Live It Magazine Summer 2018 Issue

Dated: 10/01/2018

Views: 82

REAL ESTATE 101

with Linsey Taylor

Have you been thinking about flipping houses like the people on tv? 

So you've been watching a marathon of house flipping shows like Fixer Upper and Flip or flop all weekend.  And you begin to think, I could do what Joanna does.  I could even look as good as Christina El Moussa while wading through piles of trash and discarded furniture. Well all of this is probably true, but what about the reality behind the reality tv shows?

Comedian or True Blue Problem Solver?

The first thing to know, is that being super funny and charismatic makes for great tv.  But the key to a successful flip is being a real problem solver.  Every house comes with its share of good and bad. And most often times, you have no idea what sort of "blessings" have been bestowed upon you, until you have already purchased the property. So while a good laugh is always necessary when viewing run down and forgotten homes, just know that any problem can be solved with money and sweat equity. 

Finding the right house to flip. 

Finding just the right house to flip is usually the hardest part of the entire process. A house that is priced low, needs minimal work, and is located in an outstanding neighborhood, is sometimes a challenging find. Beginner flippers will do this two different ways. The first is by establishing a relationship with a Realtor. One who knows the areas your looking at and whom will call you the second that low priced house becomes available. The second, is by driving those neighborhoods. When you see that house that is just right for flipping, call your agent and get a showing scheduled. Other options include bidding at auctions and looking on foreclosure websites. But I urge you to get some experience first. These transactions can be very tricky. And you can unknowingly find yourself with a new property and a string of costly liens that come with it. 

Remodeling costs

One thing the tv shows don’t always tell you is how they have already budgeted for remodeling and repair costs. If you are going to flip a home and make a profit off of the sale, you must have a budget. And, do everything possible to stay within that budget. Of course once you get going with repairs, a problem is always bound to arise. The usual issues can include plumbing, roofing and foundation issues. I always prefer to have some cushion in my budget, just in case. 

Your remodeling team

Having a fantastic network of contractors around you is very important. Most couples that flip houses for a living, have established relationships with contractors. And most of them even have the knowledge to do many of the jobs themselves. So be prepared to roll up your sleeves when the painter is running late. Or the plumber has 5 jobs scheduled before yours, and you have pipes leaking water right now.

Time to turn a profit

Now that you've finished all the work on your new house, it's time to turn a profit. Hopefully, you have stayed well within your budget on repairs. And your newly remodeled house, is quickly becoming the envy of the neighborhood. So call your Realtor and schedule a viewing of the property. Go over all of the upgrades you have added, and let your agent know what you would like to list the property for. You may be surprised, as often times Seller's under value their homes. The right agent will get you the maximum return on your investment

You may read the entire Live It magazine and article Here

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Linsey Taylor

Nothing is more exciting to me than helping people meet their real estate needs and achieve their goals. I always have my clients best interest in mind. And I pride myself on being honest, trustworthy....

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