Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kim

Your post is a road map to a successful flip.

Good luck and success.

Lou Ludwig

Jan 01, 2017 04:23 PM
Kim Gaston

I appreciate your opinion,Lou Ludwig !


Best of luck to you in 2017.

Jan 01, 2017 04:47 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kim

Congratulations on a gold star feature for an outstanding home.

Good luck and success.

Lou Ludwig

Jan 01, 2017 04:24 PM
Kim Gaston

Such a nice surprise. Thank you Lou Ludwig! 

Jan 01, 2017 04:48 PM
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Nicely written - a totally comprehensive road map to flipping homes from someone who knows.

Jan 01, 2017 04:35 PM
Kim Gaston

Thanks so much, Jill Sackler . The flipping industry continues to accelerate. I just want to make sure buyers go in with their eyes wide open. 

Jan 01, 2017 04:54 PM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

This is a very good list! Flipping can be lucrative but it is nothing like they show on TV. You have got to do your homework.

Jan 01, 2017 04:47 PM
Kim Gaston

Yes, you're exactly right Nathan and Angie Gesner . It definitely requires a ton of time and due diligence.

Jan 01, 2017 05:10 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Kim - this is very useful information.  Investors need to understand these things.  There are many wanna be's.

Jan 01, 2017 07:15 PM
Kim Gaston

Thank you, Grant Schneider. I couldn't agree more. 

Jan 01, 2017 08:10 PM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Kim, your advise is as crisp as that great Colorado mountain air!  One has to know the end game of what the flip would sell for once you have fixed it up, before you could even consider making an offer.   There just aren't that many opportunities available anymore in our market for investors to find flips with good profit margins.  

Jan 01, 2017 07:36 PM
Kim Gaston

Bruce Walter thanks so much for your response. I believe that may be true here as well. The lack of inventory is slim for even this niche.

Jan 01, 2017 08:41 PM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

One needs to get properties way below market. If the market is not predictable chances of turning into a disaster is on your side.  Even if you get it below market and the market is still hot the overbiding is not likely to happen.

If you buy and hold you will probably come out ahead after a year or two of holding.....

Jan 01, 2017 08:08 PM
Kim Gaston

You obviously have experience in this arena Sam Shueh.  Thanks for your feedback. Flipping quickly or holding, I can understand the benefits to each.

Jan 01, 2017 08:48 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kim Gaston  what an awesome post about the 7 quick point on Flipping a Home. Wishing you a superb 2017 and man flipping clients, Endre

Jan 01, 2017 09:05 PM
Kim Gaston

Ha, thank you very much Endre Barath, Jr. Best wishes to you for a new year that's one for the record books!

Jan 02, 2017 06:00 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Kim

There is some great information here for someone who is considering venturing into the the flipping business. The financial considerations are huge and the budget and desired ROI must carefully be considered to see if the numbers work - it's especially tough in our area because of the prices.
Jeff

Jan 01, 2017 09:20 PM
Kim Gaston

Jeff Dowler yes, you're so right. Flipping can be a huge risk. I don't often deal with investors, but would recommend consulting with those who have had success with a high volume business model.


Thanks for your comment and Happy New Year!

Jan 02, 2017 06:11 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

These are all very valid and it's a good thing to wrestle with this idea. Love and light and all the best in 2017

Jan 01, 2017 11:39 PM
Kim Gaston

Thank you Laura Cerrano. Best wishes for a brilliant new year!  

Jan 02, 2017 06:12 AM
Christina Sanchez Hood
Palo Alto, CA
#SiliconValleyHOODS | Inspired Living

Nice post!  Congrats on it being featured too.  Great information for my investor clients.  Wishing you continued success

Jan 01, 2017 11:45 PM
Kim Gaston

Thanks so much. I appreciate your comments,Christina Sanchez Hood  and wish you all the best for 2017!

