At it again.. this time my first flip! Help?.. again?

Question

Hi Gang.

I graduated from Wholesaling to flipping...

At least on this deal.

I have the book on flipping, and I am reading through it. What I would like (what the book doesnt teach me) is advise, tips, material choices etc. etc.

Things to look out for, your bad experiences that I should be mindful of.

My specific questions would be...

Look at the video (is it allowed?)

Admin: Why does the embed code not work...

When I go to edit mode to write this message, the video is showing, but when I submit it.. video is gone...

The flooring has stains. So I will have to redo the flooring. What do you flippers recommend? Hardwood vs laminate vs engineered?

Can someone identify what flooring this is? Type of wood and style maybe?

And the basement is not a dry basement. any not-too-expensive ways to make it a dry basement?

Anything else I should be weary of?

Cheers,

and thank you!

Jerryll Noorden · Answer

HD Supply!

I will do a search. I was going the dark route, (dark flooring and dark cabinets).. Looks so lux... but EVERYONE has told me to go light.. (even white cabinets) I really dislike them, but I am not living there.. I am indeed going to fix and flip it. So I will follow your advice.. bright and light. The house is small so you are absolutely correct. Agents told me as well that making it light makes it feel big. So there...

Thank you for the help. I am very nervous about this one... my first flip. I managed million dollar robotics projects before... yet this is making me nervous.. go figure.

Chris Latham · Answer

Our experience with house flipping and everyone we have talked to is that it always takes longer and costs more than you think.  Allow for extra time and holding costs in your cash flow equations.

Think durability (for all floor coverings and counter tops)  if this is going to be a rental.  But if you are going to fix, flip, and sell then you should still not go the cheap route.  Of course not too high end for the neighborhood but not so cheap that it will turn buyers off.  Look at similar properties for sale in the neighborhood and see what type of material is common.  Make it look bright, clean, and big.  Just like the Real Estate agents would advise if you were trying to sell your primary residence.

Do you have HD Supply in your area.  It's like a super Home Depot and a great place to save money on material.