(Week One) Lessons From Flipping

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old outdated bathroom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


Comments (14)

John Pusa
Glendale, CA

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

Nov 29, 2017 03:31 PM
William Feela
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
Kathy Streib
Cypress, TX
Home Stager/Redesign

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
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
Kathy Streib
Cypress, TX
Home Stager/Redesign

Dec 02, 2017 07:15 PM
Amy Bly

Thanks very much, Kathy :) I'm honored! I see more people are reading my post because of you, wonderful! Hope all is going well with your business and you as well?

Dec 03, 2017 09:14 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

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

Dec 03, 2017 04:19 AM
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
Kristin Johnston - REALTOR®
RE/MAX Platinum - 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
Matthew Klinowski, PA
Downing Frye Realty - Naples, FL
Naples Golf Guy | Find Your Dream Lifestyle

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
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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.


Dec 03, 2017 08:12 AM
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
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

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
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
Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Excellent Information. Thank you for sharing. Have a wonderful day and a blessed weekend.

Feb 27, 2023 03:04 AM