Fix and Flip, as easy as HGTV makes it out to be?

Rehabbing & House Flipping
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Fix and Flip, as easy as HGTV makes it out to be?

Timothy Vint
Valdosta, GA · Member since 2020 · 7 posts · 3 votes

I’m not handy but I love a challenge. Yesterday I built a dresser. Today I built a bookshelf and a desk from big lots and suddenly got the confidence to fix and flip a completely torn down house.

Now I know I’m far off, but I would just like to get an estimate of what the average person does for rehabbing and what percentage of the Rehab or what jobs do you specifically pay professionals to do?

I am still in the process of discovering my niche! I would love to hear what everyone has to say!

Thanks again for your words of wisdom and encouragement! 😁

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Luke Marsh
Property Manager · Cincinnati, OH · Member since 2019 · 131 posts · 237 votes
6y

Hi Andrew! First off, congrats on building the bookshelf and desk, those can be a nightmare themselves. 

Regarding your questions, I don't believe that fixing and flipping are nearly as easy as HGTV makes it out to be, especially just starting out. The percentage of the self rehab is really going to be dependent on the individual, and the capacity at which they can handle the more difficult jobs (electrical, specific carpentry work, etc.). Just starting out I would not try to be overly ambitious, and stick to the basics like painting, landscaping, etc. I really recommend getting your processes established with contractors and tradespeople beforehand, so you can save time and money. 

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  • Josh Franklin
    New to Real Estate · Lexington, KY · Member since 2020 · 20 posts · 4 votes
    6y

    Have owned and sold 3 houses of my own. 2 of the 3 were fixer uppers. I would recommend starting with some "easier" projects that you could figure out or maybe have done before such as painting, flooring, landscaping, ceiling fans, etc. Things I have always avoided are electrical and some more specific carpentry work. It just comes down to what are you willing to spend your time learning how to do and is it worth your time?

    1Reply
  • John Teachout
    Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
    6y

    Finished this wiring project today. The masking tape is just temporary until the cover gets installed. This was a 100% rewire from the power pole to the outlets.

    1Reply
  • Matthew Nightingale
    Contractor · Member since 2020 · 1 post · 4 votes
    6y

    @Timothy Vint. I had the opportunity to be in an HGTV episode as a carpenter! It’s not as easy as it looks. Matter of fact it’s all staged. Every decision has to be run by a group of people sitting in an office somewhere. They create easy fix problems for tv to keep you interested. I am a full time carpenter and after I was on the show I stopped watching HGTV immediately because it is nothing like doing everything for yourself! Fake, Fake, Fake! The crew was nice and the staff was nice but nothing like our everyday grind. Hard work with legitimate problems. It can be fun if you have the right crew on your hip! Good luck!

    4Reply
  • Timothy Vint
    OP
    Valdosta, GA · Member since 2020 · 7 posts · 3 votes
    6y

    @Josh Franklin @Matthew Nightingale

    Thanks y’all. I know “reality tv” isn’t the realest thing. So Josh you consider painting and landscaping some of the “easier” projects, because I have some experience in that area.

    0Reply
  • Josh Franklin
    New to Real Estate · Lexington, KY · Member since 2020 · 20 posts · 4 votes
    6y
    Originally posted by @Timothy Vint:

    @Josh Franklin @Matthew Nightingale

    Thanks y’all. I know “reality tv” isn’t the realest thing. So Josh you consider painting and landscaping some of the “easier” projects, because I have some experience in that area.

    Easy"ish" for sure. Moreso than me trying to rewire a laundry room or shingle a roof!

    0Reply
  • Account Closed
    Specialist · OverTheRainbow · Member since 2020 · 607 posts · 909 votes
    6y
    Originally posted by @John Teachout:

    Finished this wiring project today. The masking tape is just temporary until the cover gets installed. This was a 100% rewire from the power pole to the outlets.

    Nice. Are there any AFCI's per NEC2017. I can't seem to make them out but they are probably covered by the temporary labels.

    0Reply
  • Account Closed
    Specialist · OverTheRainbow · Member since 2020 · 607 posts · 909 votes
    6y
    Originally posted by @Timothy Vint:

    I’m not handy but I love a challenge. Yesterday I built a dresser. Today I built a bookshelf and a desk from big lots and suddenly got the confidence to fix and flip a completely torn down house.

    Now I know I’m far off, but I would just like to get an estimate of what the average person does for rehabbing and what percentage of the Rehab or what jobs do you specifically pay professionals to do?

    I am still in the process of discovering my niche! I would love to hear what everyone has to say!

    Thanks again for your words of wisdom and encouragement! 😁

    Fix and Flip, as easy as HGTV makes it out to be?

    Oh yes, easy as pie. Every 42 minutes (complete with commercials) another house gets flipped from start to finish. ;-)

    As entertaining as HGTV is, it is not how real life operates. You should locate a REIA near you and team up with a flipper for your first flip to decide if that is the life for you.

