Know How to Spot a Good Flip
Look for buried treasure This could mean getting the ugliest house on the block.
• A desirable neighborhood with good schools • Ugly duckling in the neighborhood • Vacant • Priced to make money for rehabbing • Good bones — good structure • The return on investment is 300 to 500 percent of the cost of repairs • Taxes are owed on the property • Absentee landlord • Probate property • Foreclosure property • The work needed is something you’re capable of doing yourself • Documents related to house turn up nothing unusual • Great floor plan • Rooms with character and class • Hardwood floors hiding under carpet • Roomy kitchen with an inviting layout • Roomy master bedroom • Two or more bathrooms, at least one of which is roomy
What are the Signs of a Bad Flip
There are signs that a home is a lemon. Look for these warning signs of a house you probably want to steer clear of: • Water stains on wall board, ceiling • Foundation bulging in or out • Mold in the attic, walls • Knob and tube wiring or aluminum wiring • Rotting windows with water stains down walls • Standing water in crawl space • Sagging floors or roofline • Neighbors from hell • More cats than humans in residence
So What’s The Quickest Way To Flip A House?
The ideal house for a flipper needs a cosmetic job instead of major repairs. This usually involves a deep scrubbing, decluttering, and a little makeup: Here are some top makeover steps to transform your fixer-upper:
Painless landscaping makeovers
• Trim trees and brush
• Pull weeds and dead plants • Plant fresh shrubs and flowers • Declutter the yard • Mulch the flower beds • Mow and edge the lawn • Fill driveway and walkway cracks
Quick curbside facelifts
• Apply a fresh coat of paint (except on brick) • Paint the front door and threshold • Repair and paint or replace the gutters • Replace the front and rear storm doors • Replace exterior light fixtures • Replace the mailbox
Interior beauty tips
• Replace all wall-to-wall carpeting (unless it's covering a beautiful wood floor) • Apply a fresh coat of paint (neutral tones only) • Install or update light fixtures
Quick and cheap kitchen makeovers
• Install a new stainless steel sink • Install a new faucet • Replace damaged or out-of-date countertops • Paint or refinish the cabinets and install new hardware (knobs and handles)
Bathrooms brush ups
• Install a new vanity (cabinet and sink) • Install all new fixtures
What About Staging?
You have to properly stage (showcase) the home, so use the following checklist to perfectly stage the property: • Mow and edge the lawn (yes, again) • Sweep the entryways and lay down new doormats • Scrub-a-dub-dub that house right before showing (especially the kitchen and bathrooms) • Clear the clutter • Furnish rooms sparingly with attractive furniture (no vacancies) • Open the windows and turn on all the lights (no heavy air fresheners, scented candles, or potpourri) • Set out attractive bouquets of fresh-cut flowers
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