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Yolanda Martinez
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Need advice from house flippers. Steps for flipping

Yolanda Martinez
Posted

This will be my first flip. How do I stay within the 2month time-line? What do flippers do first,, second, third, etc..

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Marcus Auerbach#3 Buying & Selling Real Estate Contributor
  • Investor
  • Milwaukee - Mequon, WI
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Marcus Auerbach#3 Buying & Selling Real Estate Contributor
  • Investor
  • Milwaukee - Mequon, WI
Replied

Six months is a good default for a full flip, congats if you can get it done faster! In two months you can only clean up, paint and carpet, maybe a few other easy things (there is always something!). 

As soon as you open up drywall, frame new walls, redo electrical or plumbing your timeline and budget explodes.

A good flip follows the same sequence as new construction:

1.) Set up and site prep, open permits
2.) demo and clean up (also electrical and plumbing demo)
3.) rough carpentry, windows
4.) rough plumbing, electrical
5.) city inspection
6.) insulation (and inspection, at least here in Wisconsin)
7.) drywall, texture, primer, paint
8.) cabinets and flooring
9.) doors and millwork
10.) flooring
11.) finish electical
12.) finish plumbing
13.) appliances
14.) punch list
15.) final clean up

You can alwys tell a bad crew when they are drywalling in one room and then start demo in another. At this point I know they are not pulling permits. 

Meanwhile you can do exterior, trim trees, remove shrubs, roofing first, then lawn and landscape so it has time to grow in, driveway if you need a new one last. 

There is a lot to learn, if you don't have a construction background! 

There are very good books on flipping houses, you can order them here on BP. The best tip I can give you ask a flipper or a new construction home builder if you can shadow an entire project, maybe run errands for them and deliver supplies to the job.

Get on the job every day, best way to learn the process, every municipality is a little different, my experince is from Milwaukee, I would have to learn a lot, even if it were close by like Chicago.

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