or down-sizing buyers. As an accredited, experienced staging professional, I know how to make your home grab buyers' attention -- on the MLS and in person. A beautifully presented house makes a great impression, stands out from the competition, and generates offers faster than a non-staged house!

For a free home staging estimate, call me at 201-390-4649. 

Home staging website: www.greatimpressionshomestaging.com

Email: amybly@gmail.com

 

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REALTOR LIFE
Tags:
flipping houses
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Rainmaker
2,214,908
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Amy Bly  thanks for the very good report on house flipping.

Nov 29, 2017 03:31 PM #1
Rainmaker
3,329,479
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

There is a lot more to flipping than just buying and selling

Nov 29, 2017 04:02 PM #2
Ambassador
3,063,748
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Amy- I can only imagine what other lessons you'll learn!!! Perhaps a book will come from this!!!

Nov 29, 2017 07:11 PM #3
Rainmaker
84,558
Amy Bly
Great Impressions Home Staging/Interiors - Montville, NJ
Styling Homes for Selling and Staying

I have no doubt I will learn more than I want to, Kathy! But maybe not enough for a book . . . I kind of hope not!

Nov 29, 2017 08:10 PM #4
Ambassador
3,063,748
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Dec 02, 2017 07:15 PM #5
Rainmaker
1,371,230
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

I am sharing this post with my investors who are working on putting a transaction together! 

Dec 03, 2017 04:19 AM #6
Rainmaker
2,732,080
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Amy. You have taken on a tough task and with five partners. Good luck and keep us p[osted.

Dec 03, 2017 05:57 AM #7
Rainmaker
2,542,665
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I can see why Kathy chose to highlight your post this week!

Dec 03, 2017 07:23 AM #8
Rainmaker
203,638
Matthew Klinowski
Downing-Frye - Naples, FL
Golf Community Real Estate Expert

Any, thanks for the checklist on home flipping! Definitely important to keep in mind your suggestions so the project doesnt run away from you and become a money pit! Have a great weekend.

Dec 03, 2017 07:26 AM #9
Ambassador
3,363,977
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Amy

I think these are excellent suggestions I suspect many who at tackling a flip for the first time have no clue about some of these issues and think it's far easier than it really is.

Jeff

Dec 03, 2017 08:12 AM #10
Rainmaker
84,558
Amy Bly
Great Impressions Home Staging/Interiors - Montville, NJ
Styling Homes for Selling and Staying

Very true, Jeff! I've been learning about flipping for a long time -- through watching my investor clients and their choices, reading, networking meetings, seminars, HGTV, etc. Finally decided it was now or never to do something I've always wanted to do! It's an expensive experiment, but that's why there's 7 of us cutting our risk (as well as our profit) by going in together on this first project :)

 

Dec 03, 2017 09:29 AM #11
Ambassador
2,515,594
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

This is an interesting perspective on Flipping that oh so many people have not got a clue of and  get way over their head before they know it Amy Bly 

Dec 04, 2017 09:09 PM #12
Rainmaker
84,558
Amy Bly
Great Impressions Home Staging/Interiors - Montville, NJ
Styling Homes for Selling and Staying

Thanks, Paul. I'm finding myself quite frustrated with the majority of other investors who have no design knowledge/experience and are making poor construction/design choices IMO. ARGH! They seem to be on board with a limited amount of my finish choices as long as everything is very cheap. Penny-wise and pound foolish . . . but that's for my next blog post in a few days. The sage continues as my blood pressure rises!

Dec 05, 2017 08:04 PM #13
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Rainmaker
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Amy Bly

Styling Homes for Selling and Staying
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