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!