Do flippers need to have an eye for design?

Question

After doing several buy-and-hold  I want to start flipping.  However I do not have an eye for designing or decorating. I know what I like when I see it but I don't know how to get it there . Do you think it is necessary to have a flair for design in order to be a good flipper?  Should I plan on having a decorator look at potential flips with me in order to estimate rehab design and budget? Do you think that is going to be cost-prohibitive?  Thanks for any advice.

Matt Gragg · Answer

Account Closed,

Look at what is selling in your specific area.

Also look at the days on market etc. If there are a couple different styles selling in the area, go with the style that sells faster. Another good idea is to ask an agent familiar with the specific area you are located in and see what people are looking for.

We work in all different markets and areas / styles. You don't want to price yourself out of the neighborhood!

Hope this helps!

Account Closed · Answer

That is awesome advice. Thank you!  Thanks to all who replied too with great advice.

George P. · Answer

it's a must. if you do not go to school to become a decorator, you can't be flipping.

David Faulkner · Answer

What you need if you are going to be scaling up a flipping business is a standards list. That is, a list of paint colors, cabinets, countertops, trim, faucets, light fixtures, etc. with SKUs and pricing for all of them, all pre-designed to go with each other. Then you only have to do the design once and can efficiently pump out copies of it for future flips. It is not sexy, but it is efficient. Some flippers have a few sets of standards for each price point (low end, mid range, luxury). It will also help in planning and budgeting and you can get bigger discount by buying the most common items in bulk. These lists will take time to develop and may be market specific, but worth the effort to systematize your business and you may be able to research and find one somebody else is using as a starting point. Same strategy works for buy and hold too ... my guys never have to ask me what color to paint a unit or never have to hunt for a color match.

Jean Charlton · Answer

I'm not sure that you absolutely have to have an eye for design or decorating but having an eye for the potential of a property certainly helps. I would go to open houses in your area or even model homes so that you get an idea of the type of style that is popular in your area. If you take a designer with you when you do that, he/she will be able to point out style ideas that you might not notice. Once you have a better idea of popular designs and styles and you start looking at houses that you might be interested in purchasing, take a contractor with you. A general contractor will be able to give you a better idea about the house itself, the foundation, the age of the plumbing/electrical, and many other things including, if you are thinking of making any structural changes to the house, whether those changes are feasible or not.

Good luck!