Rehabbing a bathroom is an important step in a fix and flip situation. Generally, if you want to get the best results you will find yourself replacing toilets, sinks, bathtubs, tile, flooring, tubs and showers. You have to be careful about how much you spend in a bathroom makeover.
Prices for tubs, showers, sinks, tile and toilets vary tremendously. When flipping you want the bathroom to look great. You also do not want to use products that look cheap. You need to find decent materials that will look great and will last for a reasonable amount of time.
Kitchens and bathrooms are probably the two rooms that need the most attention when flipping. Sometimes you will find a bathroom with porcelain tubs and tile that may look worn but really doesn’t have anything wrong with it. These items may even be a better quality, when originally installed ,then the products that you intend to use for the flip. Instead of ripping it out the old items consider refurbishing the tub and tile through a glazing process. Redoing the coloring and glazing in a tub and on tile will make the bathroom look as new as replacing those items. You can also change the colors. There are a number of people who do this, and a good job could save you some cash, which means more money in your pocket.
If you have a system for when flipping you are more likely to be successful. Have a system for success. There are never any guarantees for success, but you can mitigate the potential for failure by having a system. I have been thinking about some people I know who have not had a very pleasant experience flipping a house. As I looked at their situations one thing became evident to me. The people who had the most trouble and who were not successful did not have a system.
Think about it. The most successful businesses are system based. McDonalds, Dunkin Donuts, other fast food restaurants that are franchises are successful in large part because they have systems. Franchisees are required to follow the system of success. Procedures and business practices are consistent within each business. These systems have been developed over time to breed success.
The same idea is a requirement for a successful flipping business. A system for flipping success gives you a leg up on others who do not have a system and reduces the chances of having a bad experience. To put it bluntly, you are reducing your likelihood of failure. Having a system increases your chances for success and improves the likelihood of having a pleasant experience.
The system for flipping must include everything from the business startup to searching for a house that will be profitable, to hiring contractors, having the required legal documents, knowing what materials to choose and selling the house when it is finished. This list is not all encompassing, but is food for thought if you are considering flipping houses.
So, before you begin to flip a house, be sure all of your ducks are in a row. Know what you are going to do before you do it. Have a system and be successful.
I am known as The Property Coach and I teach my coaching students a system that gives them a good chance of being successful. I can be reached by email at [email protected].
This is a rehab spreadsheet that does it all. You can analyze with it, budget, track expenses, do some accounting and use forms from it. You can get into great detail with it or alter it for your particular needs.
Curb Appeal is important in any real estate sales transaction. That continues to be true when flipping a house. It is important to have the exterior of the house as neat and clean looking when selling a house. If you went on a job interview you would be sure to dress appropriately and look your best. This is the same thing you have to do for a house that you are flipping.
Be sure that the lawn is cut and the yard is well groomed. If there is a particular problem growing grass in one spot consider an island of shrubs, flowers and a small tree or two.
Paint the house if necessary. Redo or add siding if it increases the value and improves the look of the house. If the house already has vinyl siding it can be painted with a good acrylic based paint. Match the color if you only need to spot paint. This can easily be done by taking a sample of the siding to a paint store. I have used Sherwin-Williams with great success. Sherwin-Williams and others have products now designed for painting vinyl siding. If neither painting or adding siding to the house is practical, then at a minimum power wash the house. Be sure the driveway looks good too. If it is asphalt and you don’t redo the paving then you should seal the driveway to create a new and clean look. If the driveway is gravel be sure it looks good and get new gravel dropped in if it is too thin.
Having curb appeal will allow you to sell the house quicker. It can also add money to your profit by enabling you to get a better offer.