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

Have You Used Your Skills To Flip Houses?

Thread Tools Search this Thread Display Modes
Old 06-11-2017, 11:32 AM   #21
kirkdc's Avatar
Trade: Remodeling (mostly kitch/bath)
Join Date: Feb 2017
Location: Cripple Creek. CO
Posts: 661
Rewards Points: 2,796

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.
kirkdc is offline  
The Following 3 Users Say Thank You to kirkdc For This Useful Post:
fjn (06-11-2017), SmallTownGuy (06-11-2017), The.Handyman (06-18-2017)

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!




Old 06-11-2017, 12:30 PM   #22
fred54's Avatar
Trade: contractor
Join Date: Dec 2010
Location: nashville
Posts: 138
Rewards Points: 204

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.
fred54 is offline  
The Following User Says Thank You to fred54 For This Useful Post:
The.Handyman (06-18-2017)
Old 06-11-2017, 01:29 PM   #23
sparehair's Avatar
Trade: Painting, flooring
Join Date: Nov 2008
Location: Portland, Or
Posts: 765
Rewards Points: 1,358

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.

Sent from my SM-N910T using Tapatalk
sparehair is offline  
The Following 3 Users Say Thank You to sparehair For This Useful Post:
kirkdc (06-11-2017), SmallTownGuy (06-11-2017), The.Handyman (06-18-2017)
Old 06-11-2017, 01:35 PM   #24
water re-locater
NYgutterguy's Avatar
Trade: Gutter installer
Join Date: Mar 2014
Location: orange/rockland ny NYC suburbs
Posts: 6,337
Rewards Points: 5,594

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

Sent from my iPhone using Tapatalk

Last edited by NYgutterguy; 06-11-2017 at 02:01 PM.
NYgutterguy is online now  
Old 06-11-2017, 02:55 PM   #25
Californiadecks's Avatar
Trade: Decking, Railing, Carpenter/General Contractor
Join Date: Nov 2011
Location: Anaheim Hills, California (OC)
Posts: 34,887
Rewards Points: 11,054

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.

Californiadecks is online now  
The Following 4 Users Say Thank You to Californiadecks For This Useful Post:
griz (06-11-2017), SmallTownGuy (06-11-2017), The.Handyman (06-18-2017), Xtrememtnbiker (06-11-2017)
Old 06-13-2017, 11:42 PM   #26
Shingler extraordinaire
A&E Exteriors's Avatar
Trade: Roofing, Framing, siding, decks
Join Date: Aug 2009
Location: Grand Rapids, Michigan
Posts: 8,198
Rewards Points: 12,728

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
A&E Exteriors is online now  
Old 06-15-2017, 07:31 PM   #27
conductor's Avatar
Trade: Residential Contractor
Join Date: May 2017
Posts: 62
Rewards Points: 324

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.


conductor is offline  
The Following 6 Users Say Thank You to conductor For This Useful Post:
A&E Exteriors (06-15-2017), Cricket (06-15-2017), kirkdc (06-15-2017), SmallTownGuy (06-15-2017), sparehair (06-15-2017), The.Handyman (06-18-2017)

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
huge houses or long, narrow houses GettingBy Electrical 7 03-12-2015 07:26 AM
House's Ive worked on. matthewcims Construction Picture Post 11 04-05-2009 01:01 PM
Humbled by Hundert y.o. Houses basswood Carpentry Picture Post 5 02-20-2009 03:48 PM
NEED business/people looking for a contractor to Flip Houses. Who should I look for? HarrisConstruct General Discussion 40 02-27-2008 02:51 AM
NEED people looking for a contractor to Flip Houses. Who should I look for? HarrisConstruct New Member Introductions 2 02-20-2008 10:04 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?