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Flip Tip

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Real Estate Sales Representative with Your Castle Real Estate
10 Home Selling/Flipping Tips
Written by Jamie Abeyta   
Monday, 28 September 2009 00:00
Here are 10 of my favorite Home Selling and Flipping tips.

  1. Don't get emotional: Unless it is going to be your own home don't get emotional.  Remember, this is a business opportunity not a trophy.
  2. First impressions matter: First impressions will sell most houses. If you can't get them out the car and in the door they will not see the inside of the home.  Make sure it has some curb appeal. (Green Grass, Fresh Mulch/Landscape, paint if needed)
  3. Change is good: Any cosmetic changes you make will draw attention- so when in doubt, throw it out!  ( I got rid of some ugly awnings all around the home and added new windows.  It looked completely different when I finished)
  4. Carpet and Paint: This is the most obvious.  Make sure to tear out all carpet and to repaint.  Don't ever keep either! (If wood floors are under the carpet try to keep them, if not replace the carpet.  When painting use soft neutral colors.  I like earth tones)
  5. Kitchen and Baths Matter: I like to tile the baths (Walls and Floors) and remodel the kitchen  (Tile floors and nice counters)  Check what the neighborhood calls for on the counters
  6. Start simple, Work your way up gradually. My 1st flip was one of my biggest; I had no room for error.  Remember, smaller is better at first- the less work you have to do, the smaller the mistakes you can make while you build up experience.
  7. Structural Issues: Stay away unless you have experience with them.  Leave structural problems to the pros.
  8. Activity breeds activity: Market the home when you are almost finished with work on the property,  People can see the end product a lot better when it is close to completion.
  9. Don't get greedy--take the first offer that hits your financial goal.  My experience has been that most offers come in the first few days
  10. Don't get emotional: Re-memorize this rule  Unless it is going to be your own home don't get emotional.  Remember, this is a business opportunity not a trophy.


Home Inspection: Always get a home inspection by a licensed pro....they might find something that the contractor overlooked but was paid for. Most Contractors will gladly come back and address the issue if notified immediately, 3 years later is a different story.

Sewer Scope: Sewer problems are a terrible thing, especially if it is discovered after you close on the home.

 

Show All Comments Sort:
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Jamie, these are excellent tips for flippers!  The only other recommendation I would make is to consult with a Realtor© before starting the rehab.  Flippers sometimes choose to put too much money into things that don't need to be done and not enough into things that do need to be done.

Feb 25, 2010 04:30 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Thanks Sam.  Always good points to remember.  I am ready to start flipping in my area.

Feb 25, 2010 04:31 PM
Sam - Jamie Abeyta
Your Castle Real Estate - Westminster, CO

Good point on consulting with a Realtor Maria.  I work with investors and most of them ask for my advice on their flips and their properties have turned out terrific.  A couple of them havent and their money was put into the wrong items.  One put money into granite counters, wood floors and a tile entry, but left the laminate floor in the kitchen and the old cabinets.  It had too many things grabbing attention away from his upgrades

Feb 25, 2010 04:42 PM
Sam - Jamie Abeyta
Your Castle Real Estate - Westminster, CO

Paula, be warned, flipping and investing in Real Estate can become addicting.  I have picked up 9 properties over the past 3+ years.  I love the challenge of rehabbing a property and the sense of satisfaction when its done.  Good luck and lots of hard work with your flip(s)

Feb 25, 2010 04:46 PM
Franklin & Brentwood, TN Homes Mike Nastri
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

Good tips, one day I may get brave enough to take on of these on myself.  When I do, I will revisit these tips.

Feb 25, 2010 04:50 PM