The Magic Sauce
The It’s Ur Flip Method: Born to Make the Journey Painless
I always felt that it pays to think outside the box, and in many ways my approach to flipping houses has been somewhat avant-garde in everything that I do. One of my first projects was supposed to have a quick turnaround, but every time the contractor showed up, which wasn’t nearly as often as I wanted him to, he would try to divert my attention to another project that would put more money in his pocket without raising my price point. Out of frustration, I taped two big pieces of paper to the wall. On the first one was the list of things that still needed to be finished: install sink and toilet in half bath, install linoleum in kitchen. On the second I wrote: End Date--October 15, which was one week away. When the contractor came in the next day and realized I was serious about my real estate strategies, he installed the toilet, came back the next day, and installed the sink. The day after that, five days before the projected end date, I sold the house. I had 24 hours to install the linoleum, which I did myself with the help of my son, and voilà! The bones of It’s Ur Flip were born.
Taking on What Scares Others
First, determine where your comfort zone lies when it comes to flipping houses. Are you willing to replace or install vinyl siding? Is replacing a driveway too overwhelming for you? Does a positive test for lead paint make you anxious? Does mold in the attic or water in the basement deter you? If you answered no to any of these questions, you may have an advantage over other house flippers. Having the know-how to tackle these issues can provide you with significant negotiation power in your real estate strategies. Remember, with It’s Ur Flip, being proactive can lead to successful investments.
Create a Wow Factor
To successfully flip houses, your project needs a little something special to stand out from the competition. By modifying the layout of a '70s cookie cutter home in a development where the style feels outdated, you can create a buzz and increase the value of your property. Incorporating elements like a designer closet, an inviting loft, or a mancave can be that unique detail that commands top dollar for your completed flip. With the right real estate strategies, It’s Ur Flip can make a significant difference in your outcomes.
Take Control of the Contractor Experience
We have all dealt with the contractor who shows up at your jobsite at the end of the day to drop off some tools and maybe some materials for your flipping houses project. It looks promising, and you think, OK, now we’re getting somewhere... he’ll be here in the morning. But it’s really just like a dog lifting his leg to mark its territory. In most cases, you won’t even hear from the contractor for a week -- at best. The It’s Ur Flip method stops all that nonsense in its tracks. You are the one calling all the shots, from time management to payments. With this approach, you will have the contractor’s attention, and they will be eager to work with you on your next project, utilizing effective real estate strategies.
On Budget and On Time
In the world of flipping houses, the saying 'time is money' couldn't be more accurate. I've encountered numerous flippers who overlook the fact that every day their house is off the market equates to additional expenses, including interest, utilities, and taxes, just to name a few. It’s vital to have a timeline and a budget that you adhere to strictly. By building relationships with material resource centers, wholesalers, and even your local Home Depot, you can enhance your real estate strategies, which ultimately helps your bottom line and keeps you on budget, even if you indulge in certain areas.