Our House Flip....A Weekly Story

[nu2solar]

Hi everyone. Some of you know me from my "Going Off Grid" story. My husband and I are in FL doing a home remodel for the winter. I just started this new story on Monday. If anyone is interested you can see our story at:

http://www.city-data.com/forum/house/828950-our-flip-house-weekly-story.html


Lisa

[Cat Lover]

I'd like to take a few moments here to address the entire topic of 'house flipping.' Keep in mind I am speaking more in response to what I consider to be irresponsible TV shows, than anyone in particular.

I am an electrical contractor. I do work for a few property management firms, a couple slumlords, and even a real 'flipper.' I've seen my share of remodels.

The "Flipper" is a high-school dropout who has been at this since the 70's. He has a knack for it; he does it full-time, as the focus to his life. Oh, he's tried other things, but alwys comes back. He's good at it, and loses money whenever he strays.

With that in mind, he generally takes a couple years to 'flip' a property. In his case, it's not just the building he 'flips.' He takes small apartment buildings and re-builds the tenant base as well. Nevertheless, the TV model of buying, fixing, and selling a month later for a huge profit just doesn't happen.

Unlike on TV, it's not just a coat of paint and trimming the bushes that leads to a successful 'flip.' If it were that easy, don't you think the last guy would have done it?

Some of your efforts will be in making up for years of ordinary wear and neglect. For example, carpet and padding do wear out - especially when corners were cut by the last guy.

A serious amount of your efforts will involve un-doing various 'remodels' that were done over the years.

Most folks underestimate the amount of work necessary to bring an older home in line with today's needs. We're talking major electrical and plumbing changes here. Alas, since these things are usually out of sight, corners are cut and the money spent on visible stuff like marble counters.

Be especially wary when it comes to substituting your tastes for others'. For example, in the house shown here, the OP expresses disgust over the 'patio stone' style driveway. Look, that drive has the blocks all where they belong, and they do not appear to have shifted or broken. It's a common Florida style. The entire neighborhood is probably filled with them. Just because something is new or different does not mean it's bad.

The OP also mentions that the screened pool room needs to be redone. That is not obvious from the pictures, but I trust their word. Just let that be a caution to you when you see a pretty picture of something.

Speaking of that screened room, be aware that there are serious code issues regarding such a room. Since the former owner probably didn't bother to get a permit when he built it, it's likely going to fall on the new owner to fix it up during the remodel.

Finally, these are tough times in general, doubly so in Florida. You'll have to add REAL value, and not just a few cosmetic flourishes, to sell at anything resembling a profit. If a kitchen remodel won't pay off for the current owner, it won't for the flipper either.

[Teg]

Hi everyone. Some of you know me from my "Going Off Grid" story. My husband and I are in FL doing a home remodel for the winter. I just started this new story on Monday. If anyone is interested you can see our story at:

http://www.city-data.com/forum/house/828950-our-flip-house-weekly-story.html


Lisa

I enjoyed your going off the grid thread over at City-Data, good luck with the flip after your off the grid house you should have the skills you need to make it work.

[Anon001]

Since this is their main source of income and their line of work, I'm considering this to be "Business" and moving it to "Member Business."

NO member business links or promotions are allowed on the board outside the Member Business forum.

Paul

[offgridbob]

Dang, I can't figure out whether to salute or click my heals together