Quick Question for Flippers

4 Replies

When flipping a house do you use the same template for the flip? I’m sure the rehab process varies from house to house, but in general do flippers try to stick to the same game plan? I.E. same countertop, lighting, paint?

The best approach to do it correctly is to systematize everything.
And in that respect, it makes sense to use the same template.
You can adjust that template as you go along.
There is no point reinventing the wheel.
Which is what effective flippers do. 

It makes the estimation process for future rehabs a lot simpler.

@Ryan Saeger , the answer is Yes! I know someone who does 50-60 annually and they do everything the same in all units/houses. This allows them to buy bulk and they always have stock on hand for the next flip. As Patrice mentioned, it's all about the SYSTEM!

The answer is, it depends. IF you are doing cookie cutter, standard size and standard entry level price points AND you are doing quantity each year, then yes, the same or similar template is appropriate as part of your systems. However, if you are just doing 1 or 2 homes a year, perhaps not. Also, if you are doing tear downs and or large additions n higher end markets, you can’t use the same template each time for everything, but you can for some items (paint colors for instance).

It is efficient to have name, description, item numbers, etc on a spreadsheet of items you typically buy which makes ordering materials quick and easy. Once you have your favorite vendors, you can include their item codes for ease of ordering and pricing.

Awesome information, thank you for your input!

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