Lessons Learned from Flip That House
Ha I mistakenly thought that I had been watching “Flip This House” when really it’s “Flip that House”. This shouldn’t really matter, it’s only one word right? However, there are shows by both names on different networks so it does matter. Anyways “Flip that House” is on TLC. It follows a different house flipper every episode (house flipping person? I never have learned the correct terminology for that). These people use their own money and make their own mistakes. Here are a few lessons I’ve learned:
1. Plan to go over on both your budget and time. This way you’ll still end up making enough money that you can turn a profit, get life insurance quotes, hire quality contractors for your next flip and save for the future.
2. Don’t over improve for the neighborhood.
3. Houses in California are still really expensive.
4. Keep things neutral so it appeals to all buyers.
I’m really amazed at what these people can do. Some of the structures look like they totally need to be torn down. There doesn’t even look like there is anything to work with but they always turn out beautifully in the end. I’m not enough of a risk taker for this line of work but it’s very admirable that some people can actually accomplish this.
My grandma is trying to do this as a side project. It takes a lot of time and money, and it can be very frustrating at times.
But you can find some great deals on houses that need minor repairs if you know how to look for them.
February 7th, 2010 • 3:45 am