If you spend a decent amount of time on BiggerPockets, you likely have a good idea of what it takes to flip a house. Buy it cheap, fix it up fast (and cheap if possible), and sell it for more money than you put in.
There are many articles written on how to calculate repair costs, how to analyze the numbers, and how to find the best deals. These are all great. If you’re anything like me, however, you may wish you could get more details on just what the experts are looking at when deciding whether or not to flip something.
There is a lot of info on the theory of flipping houses. But sometimes what we need is a little more on the actual practice.
My partner Mario Mazzamuto and I made the video below for just that reason. Whether I’m flipping a house for myself or upgrading one for a client (before putting it on the market), there are several things we look for that we know will provide a quick and easy win.
These are the upgrades or changes that will require the least amount of time and money and provide the highest return on investment.
Expert Tips and Tricks for Successfully Flipping Houses
In this video, we highlight a few upgrades from one of our projects and walk you through what we consider when we look at potential projects.
1. Update kitchens and bathrooms.
These rooms offer the biggest bang for your buck. Make these rooms pop with paint, tile, flooring, lighting, etc.
2. Maximize space and storage.
People love storage—especially in the age of Walmart and Costco. Make unusable space usable to add value.
3. Reuse whatever you can.
If counters or cabinets can be rehabbed, use them. Paint cabinets and replace hardware instead of ripping them out entirely.
4. Upgrade hack when possible.
Figure out how to get the highest and best use out of every square foot of the property—without breaking the bank. For the property in the video, we sealed off the area housing the water heater and converted unused space into a laundry room with shelving for storage.
Rehabbing houses intimidates a lot of investors, both new and experienced. But it doesn’t have to! By learning how to communicate with contractors and how to find people who are good at what they do, you can start running rehabs without much anxiety or struggle.
For more information about how I manage rehab projects, save money, and add as much value for as cheap as possible, watch the video above and please check out my BiggerPockets book.
Do you have any additional tips you’d like to share regarding house flips?
Let me know in the comments below!