Table of Contents
Awkward Addition Flip
"Beware of a poorly planned addition. I wouldn’t necessarily avoid a house with an addition like this one had, but it did complicate the project and result in a lower sales price, even after the rehab."
Care Home Flip
"The bigger the disaster, the better the makeover. A long, difficult project can create major value and be very satisfying. When we finished the project, what had been an old building in disrepair was a beautiful, modern home that the buyers loved."
Entry Level Flip
"If there are a lot of offers coming in, it doesn’t hurt to play the waiting game. Yes, you want to sell the house as quickly as possible, but in a case where there’s a lot of interest, not taking the first good offer you get sometimes pays off handsomely."
"The house was more than one hundred years old, with a tiny kitchen, an outdated electrical system, and an awkward upstairs layout that forced me to move many walls and update the infrastructure. It was a lot more work than I’d anticipated."
Hoarder House Flip
"Being sensitive to the needs of the homeowner in this type of situation is crucial. I was reluctant to extend the rent-back at first, but I could see that this was important to them and they needed help. It was the right thing to do and I’m glad that’s how we proceeded."
Knife in the Wall Flip
"You might add a bathroom, bedroom, or other space, such as a master bedroom if there is not one, or an additional bedroom or bathroom if the house has too few compared to the comps. Doing so within the existing footprint of the home could dramatically increase the house’s value"
Low Pitched Roof Flip
"These roofs are usually cheaply constructed using less material and are more liable to cause drainage problems; they also provide less indoor space and less insulation than steeply pitched roofs. They are usually not attractive to buyers and thus lower the resale value of the house."
Modern Farmhouse Flip
"A full-gut rehab is the most common level of rehab, and it means you’ll need to pretty much gut the interior of the home, including the kitchen and bathrooms being stripped down to the studs. It also entails updating the electric and plumbing according to code and putting in all new finishes."
Smurf Blue Flip
"I painted this house a bright, Smurf-like blue. It turned out that several potential buyers didn’t like the color. I’ve stuck with neutral gray exterior paint ever since."
Spanish Style Flip
"Most other homes in the area had three bedrooms and two baths, so I knew that if I didn’t make some changes, the house would have limited appeal to buyers. I decided to convert the large dining room into another bedroom, and I used some existing closet space in the larger bedroom to add a bathroom."
"Conditions surrounding a house affect its desirability and value. Be sure to take note of any possible drawbacks before agreeing to buy. You always want to purchase the worst house on the block for your flip, not the property next to the worst house!"