Jan 02, 2017 06:13 AM
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Also join a local Real Estate Investors group.  Check out www.nationalreia.com to find one close to you.  You have access to ton of knowledge, resources and networking with people that are doing it.  I have been a part of one for 25 years

 

Jan 02, 2017 04:39 AM
Kim Gaston

Sham Reddy great feedback, thank you for sharing that information!

Jan 02, 2017 06:15 AM
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I never purchase a flip home on MLS. I always search and purchase deals off MLS to get a better deal for my investor. Great tips

Jan 02, 2017 05:21 AM
Kim Gaston

Yes, the profit margin is simply better before it hits MLS. You serve your investor clients well, Harry F. D'Elia. Thanks for commenting.

Jan 02, 2017 06:18 AM
Chris Lima
Atlantic Shores Realty Expertise - Port St Lucie, FL
Local or Global-Allow me to open doors for you.

Great post, Kim.  I am glad it was featured. 

Jan 02, 2017 06:00 AM
Kim Gaston

Thank you Chris Lima . I greatly appreciate the feature.

Jan 02, 2017 06:21 AM
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

Kim Gaston Your post offers great tips on Flipping. It is not a sure thing as many finds. In my opinion, your best tip is #1. Know your cost. 

Jan 02, 2017 06:14 AM
Kim Gaston

Frank Rubi you can't underestimate the costs enough. Just like building a house, its always over budget. Thanks for your feedback.

Jan 02, 2017 06:23 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Its one of the many facets of Real Estate. However: Experienced need only apply

Jan 02, 2017 06:16 AM
Kim Gaston

Richie Alan Naggar yes, its certainly a long learning curve for newbies.

Jan 02, 2017 06:26 AM
John Myers
Myers & Myers Real Estate, Inc - Albuquerque, NM
Your Trusted Real Estate Advisor

Great article, it all about understanding the numbers.  Make a mistake and you may be renovating a home and losing money.

Jan 02, 2017 07:07 AM
Kim Gaston

So true, John. Good due diligence is vital to success.

Jan 02, 2017 08:07 AM
Jenifer Lower
Bozeman Montana Real Estate .net - Bozeman, MT
Your Dream. Our Passion.

Great information here!  I agree, crunch those numbers BEFORE presenting an offer and then stick to your budget.

Jan 02, 2017 07:18 AM
Kim Gaston

For sure Jenifer, the better informed you are on the front end will protect your bottom line on the back end.

Jan 02, 2017 08:08 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Kim, this is a great list!  I once lost a lot of money restoring historic homes because I didn't properly analyze what my buyer demographic would be willing to pay.

Jan 02, 2017 08:06 AM
Kim Gaston

So sorry to hear it wasn't a profitable experience, Brian. Kudos to you, however for trying to preserve those grand historic ladies. I'm sure the cost of restoration vs. renovation is a completely different ballgame.

Jan 02, 2017 08:15 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Kim, thanks for sharing your tips on how to flip a house.

Jan 02, 2017 09:23 AM
Kim Gaston

Sybil Campbell thank you for stopping by!

Jan 02, 2017 09:39 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Kim Gaston,  Great post and feature for you.  Some people think it is each to flip house but they need to know the facts of how to do it.

 

Jan 02, 2017 11:24 AM
Kim Gaston

Happy New Year, Will Hamm ! Definitely not an easy buck to be made here, thank you for stopping by.

Jan 02, 2017 08:39 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
The House Kat

Yes, it's all about knowing the details. There is a lot of useful info in this post - thanks for sharing!

Jan 02, 2017 04:36 PM
Kim Gaston

Thank you Kat Palmiotti. I appreciate your comment. 

Jan 02, 2017 08:40 PM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  I've seen inexperienced HGTV junkies buy houses that turned out to be tear-downs.

Your tips are spot-on!

Jan 02, 2017 07:23 PM
Kim Gaston

Fred Griffin thank you, and best wishes to you for a healthy and prosperous new year. 

