All Forum Posts by: Valerie Hiscoe

First, a word of warning: if downstairs is a basement, work done there apparently doesn't always have the same value as work done above ground.  Also, is the 'bonus room' an optional bedroom?  If it is just likely to become a games or theater kind of room, adding a tub or shower might not be your best investment.  If there's bedroom potential, however, I'd say definitely.  Not having a shower on the same floor as a bedroom is awkward. And actually, why would you have a bonus room if you could have a bedroom? So my opinion on the bathroom is pivotal on the potential of your options for that room.

I know very little about the specific area of your flip, but 'California' in general says higher end, and even if it's NOT specifically higher end, the expectations of higher end - like an open floor plan will be there.

There's a blog post by @Andrew Syrios just recently called "7 Creative Ways to add ......" that might be especially relevant to you.  @Joe Assad in Los Angeles just put out a forum post about renovations that deliver the most kick for your dollar.  @Manolo D. is a contractor from there too who is pretty well an expert on all the areas of California and beyond.  I'd run it by them, and if you send your specifics to @Mindy Jensen, I bet she'd take the time to offer you authoritative feedback too.

The '@-mentions' for Manolo, Andrew and Joe didn't turn blue for some reason so I suspect they won't be notified of the mention.  I definitely think it's worthwhile to contact them all directly.  That's what we're all here for, right?

It sounds like you're in both the position and state of mind to put together a specific business plan.  I'd recommend you talk to someone like @Dmitriy Fomichenko who will help you develop a strategy for realizing your goals or who will direct you to someone in your area who can.

There must be some older areas of town. If I were giving advice for here, I'd say look for the one with a Starbucks or equivalent, a health food store and vegetarian restaurant, a boutique selling clothes with weird fashions, and anything artsy.  You'll have to look for the cultural equivalent of that revitalization.  And go to the local building department too and look for new projects, new zoning, and new avenues of transportation. 

Failing that, find a house with an unfinished basement  (for example) and add a suite to it.  Or a small multi-family that's not being looked after because the owner may have gotten too old or too frustrated to deal with it.  Just because stuff isn't for sale yet doesn't mean it isn't for sale.

Happy touring!

I read a recent blog here that brought my attention to the fact that adding a bedroom or two and a bathroom in the basement is more likely to get an appraiser to tick the box "finished basement" than to add beds and baths to your appraisal or your listing. And thanks to @Mike Cumbie, now I know why.

Knowing what you know now, it sounds like the casino would be as good a place to put your money. Probably more fun too.

You sound like you've got potential for more than one innovative idea, 

J Scott was letting you know that there's a book available on Bigger Pockets called The Book on Flipping Houses that is not only packed with information - it also contains a template for use in putting together a contract. AND it comes with The Book on estimating Rehab Costs. You can purchase them from the tabs above. 

You can also go to TrustedPros.Com which may have a sample and I remember they explain a lot too.

You will never be so happy to have that construction experience.

There are a couple of things that you could read to start off with a bang if you haven't already done so.  Bigger Pockets has most of what you need.  Under the 'Education' tab at the top you can look at the guides - you'll probably want to start with 'The Ultimate Beginner's Guide' and then 'How to Flip Houses'.   Under 'Tools' you could start playing with the House Flipping Calculator.  Try not to miss that step.  They don't say "you make the most money on the day that you buy" for nothing!  You need to know how to buy the right property for the right price more than anything.  It takes patience and persistence but it's not complicated.

Once you have an overview from the guides, you might want to look into buying 'The Book on Flipping Houses' which comes with 'The Book on Estimating Rehab Costs', also under the 'Education' tab.  You'll have a pretty good plan by then.

To get ready to set your plan into action, you might want to start looking into making some connections now.  Try looking for some real estate clubs and meet-ups.  (Yes, there's a tab for that too).  Go to meetings.  Meet some people.  You need a bunch of people to buy, rehab, and sell a house - everything from financiers to insurers, and networking is one of the best ways to put together a team.  And it's fun too, talking about stuff you're interested in.  You probably won't get resounding support from the people around you (they're scared, it's normal) so make sure you talk to people who are living proof that "Yes, it actually is done.  Right here and right now." 

So welcome to Bigger Pockets!  Glad you found it.  Bet you like it.

As Sean and Salley said, the time it takes to do it is worse than you think.  It'll take you away from the actual 'business' concept of flipping.  Only if they're seriously nice cabinets would I really consider it.  If they're especially suited to the house or have some sort of irreplaceable characteristic then there are paint additives that you can get (Floetrol, etc) that helps smooth brush strokes and make for easier application.  Zinsser makes a shellac-based primer that's awesome, sticks to everything, dries super fast, etc.  Highly recommend it.  They have a wide selection of primers available to suit different needs and they're in most paint stores.  I have to say though, that I've tried a few different cabinets and always have to rate the options at Ikea high on the list.  Relatively inexpensive, easy to transport, easy to put together if you follow the directions (except for the under-counter corner lazy susan - just walk right on by that one), there's a pretty wide selection of styles and colours and then they 'hang' from a rail on the wall so that the rail is secured to studs instead of trying to line up the cabinets to hit a stud (which never ever ever seems to be in the right place).

If the cabinets are in good shape but not quite nice enough, and you're going to be making an island, you might be able to use them for that because an island doesn't have to be too matchy-matchy.  Use the wall cabinets instead of the base cabinets if you want a skinnier island and get creative with legs to make them give more oomph to your vision.

Hope it goes well!

You would be amazed at how much you can find if you do a search through the blogs and forums etc here on Bigger Pockets!  Give it a look.

@Bill Gulley

Curious comment. I too would like to understand your suggestion of using a realtors text book to learn about investing.

'Rich Dad' would commend your decision.  That's what he's all about.