ACE’S rules for successfully Flipping a house….Time is money. - Flip every house in a week, only allow 7 full days to flip, no more. - Assess the house, why is it condemned? Save, salvage what you can. Do you need to walk away? - Overpay your daily help by $20 each day, if they do $60 of work, give them $80. Buy lunch and drinks for them. - Buy 24 pack of Contractor extreme heavy duty plastic construction garbage bags for the cleanup - Buy the largest can of Epoxy Bondo you can find, use for all rotted wood repair, patching, cement foundation holes, cement steps cracks, floor leveling and all else! Many uses! - Use GPS to find the closest hardware store for all just in time needs (better to overpay and save time). Also locate the closest Lowes or Home Depot for the bigger planned supplies - Paint the exterior/ interior of house very close to same color as currently on walls, you want 1 coat max! Also I recommend painting the moldings the same color to save time - Get everything to 90% perfect, the extra 10% don’t bother with, just wastes time - Lay down all new flooring throughout house. Buy the cheapest, nice materials but all brand new. Rugs, laminate hardwood should cost just 50 cents a sq. foot - Use craigslist for all contract projects, get contractors out here quick with tools in hand. Get it done. - Make sure front Door open and closes easily and replace knob / door if needed. - Only use 50 grit coarse sandpaper, anything else and you are wasting time - Lastly, Be sure to bring a Battery Radio or cell phone speaker so you have music to listen to Steps to Flip- 1) Assess house, remove piles of garbage – broken fixtures, 2) Quickly landscape, remove all small trees and shrubs blocking view of house – umbrella all trees. Meet and greet all neighbors at this time, find neighbors to help with house ( overpay them by $20 each day for the week). 3) Fix all exterior holes in roof/walls, plastic over windows, remove rotted wood, drywall, and seal in house from elements. 4) Quickly scrape and paint outside and inside all in 1 day as needed using only rollers for quick work. 5) Finish up next day with quick 5” brush painting, cleanup/ haul away landscaping and all construction debris and move painting supplies to 1 location 6) Lay down all new flooring throughout house. 7) Finishing details – go through house again and repaint spots, caulk edges, fill holes – add outlet covers – fix all in more detail 8) Go to Home Goods and Lowes to get inexpensive throw rugs, hanging plants, spray paint, wall art, front door accessories to primp house, cover up mistakes. Add Plants to landscape. 8) Done in 1 week. 9) Sell “as is” offering $500 reward bonus to all contacts you meet, use Zillow, Craigslist, post flyers in downtown, supermarkets (still working on this – not sure what works best?) What I did wrong: Bought wrong paint color, would have taken 2 coats – returned. Bought wrong garbage bags – all split. No radio. Lost many tools, never put them back in same spot. Hammer and other tools never found. Need coupon for Harbor Freight initial Tool purchase. Emotions: 1st day is scary, getting use to getto, wild pit bulls not leashed, dead mummified animals in basement, garbage everywhere and walls crumbling, all by yourself but have cell. Days 2-6 – Fun/good times! Day 7 – Fun but tired , ready to come home. Ace Kogut 3/26/2014
Posted on: Wed, 26 Mar 2014 17:13:45 +0000
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