House Flipping: Where To Begin After You’ve Bought the House
House flipping is a great way to invest in real estate. Unfortunately, the house won’t flip itself. When you need to roll up your sleeves and get the job done, we’ve got some thoughts about how to start flipping after you’ve bought the house. A good plan, along with some elbow grease and help from others, will get your flipped house on the market and ready to sell.
Make a Plan
Nothing goes well without a plan. Create a checklist of projects; then, prioritize your tasks in order. Your plan also needs to include a budget, so you don’t overspend. Within the budget, leave room for unexpected costs.
Also, the plan should include how the work is getting done. Do you plan on doing all of the work yourself, or are you creating a dream team of laborers and contractors? A team consists of others who help complete the work, so you aren’t in it alone. The last thing you want is to feel overwhelmed, so don’t be afraid to recruit others for help.
Security
Once the plan is in place, get started on securing the home. Often, houses purchased for a flip have been abandoned or at the least don’t have a great security system. Check all of the locks on doors and windows so that you can get them replaced if necessary. Safety and security are both essential so that you can ensure your flip goes according to plan.
Clean It Up
Before jumping into making the home look new again, clean everything out. Depending on how you gained the home, you never know what you may find. Clean out every corner of every room and closet to give yourself a blank slate to work with. Renting a dumpster is helpful if there is a lot of unwanted trash—this extra step will make getting rid of any junk much easier.
Start on the Inside
You should start inside and work your way out. When beginning inside, do the biggest and messiest projects first; the small details will come later. Here’s a good order to get you started if any of these items are in your plan:
- Knock down walls
- Tear out cabinetry
- Repair plumbing
- Rewire and repair electrical
- Paint
- Add new flooring
- New appliances, cabinets, vanities, and counters
The Exterior
The last part of flipping is the exterior. According to what is needed, we have a suggested order in which to get things done outside:
- Clean up any trash and debris
- Power wash the exterior, then paint or replace siding as needed
- Repair the deck or porch
- Install or freshen up landscaping, along with mowing or planting grass seed
- Power wash driveways and sidewalks
As we mentioned, flipping is often well worth the effort, as it pays off when the extra income comes in. Once you start flipping after you’ve bought the house, keep our suggestions in mind of a plan, security, clean up, interior, and then exterior. Soon, you’ll have one house flipped and be ready for the next one in no time.
