The Magic Sauce

I always felt that it pays to think outside the box, and in many ways my approach 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 wasn0t 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 lineoleum 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, 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 lineoleum which I did myself with the help of my son, and voilà! 

The bones of It’s Ur Flip were born.

First determine where your comfort zone is. Are you willing to replace or install vinyl siding? Is replacing a driveway too much for you? Does a positive test for lead paint scare you?  Does mold in the attic or water in the basement turn you off? If you answered no to any one of those, you can have an edge over other flippers. If you have the know-how to address an issue, it can offer you great negotiation power.

Your project needs a little something special to stand out from your competition. Modifying the layout in a '70s cookie cutter home in a development where the style is tired and needs some oumf creates a buzz and raises the price of your house. Installing a designer closet, an inviting loft or a mancave can be that little detail that will command top dollar for your completed flip.

We have all dealt with the contractor who arrives at your jobsite, at end of the day to drop off some tools and maybe some materials for your job. 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 cotnractor 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. You will have the contractor’s attention and they will be eager to work with you on your next project.

There is certainly no better industry that time is money applies to, yet I’ve met tons of flippers who don’t take into account that every day your house is not on the market is a day of additional expenses, such as interest, utilities, and taxes just to name a few. It is essential that you have a timeline and a budget and that you stick to both.  By establishing relationships with material resource centers, wholesalers and even your local Home Depot, these relationships can help your bottom line, keeping you on budget even if you splurge in some other areas.