What to do if I lack vision?

Question

Hello everyone! I am a new investor looking for my first deal and I am fairly new to BP. I was wondering what you do to overcome a lack of vision for the finished product when flipping a house.

I have some hands-on rehab experience rehabbing, and when I see prospective properties I think "I could replace all that damaged drywall, put in recessed lighting and finish the hardwood floors", but when it comes to the final product, I don't have in my head what it should look like and I have trouble wrapping my head around the project.

I would love to be able to think of those extra wow factors that really attract buyers. I know this will come experience, but as a new investor how do you envision this? Do you leave it to the contractor to tell you what he would do with a space? Research what comps look like when sold? Pick and choose from things you've seen online that would make sense in your project? Hire someone for this purpose?

I just want to be able to maximize my potential within a project, knowing that I will do some but not all of the work.

Thomas S. · Answer

You need to find a partner with the vision you lack.

Jim Adrian · Answer

@Benjamin Van Buren

There are several options for you.  You need to know what design idea / concept you are going to install before you get rehabbing.  You can always hire an architect or interior designer to provide you with some "color / material pallets" that can be reused for different projects. Have them provide you like 4 different ones. Do some research on the internet. Pinterest is a good source of information.  http://www.houzz.com is another good source for ideas.  Hgtv is another good source via tv or website.  Remember the KISS Theory... Keep It Simple and Sweet/Stupid.  You can pick the last adjective!  Design of a flip can be very important as this can make or break your sale.   Good design does not need to be expensive either.  If it looks like a million bucks then people will want it.

Jonathan Thrasher · Answer

@Benjamin Van Buren  it definitely helps to have another set of eyes especially if you lack the vision.  Another thing that you can do to maybe get inspiration for projects is look online.  Pinterest is one place I am constantly looking for ideas and things that would be easy to do in my projects that would add value and character and the wow factors that buyers are looking for.  Pinterest is full of designers and people with vision.  If you have a friend that uses it as well, you can share ideas with each other via Pinterest as well.  Just a thought.  Happy to help with any ideas you might have.

David Sohn · Answer

Hey Ben - Welcome to BP and to real estate investing!

I would encourage you to better know your market and level of finish work to use on your projects first.  Maybe you already know this but might be worth knowing if you should be putting in low-level finishes, medium or high, etc as to what your market will bear and be best for ROI.

Next I would take a look at some blogs or success stories for well done flips.  BP has a good category for success stories -- here's an example: Share Your Success Stories.

Could be helpful to google things like "rehabbed bathroom(/kitchen/bedroom, etc) before and after" to see what kinds of things people are doing.

Lastly - try the app "houzz" -- very good for design inspiration to get those ideas rolling.

Best of luck!

Ashley Owens · Answer

@Benjamin Van Buren

Good Morning Ben! Everyone has given pretty good advice above and definitely covered all the bases. Knowing your market and collecting some inspiration for yourself from sites like Houzz and Pinterest are definitely important and can be a huge a help in starting off.

I have to agree with Thomas S. that finding someone that you can partner with to take on this more final vision piece is your strongest option. We all have our strengths and weaknesses and while we can all learn and improve in our weaker areas to an extent, if you're not the creative design idea concept guy, then you would be well served to find someone in your market who is. Not all designers and architects charge an arm and a leg for their services, so I know that if you look around, you'll find someone you can work with. It's like any relationship in this business, you just have to find someone that's the right fit with you and your company and is interested in the same outcomes you are.

Best of luck! Happy to help if you have any questions. Just PM me.

What to do if I lack vision?

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