Have You Used Your Skills To Flip Houses? - Page 2 - General Discussion - Contractor Talk

Have You Used Your Skills To Flip Houses?

 
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Old 06-11-2017, 11:32 AM   #21
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Re: Have You Used Your Skills To Flip Houses?


A few years back I was leadman running house-flips in Colorado. I did it for about 2 years and had enough. There were two guys that were the showrunner/investors. They called the shots. I worked as well as directed the op. We had a revolving crew of druggies and millennial wokers. I was a babysitter for these clowns. A few good guys, the rest, POS.

Boss/Investors got some damn good deals, they bought foreclosed homes at County auctions for dirt cheap. The big thing was that you needed cash in hand to buy them the same day as the auction went up. They write the check and we'd get the keys and start at it the same day. No "closing."

The overall quality was mid-grade but lots of corners were cut and it got worse as time went by. They'd get roofed, painted in and out, and kitchen and bath upgrades. new lighting too. The first time on the market they'd get 3-4 offers over the asking price and it was sold. All said and done, they were profitting $40-90k per house. Overly fast paced, unrealistic deadlines and shoddy work left me no choice but to say goodbye. The "boys with money" offered me more to stay on but I said no thanks.

It's still a booming flip market here in CO. I met and talked with other people working for flippers and from what I've gathered is that the majority of the work quality is very bad. In fact down right crap. ( no permits, janky electical and half-azzed plumbing and overall garbage).

Since I experienced about 25 houses go through the process I gathered a lot of knowledge about the right ways and wrong ways to flip a house. If it were me myself running the show I'd go high-end remodel, and go for a bigger asking price and return. But most flippers are after quantity, put lipstick on a pig, pocket the dough and bang out another one.

I'm nearing retirement and I may just flip ONE house, do the majority of the work myself, doing it high end and more "rustic-wood Colorado" and collect a nice return ($100-200k) which is very realistic in the area I am in.

The CO market for homes and remodeling work is pretty darn good here. Lots of Texans and and Calis coming with cash in hand scooping up houses the same day they go on sale. And the influx of "The Green Rush" is luring others as well. Plus rental prices keep going up as demand is up. If I was younger I'd invest in rental housing (with mandatory monthly inspection/walk-thoughs to keep an eye on my stuff)

Last edited by kirkdc; 06-11-2017 at 11:40 AM.
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Old 06-11-2017, 12:30 PM   #22
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Re: Have You Used Your Skills To Flip Houses?


Tough in NJ, houses are pricey and you'll pay a lot in property taxes while you're working.

You need deep pockets here to do it.

I've averaged 1 a year for myself working for homeowners who have big budgets, but buy an older house and have me redo them top to bottom. I'm really lucky in that it's always been for a nice family, it's their investment so no risk to me and I get steady work for me and my subs.
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Old 06-11-2017, 01:29 PM   #23
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Re: Have You Used Your Skills To Flip Houses?


Ive done well on the two homes Ive bought and lived in then sold. Upgraded both.

Ive always thought as a contractor its better to just work for a flipper if youre into that sort of thing rather than flip yourself. They take all the risk. You make a reasonable profit.

I dont work for many flippers. They generally suck. My favorite clients are first time double income no kid homeowners.

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Old 06-11-2017, 01:35 PM   #24
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Re: Have You Used Your Skills To Flip Houses?


Too much of a puss and things aren't too cheap around here. Have a few buddies that make decent money doing it. Ideally I'd like to partner with someone but have been talking about it for years. Cash is king still to me besides the one stock I own



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Old 06-11-2017, 02:55 PM   #25
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Re: Have You Used Your Skills To Flip Houses?


I continue to dump money monthly in the markets. To buy and sell homes is another business. Im not about to occupy my only time off operating another business. Whereas the markets are virtually zero maintenance, and have served me very well over the last 17 years.

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Old 06-13-2017, 11:42 PM   #26
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Re: Have You Used Your Skills To Flip Houses?


I'm obviously living in my first one. I am currently looking for property for my investor to buy.

Oddly enough, I find myself looking at our last place. 3 acres, great school district and community.

Basement is there and the mobile home on top can go, I guess it would be more of a spec than a flip but could be done fast
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Old 06-15-2017, 07:31 PM   #27
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Re: Have You Used Your Skills To Flip Houses?


I've done 6 complete rehabs in the last 18 months. I enjoy it. All between 1400-1900sf. They come out beautiful and each has went to contract with buyers within the first week. The trick is to understand the neighborhoods and what you're realistically going to get above existing comps. In other words - don't overbuild. And stay on your budget.

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