    2Reply
  • Andrew Carlson
    Rental Property Investor · Rochester, MN · Member since 2017 · 224 posts · 323 votes
    6y

    @Timothy Vint

    Hey Tim,

    I would highly recommend doing a ‘light live in flip.’ Find a house that was built in the 1980’s or 90’s that just looks outdated. That way you can comfortably live in it, and do the renovations room by room. With a house in that age range, there shouldn’t be too many pressing issues that need fixed ASAP. Also, they are just easier to work on than ancient homes.

    2Reply
  • Timothy Vint
    OP
    Valdosta, GA · Member since 2020 · 7 posts · 3 votes
    6y

    @John Farady

    Thanks for the advice John, will do

    1Reply
  • Timothy Vint
    OP
    Valdosta, GA · Member since 2020 · 7 posts · 3 votes
    6y

    @Andrew Carlson

    Thanks Andrew! Now is there anyone in southern Georgia who is doing a flip on 80s to 90s built house?

    0Reply
  • Greg Dickerson
    Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @Timothy Vint:

    I’m not handy but I love a challenge. Yesterday I built a dresser. Today I built a bookshelf and a desk from big lots and suddenly got the confidence to fix and flip a completely torn down house.

    Now I know I’m far off, but I would just like to get an estimate of what the average person does for rehabbing and what percentage of the Rehab or what jobs do you specifically pay professionals to do?

    I am still in the process of discovering my niche! I would love to hear what everyone has to say!

    Thanks again for your words of wisdom and encouragement! 😁

    House flipping is very easy and fun if you know what you're doing and set up the proper systems. The best most efficient and profitable way to flip houses is to hire contractors turn key to do the work. The money is made in finding great deals, finding good patient capital and leading a team of professionals. The mistakes are made when people try to do the work themselves when they are not qualified. The key is education. You need to become an expert in your market and the business.

    2Reply
  • Kendall SealsPro Member
    Investor · Chattanooga, TN · Member since 2017 · 17 posts · 8 votes
    6y

    Flipping is hard, stressful, and rewarding IF it is successful. Learn as much as you can before you actually enter into a deal. Be very conservative on your first project. My rehabs almost always have something that pops up and makes it go over budget. Make sure you do your Due Diligence and make sure your contractor is trustworthy. The good ones don't ask for money up front. I lost money on my first flip because a contractor walked off the job before completing and was already paid. It's for sure hard but if you have the discipline and intensity to stick with it, you'll do great! 

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    6y

    @Timothy Vint In order to force equity, the property is going to need a lot more than a cosmetic rehab. It's definitely not as easy as HGTV makes it out to be. Even experienced turn key operators lose money on some deals. The biggest challenges are 1. Knowing values and costs, 2. Understanding what improvements should be done to maximize value, 3. Managing contractors and tradespeople and keeping them on task It's not as easy as it looks.

    0Reply
  • Luke Marsh
    Property Manager · Cincinnati, OH · Member since 2019 · 131 posts · 237 votes
    6y

    Hi Andrew! First off, congrats on building the bookshelf and desk, those can be a nightmare themselves. 

    Regarding your questions, I don't believe that fixing and flipping are nearly as easy as HGTV makes it out to be, especially just starting out. The percentage of the self rehab is really going to be dependent on the individual, and the capacity at which they can handle the more difficult jobs (electrical, specific carpentry work, etc.). Just starting out I would not try to be overly ambitious, and stick to the basics like painting, landscaping, etc. I really recommend getting your processes established with contractors and tradespeople beforehand, so you can save time and money. 

    4Reply
  • Victor S.
    WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Timothy Vint:


    Yesterday I built a dresser. Today I built a bookshelf and a desk from big lots and suddenly got the confidence to fix and flip a completely torn down house.


    Easy there, tiger! lol (unless you've actually made them out of wood yourself) Lots of good advice. Like another poster suggested, why not find a live-in flip and knocking yourself out (not literally) with whatever repairs you want to tackle? I assume you don't own a primary yet, correct?

    0Reply
  • Timothy Vint
    OP
    Valdosta, GA · Member since 2020 · 7 posts · 3 votes
    6y

    @Victor S. @Greg Dickerson @Kendall Seals @Mike D'Arrigo

    Thank you for the advice. Definitely will be looking more into turn key multi family!

    Victor, I am currently renting a room from some friends to save me enough money for a down payment!

    0Reply
  • Chris De CellePro Member
    Rental Property Investor · Los Angeles, CA · Member since 2016 · 41 posts · 28 votes
    6y

    @Timothy Vint

    It can be an exciting journey. But can I recommend not doing any older houses more than 40 years old. Plus don’t do any really old homes are the costs of rehabilitation are always double what you is budgeted budget. Plus you’ll have lead removal, asbestos, etc. Costs get high really quick.

    Start with something close as well and don’t be afraid to ask questions if you don’t know.

    A few more things, always get a permit, have excellent insurance, set up security systems with cameras right away and really pay attention to your carrying costs. As if the longer you take, the less money you’ll make.

    Good LUCK!

