We all want to find the perfect house to flip. What would it look like though? Would it be a property that needs all new wallboard, a new roof and needs to be reconfigured somewhat by removing walls? Well possibly yes but all of this requires a large amount of work which is never a bad thing when the payoff is right but there are many times opportunities to purchase homes that just simply need some cosmetic work. In these quick flip opportunities you can resale the property without much time, effort and you can cut back on your rehab budget substantially. In this article I want to give you tips that will help you maximize your profit on these types of properties.
First it might be appropriate to delineate between a major rehab and cosmetic makeover. The following checklists will give you a quick reference to determine what you are looking at:
Major Rehab Repairs
- New Roof
- New Furnace
- New Windows
- New Doors
- New Kitchen
- New Bathroom
- New Walls/Large Repairs
- New Electric
- New Plumbing
While this isn’t a completely definitive list of repairs in a Major Rehab it gives you a guideline to have a better understanding of what your looking at
Cosmetic Makeover Repairs
- Needs Paint
- Some new flooring
- New Vanity and faucet set
- New Appliances
- New hardware on cabinets
- New window treatments
Now that you have an idea what you are looking for I’m going to give you a list of things you can do to make this quick rehab a quick sale
Exterior things to look for….
- Mow and edge the lawn
- Landscaping(add plants, shrubs, flowers)
- Add new Mulch(black is preferred)
- Seal driveway if blacktop
- Remove all trash on the property
- Paint the front door and trim
- Fix all gutters so they are functioning correctly
- Replace Exterior Light fixtures
- Repair Screens if needed
- Replace the Mailbox and House Numbers
Interior things to look for….
General
- Clean the walls
- Wash all of the windows
- New mini-blinds on the windows
- Patch all of the holes in the walls
- Paint rooms if needed(DO NOT USE EGGSHELL)
- Install new light switches and outlets
- Install a new digital thermostat
- Clean the flooring; Paint wood floors if possible
Kitchen
- Install a new faucet
- Paint or Replace Countertops
- Paint Cabinets if needed and update hardware
Bathrooms
- New Vanity
- New Sink and fixtures
- New Toilet(if needed; preferably white)
- Replace Towel/Toilet wall hangers
- New Silicone Caulk in Shower(White)
- Clean the Shower and Tub Surround
- Replace the Floor with 12’ Stick Tiles
Basement
- Clean all cobwebs
- Paint Basement with paint sprayer
- Lift all dangling cables
- Install glass block windows if casement
These repairs are simple things you can do for a quick rehab. If you need to replace floors, furnaces and roofs then that is far beyond the scope that this is meant to cover. When I look for quick rehab properties I really resign myself to completing these small items. In the case of a quick rehab we are looking at more or less giving the property a quick makeover which in laymans terms simply means making it look pretty. Of course many properties you find may not fit these criterion but when you find one just remember one thing, GET IN AND GET OUT!!!! DO NOT waste time doing extras for which you will see no return on.
For more information go to the Forms page of our webpage where we have checklists to make your life that much simpler when assessing a property.