Flipping Homes Q&A
I love hearing all your questions on flipping homes. I thought I would answer a few on the blog today because when one person has a question, typically several others have the same question. So here we go!!
Q: What experience did you have in remodeling and construction before you started flipping houses?
A: Fun question, because, you will love the answer – NONE! We had remodeled our own home but, really, I knew very little when I started. It takes guts and a financial plan but really taking a home that needs updates and making it a space that potential homeowners will want to own is a busy but rewarding job. It’s really just common sense; Update the spaces, revise the plan if the spaces don’t work, be creative, stay on a budget and believe you can do it! I often get my best results from properties that my friends and family say I am crazy for buying. I see the potential – others not so much!
Q: What do you think the number one challenge is when flipping a home?
A: That’s easy. Finding good help! It’s tough finding good sub-contractors and keeping them tightly scheduled. I have worked with many of my subcontractors for the last 15-years, so they know how I operate. If you are just getting started, then here are 3 things that make you someone your workers will want to work for again and again.
1. Be a decision maker – it moves the job along more quickly and creates respect.
2. Be fair and pay promptly. (This has been my mantra and it works!)
3. Appreciate their knowledge and consider their input and suggestions. I learn so much from those that work with me. They are doing their trade every day and offer great ideas on each project.
Q: How do you find your projects?
A: Connect with local real estate agents, go to auctions, talk to friends and family, and knock on doors. I have done all of the above with the exception of the auction route. But, I do know several people that have had success with auction properties.
Q: How much of your job is actually designing homes?
A: I would say less than 50%. Most of your time is spent coordinating the remodel process. However, the design portion is key because bad design decisions can lead to reduced profit. Designing is not just carpet, tile, cabinets and countertops. It includes the home’s layout and style. Make sure you are reworking the rooms to ensure a more livable space.
Good luck! I hope to hear about your many successes because this is definitely a fun business.