Long Island - First flip

16 Replies

Pulled the trigger and purchased my first house to fix up and sell.  I've done construction in the past, so I'm putting in a lot of sweat equity because I'm not that familiar with costs, and I'm just nervous.  I don't really hear people talk to much about finishing touches on here.  So i guess I'm looking for some advice on is how to do that.  What colors are most popular, should you put molding on the ceiling, should I wire the living room for surround sound, etc...  What really stands out to buyers.  Any advice from people who have done this would be much appreciated.

Details, if you're interested

Bought the house cash (personal funds) for $175k and at closing, the bank put up the first 11 months of real estate tax (short sale).  Not totally sure why, but I know I'll never get that lucky again.  It's a 3/1 that I'm converting to a 3/2.  Comps tend to go between 280-320 in the area.  Thanks for reading.

I am not an expert but I used to work in high end houses as a cabinet Maker, installer and finisher, but I would think that all comes to your personal goals and objective, what do you intend to do with the property? and who your potential buyers/costumers are? after you answer those question you will have a better Idea or what they would like in their home, and the finish that they might prefer, the final touch make a huge difference but as investor you should look for maximize the looks and finished,.! while keeping the cost as low as possible... your time to figure it out... Good Luck

Maybe I should take a little time to look at neighboring homes up for sale.  Although not many homes in the neighborhood are updated, which I guess is a good thing.

Hi David, congrats on moving forward. Are you planning on using a Realtor to sell this house? If so, I would find one now that could help you with those decisions. They know what sells in the area. Also, make sure you talk to more than one person and find a good Realtor that is farmilliar with your area. The one who you fell best suits your needs in this area should be the one you choose.

@David Shulski

Which part of Long Island? I have family in Massapequa and Rockville Centre. They all prefer more traditional finishes. Hardwoods are a must (but maybe you can put carpet in the bedrooms), granite, bright, clean. Nothing too out of the ordinary. Molding in dining room, at least. Go neutral with color. No surround sound needed. 

Do you want to post a few pictures so we have a better idea of what the current property looks like? If not, that's ok too. 

Good luck!

How is the flip going? GL to you

Hey David! Congrats on getting started. I love close by and haven't gotten my investment career started yet but am pretty knowledgeable in some of these areas. I'd love to come stop by the house and check it out if you want let me know I'm happy to help

The house is in Center Moriches.  I've put a ton of work into it so far, and I figure I have about 6-7 weeks of work left on it (doing 75% of the work myself).  This experience has taught me much more than a book, blog or podcast ever could.  

Chris, what type of Real Estate are you looking to get into, something similar?  I keep a lot of tools at the house and it is unoccupied a lot, so I'd be a little skeptical of bringing strangers there but I wouldn't be against it if you want to meet up for a cup of coffee first.  

Wow, nice area. How are you able to do this during tax season. I to have done my own renovations and I agree that is the best way to learn. You truly can find out the cost of a project that way. Good luck

Thanks, basically I don't do anything else.  I don't watch TV, I don't do anything except work, then when I'm done, I work.  That's pretty much it.

Why don't you walk through some open houses? If you expect to sell your house for $320K, what does a $320K house look like in your area? Scout out a few in that range. What finishes are they using? What colors are they using? Is there crown moulding, stainless appliances, finished basements? Check out your nearby competition and get a feel for the color scheme and how high-end their finishes are and you'll have a better idea what that price point will garner in your area. Then plan to meet or exceed the level of the open houses you check out...

Hey David, congrats on your first flip! Have you listed the house yet? 

I only ask because I'm both a Real Estate Investor and an Agent. A lot of the times we work with developers and investors and they list the house well before it's finished to give a potential buyer the opportunity to pick out all the finishes themselves. 

Of course, this isn't always the best strategy because if the home isn't far enough along you don't want it sitting out on the market for too long. 

Anyway, being that my business partner and I have a good amount of experience both flipping and selling homes, I'd be happy to give you some advice. Shoot me a PM and give me some more details about the house. Hopefully we can help you out. 

Congrats again David!

where you able to complete the flip. if so do you have any pictures or numbers on the profit. alsohow long from begining to end did you hold the property for

Did you complete this flip ?

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