Jan 02, 2017 08:42 PM
Macy Babb ... North Georgia Realtor
Re/Max Around Atlanta Realtor - 404-234-6166 - Cartersville, GA
Realtor, SFR, HUD/REO Certified

Great points.... I agree with all... purchasing Flips #14, and #15 by months end for my husband and I... and it is very addicting

Jan 03, 2017 05:51 AM
Kim Gaston

Macy Babb would love to see you post some before and after pics. Congratulations on your success! Thanks for coming by.

Jan 03, 2017 05:55 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the featured post. Thank you for the great tips.

Jan 03, 2017 08:02 AM
Kim Gaston

Thank you for your comments Gita Bantwal. Happy New Year! 

Jan 03, 2017 08:58 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Kim, those cute kids on HGTV make flipping look a lot easier than it usually is. Thanks for providing this down to earth, smart advice.

Jan 03, 2017 10:18 AM
Kim Gaston

I know what you mean Patricia Kennedy. I'm sure if we'd all be surprised at how much research and work is involved behind-the-scenes. I'd actually love to see that, but it probably doesn't make for high ratings. 

Jan 03, 2017 10:43 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Congratulations on your feature recognition. This is very good advice for prospective home flippers.

Jan 05, 2017 06:40 PM
Kim Gaston

Thanks so much, Roy Kelley. I really do love the challenge of this niche and finding just the right opportunity.   

Jan 06, 2017 06:11 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks Kim,

I have been flipping for many decades, before it became popular on TV, most of those shows are laughable in their ideas and expectations.

These flippers, and many agents, really need to learn the reality of business and how to use a spreadsheet.

Jan 12, 2017 11:37 AM
Kim Gaston

Bob Crane thanks for your comment. I'm sure you could share with us some great successes and the actual reality of a "true" budget.

Jan 14, 2017 06:55 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kim

The flippers ready has to what they're doing and real cost of doing it. Thanks for sharing an insightful post on the topic.

Good luck and success.

Lou Ludwig

Mar 22, 2017 06:51 PM
Kim Gaston
RE/MAX Advantage Realty - Colorado Springs, CO
Colorado Springs REALTOR®, CNE (719)661-6987

Definitely Lou Ludwig , margins are tighter now that low budget inventory is even harder to find. Thanks for commenting.

Mar 22, 2017 07:11 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Hi Kim, This is so on target. I am writing several offers today for an investor. It is all business and it is all about the numbers.

Mar 24, 2017 06:16 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Kim Gaston Those are list of perfect tips for house flipping.

Mar 25, 2017 01:22 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Kim, great tips for flipping in 2017!  Profit, of course, is a priority but, many investors forget about the buyer pool in a particular neighborhood - if their buyers are not into the 'style' that the investors are using to renovate, they don't have a buyer pool!  Most agents forget about that very important detail!  Great advice, Kim!

Mar 25, 2017 06:29 PM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Kim - Great post on what to look for that will make a house flip worthy.

Mar 26, 2017 11:21 PM
Kim Gaston
RE/MAX Advantage Realty - Colorado Springs, CO
Colorado Springs REALTOR®, CNE (719)661-6987

Thanks again for the re-blog Debbie Reynolds ! I value your opinion and support.

 

I appreciate your kind remark, John Pusa.

 

I see that, too Debe Maxwell, CRS. Mid-century modern or contemporary modern works in a specific architectural-style home, and often in pocket neighborhoods, but generally its not "mass appeal" and varies within regions, i.e. more typical in Denver vs. my community in Colorado Springs. Personal taste should be put aside in lieu of good buyer demographic research. Thanks for your insightful comment.

 

Thank you Troy Erickson, I appreciate you stopping by. 

Mar 27, 2017 06:24 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kim, no wonder you received the coveted GOLD STAR, this was an excellent post.   I don't work with many investors, but you nailed this one! 

Apr 15, 2017 06:52 AM
Kim Gaston
RE/MAX Advantage Realty - Colorado Springs, CO
Colorado Springs REALTOR®, CNE (719)661-6987

Thank you, Joan Cox. Its always nice to be recognized. I value your opinion and appreciate your feedback.

Apr 15, 2017 07:16 AM