So. Cal. Flippers, what are you spending on your flips?

Question

Hi, my sister and I are new to flipping in the North OC area.  Currently driving for dollars and finding some potential deals, sending yellow letters, doing a lot of pre-analysis.  No deal yet, but I'm wondering what the So. Cal flippers are budgeting/spending on your flips.  Older neighborhoods, nice quiet streets, around 1000-1600 sqft.  Thanks.

Account Closed · Answer

I have not rehabbed a property yet. I am in the planning stage. The information that you all have provided has given me a general idea of the rehab costs to budget in this area. Thank you.

@Corey Fenner how are you planning to fund your property acquisition and rehab costs?

Account Closed · Answer

@Polar Prutaseranee @Corey Fenner

Hello all. Polar, I am curious about average rehab costs in Los Angeles and Orange counties as well.

Corey Fenner · Answer

Thanks for the advice @Karen Margrave.  I definitely plan on working with licensed contractors to get real inspections and bids.

Hi @Jo-Ann Lapin.  For now I would like to stay closer to my own neck of the woods in North OC area.  The homes we are looking at, well we haven't been inside, but fingers crossed we hit a pot of gold and they aren't quite as bad as they look from the outside.:)

Thanks @Shannon Peace.  Let's keep in touch!

Shannon Wright · Answer

I have seen flips for $15k and some for $120k...depends on the house needs and the market area. Some areas will require full upgrades because the market has that standard.

I can handle all your escrows for you, when you are ready! Good luck!

Jo-Ann Lapin · Answer

It totally depends of whether is minor or major flip. Are wanting to stay in the oc only?

Karen Margrave · Answer

@Corey Fenner Whenever you are getting pricing, you need to make sure you are comparing apples to apples. As @Manolo D. mentioned, prices vary tremendously depending on if you are doing a cosmetic fixer or a major rehab. Also, you need to know what to look for when viewing properties to know the difference, and what costs are going to be. It's area dependent too.  I'd strongly advise you find a contractor to work with that has experience, and get him to go inspect the properties with you once you narrow it down to one or two. As to the contractor, be sure to check their license on the California State License Board, and get references.

Leonard L. · Answer

We rehab smaller homes in Riverside and have spent as little as $10k and as much as $75k.   The average is probably about $25k though.  We try to limit most of budget to kitchen and bathroom, then flooring and paint throughout.

Polar Prutaseranee · Answer

@Corey Fenner I'm constantly looking for partners as well. Definitely feel free to reach out if you think I can help you and your sister out. We normally flip in LA and Orange Counties but are trying to venture out. Currently in escrow for a home in Costa Mesa and our next properties lined up are in Orange and Riverside.

Corey Fenner · Answer

I am currently looking for an experienced flipper to partner with.  I would like to offer a % split in exchange for the opportunity to learn the business of rehabbing, as well as utilize their financial leverage and connections.  Anyone interested?

So. Cal. Flippers, what are you spending on your flips?

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