Inside the Process of Flipping a Home

When you flip a home, you need to make sure that the investment will turn a profit. Today, I’ll show you what that looks like.

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Today, I’m out at one of our flip properties that we’ve just started. A question that a lot of investors or would-be investors ask is, “Should I buy a property and hold it, or should I consider flipping it?”

There is a difference between buying and holding a property and flipping it.

When you’re flipping a property, you have to make sure that you have enough room to be able to make a profit somewhere in the neighborhood of 30% to 40% after you’ve factored in the cost of fixing it up. Otherwise, it’s probably not a wise decision to buy and flip a property.

For flipping, you want to look for the worst house in a great neighborhood, and I don’t think it can get any worse than the house we’re flipping today. We’ve already filled a dumpster once and it’s just about full again. This will be a complete down-to-the-studs renovation.

As I said, there needs to be room for value when it comes to buying a property to flip. When it’s all said and done, you’ll need to be able to make a profit after closing costs and other expenses. This home that we’re flipping is very distressed now, but because it’s in a good neighborhood in a great school district, there is a high chance of a good return on the investment.

For flipping, you want to look for the worst house in a great neighborhood.

Follow along in the video above for a look at what we’re doing inside of the home and to see what I mean by going down to the studs.

We have knocked out the entire first floor of the home. Built in the 1970s, it will now become an open-concept home with an open kitchen, an island, a dining area, and more. It will be a complete transformation. As a 2,300 square foot, 3-bedroom, 3-full bath home with a 2-car garage, it will probably sell for around $240,000 once it’s finished. In a couple months, we’ll revisit the property to show you what it looks like after we’ve made quite a bit of headway in its renovation and to give you an idea about the costs involved.

We do also look for homes where the flipping process won’t be as dramatic. It might involve taking down some wallpaper, changing out some fixtures, painting, and putting in new flooring.

If you have any questions about flipping, if you’d like to see how much your home is worth, or if you’re thinking about investing, feel free to give me a call. You can also visit my website for a free valuation of your house. I look forward to hearing from you soon.

Singing Some Old and New Holiday Classics

Thank you to all of our friends, family, and clients for making 2017 so successful for us here on The Burks Team. On behalf of all of us, we hope you and your loved ones have a very happy holiday season and a wonderful new year. To get in the spirit of the season, we thought we would share some of our favorite holiday songs with you all today. To hear for yourself, watch this short video.

We wish you a merry Christmas and a happy new year!

What Can You Do to Make Your Move as Smooth as Possible?

We have a few tips and tricks to share with you that will make your move simple and stress-free.

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If you’ve just bought or sold a house, congratulations! Now, of course, comes the moving part. Here are some of our best tips to make the moving process as smooth as possible for you.

The first thing you need to do is prepare early. As soon as you’re under contract, you need to start talking to movers. The Burks Team lends out our own moving truck to our clients for free on a first-come, first-serve basis, so feel free to call us as soon as you get that offer.

Next, start a schedule and plan a to-do list. When are you going to clear everything out of the attic? When are you going to box-up everything in the garage? Look at your cabinets, closets, and everything else and make a plan for when your family will get together and start packing.

Speaking of packing, be sure to use labels on your boxes. Label all four sides and indicate on the labels what’s inside the box. Use different-colored markers or labels for different rooms. Cut a piece of painter’s tape and attach it to the door of each room in your new house so movers know which boxes go where. If it’s a long-distance move, you might want to number your boxes because you won’t be there to supervise and check that all of them make it safely to their new destination.

Make a schedule and plan a to-do list before you do anything.

For any breakable items like dinner plates, use styrofoam, dish cloths, or towels to wrap them and keep them secure in their boxes. When taking down picture frames off the wall, use some more painter’s tape to tape over the hanging hooks so when you’re ready to rehang them, you already have the right-size hook and nail.

It’s also a good idea to have an “open-first” box, which is the last box to leave your old house and the first box to get unpacked at the new one. Items included in this box should be tools, toiletries, and other essentials.

Next, eat your food! This way, you don’t have to pack all your freezer or pantry items. Whenever my family moved, my kids and I would have a "food night' before moving day, when we'd empty out our freezer and cook everything.

Additionally, write down the addresses of everything you’re getting in the mail so you can notify everyone of your new address.

Lastly, move your kitchen, bathroom, and closet items before you move the furniture. That way, when you move your furniture, you can find your clothes, toiletries, and you can get something to eat or drink if you want.

If you’d like more moving tips or you’re thinking of buying or selling a house soon, don’t hesitate to reach out to us. We’d love to help.