    0Reply
  • Spence Kal
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    6y

    I’ve flipped a couple houses while in college, and learned most of the construction on my own, from experienced friends and lots of YouTube. Definitely follow others recommendations here because all they say I true in my experience. Old houses suck, careful of foundation issues, those are expensive, and watch out for septics!!

    That said, you can learn anything, i did. If your short on cash and have time do as much yourself as you can it’ll double your profit. Things I’ve done myself

    Painting - anyone can do that.

    Flooring - easy, tiles a pain but can be done, take your time. laminate and vinyl super easy, even hardwood isn’t hard.

    Roofing is super easy, use a harness

    Minor electrical, buy a good book, talk to pros, I run outlets, lights, switches, add breakers etc. I don’t install boxes myself or do anything with the line from the road to house, or outside overhead/underground. If you’re gonna sub anything out it’d be electric, cause you can die doing it lol.

    Minor plumbing, run water lines, tub and shower drains to mains, sink and toilet installs. Pex is easy and fun!

    Trim, baseboards, hand railings, minor finishing touches take a ton of time but are easy.

    Install cabinets, not as hard as it looks, buy a good level. Laminate counters as well, easy.

    Light framing, adding walls, taking out non structural.

    Drywall, hanging muffing sanding, easy.

    Insulation except for foam

    Windows/doors aren’t bad either, make sure you do it right or they leak. I have people do this when possible cause they’re so much faster.

    What I have others do:

    Siding

    carpet is not worth it cause Home Depot installs free over 600sq ft

    Major plumbing like the main drain lines.

    Major electric like boxes

    Granite counters

    Structural Framing, putting beams in.

    Windows if I can afford pros

    Tile if I can afford pros

    Well/septic

    You can learn anything, I love working with my hands and doing this, learning, new challenges and problems. I’m glad I did everything on my first house, I know what to look for in good contractors and how they cut corners.

    However, having pros do it is so much faster, more fun, and depending on holding costs if your doing this as a business, is way more profitable, efficient and scalable. Finding good contractors is HARD.

    I really enjoyed my flips it’s hard just keep going, if it’s not for you don’t do more. Just make sure you BUY RIGHT, that’s where money is made, once you buy a bad deal there’s nothing you can do. If you break even your first one who cares you learned, but plan to make a 10-20k profit in case things go wrong so you don’t lose money

    1Reply
  • Spence Kal
    Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes
    6y

    Oh yeah and I flipped two houses in two years while in college full time around 50 hours a week. So my original timeline of 6-8 months was totally unrealistic, first one took a year and a half doing it all my own. Second took around 8 months using contractors for some, thought that would be 3-4. Both went over renovation budget by 15-20%.

    0Reply
  • Dutch Langley
    Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes
    6y

    I always hated when I would hear a client say "I love that HGTV show!!!  I watch it all the time!  That's why we called you!!"  Sigh.  All of those shows are unrealistic and every...I mean every....conversation with a client included us explaining why those shows are unrealistic.  Otherwise they would expect a full home reno in 3 weeks for 30k and no headaches.  That being said as GC's and with lots of experience, we love flipping houses!  My husband and I do some stuff ourselves in each house, but mostly subcontract it.  

    1Reply
  • Mike Kinder
    Flipper/Rehabber · FL · Member since 2012 · 9 posts · 0 votes
    6y

    Wacha mean it's not that easy? 

    I've never had 30 years of squirrel damage in an attic, or standing water with mold winking back at me on all the walls and doors, as the spiders and mosQuitos invite me for dinner... 

    I'm now a buyer in the Raleigh area from Virginia looking for the more modern Copperheads in crawl spaces, Owls in chimneys and flirting with bats in attics. 

    Mike

    0Reply
  • Chris Risi
    Real Estate Agent · Phoenix, AZ · Member since 2019 · 80 posts · 30 votes
    6y

    Hey @Timothy Vint I have personally gone both routes. One of my projects, I hired a contractor who handled almost everything after the plans were approved, and I have also done a few others where I was extremely hands on. I think it all depends on the type and size of project, of course, and how quickly you want it done. If you aren't in a huge rush, then I definitely recommend learning through Youtube videos (and bigger pockets) and trying to do some of the smaller DIY first.

    Of course i wouldn't recomment doing anything too technical or dangerous like plumbing or electric yourself...but I have found that I could do a lot more of a project than I thought I could...hope this helps

    0Reply
  • Dan BeaulieuPro Member
    Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
    6y

    @Timothy Vint I can speak on HGTV first hand...had one of my flip houses filmed by the stars of flip or flop and hgtv said they made 110k profit and sold first day with multiple offers. In reality it took months to sell

    And I broke even!

    Starting out, it’s not a bad idea to self manage the rehab with subs. You’ll learn a ton, and have less of a risk of getting screwed by a bad contractor. Use reputable companies only, and never pay anything up front.

    Stick to easy paint and carpet rehabs. I used to take on a lot of full guts, but it’s just not worth it. Buy right, do the bare minimum, and get it on the market fast. 40k max.

    0Reply
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