Rookie Flip Lesson #23: Flipping in the midst of COVID

Tuesday, October 27

Had we known that a pandemic would be hitting, we would have done things differently.  Here are challenges we faced and what we learned.  1.Cash reserves and the stock market We thought we had a great plan and plenty of cash reserves.  We had a rehab budget from our lender and in order to fund th...


Rookie Flip Lesson #22: Rehab Design: the importance of lighting

Monday, October 26

One of the best ways to improve a property is with the right lighting.  Here are the things we learned: 1. Consistent bulb temperature It drives me nuts to walk an open house and see 2 different color bulbs being used in the same room - pay attention to what is used and if you can't match it, rep...


Rookie Flip Lesson #21: Money saving tips on a rehab

Sunday, October 25

This post is for those of you operating on a small scale - just getting started on rehabs and planning to do a lot of the work yourself.  We had huge budgetary challenges so tried to think of everything we could to save money. 1. If you are temporarily short on cash, take advantage of no interest...


Rookie Flip Lesson #20: Making a Partnership work

Saturday, October 24

My husband and I "partnered" with each other on this first flip - not the traditional meaning of a partnership on this platform but most of the concepts are actually the same.  How do you work together without killing each other or completely throwing in the towel when the going gets tough? Here'...


Rookie Flip Lesson #19: Hiring subs from a contractors perspective

Friday, October 23

My husband Chuck has been a handyman/small scale GC for 20 years.  He has fixed so many jobs that bad contractors have screwed up.  He was GC on our flip but it was my job to gather quotes and screen subs to do the work. We decided together which ones to hire.  We only had one bad one - all the o...


Rookie Flip Lesson #18: Do the rehab work yourself or sub it out?

Sunday, October 18

We spent 9 months on our flip. We did about 80% of the work ourselves - some by choice - some because we ran low on cash.  The job went 3 months over our timeline and way over budget.  Here's my take on doing the work yourself verses subbing it out:1. Doing the work yourself gives you EXTREMELY v...