How to Flip Houses continued...
A Good Inspection is Imperative
Inspect, then buy!
When first learning how to flip houses, every real estate investor quickly comes to realize that spending a few hundred dollars for a good inspection is money well spent. If you can also find an inspector that can give good cost estimates of repairs and upgrades that they find necessary, all the better. The perfect combination would be a licensed general contractor who is also a licensed inspector. Getting two professional opinions simultaneously (what needs to be fixed and the costs of doing so) saves time. A good inspector will also provide invaluable insight into the long-term viability of the expensive systems in the property.
If at all possible, be there during the inspection. Follow the inspector around (without getting in the way, of course) and ask questions. After the inspection, and usually within 48 hours, your inspector will provide a written report of findings and recommendations. Review the report thoroughly and then go over verbally with the inspector any items you don't understand. Don't be afraid to ask for clarification on the findings. Also insist on digital photos if you are considering a property in another state or if you cannot be present during a local inspection. Everyone has a camera and e-mail these days, so make sure your inspector will provide you with photos, especially of the "problem" areas, so you can see what the written report is indicating.
If you're interested in flipping property, keep in mind that the typical home or commercial property contains many of the samemechanical and structural components. Inspections should include no less than these main systems:
Exterior: Roof, Gutters, Windows, Siding, Grading, Driveways/walkways, Decks/patios
Interior: Doors, Fireplace, Ceilings, Walls, Built-in appliances
Structural: Foundation/Crawlspace, Framing, Floor/Slab, Attic
Plumbing: Plumbing fixtures, Hot/cold water supply, Water heater
Electrical: Electrical services entrance, Electrical service panel, Electrical circuits
HVAC: Heating & ventilation, Air conditioning
The American Society of Home Inspectors (ASHI), founded in 1976, is North America's oldest and most respected professional society of home inspectors.
If at all possible, be there during the inspection. Follow the inspector around (without getting in the way, of course) and ask questions. After the inspection, and usually within 48 hours, your inspector will provide a written report of findings and recommendations. Review the report thoroughly and then go over verbally with the inspector any items you don't understand. Don't be afraid to ask for clarification on the findings. Also insist on digital photos if you are considering a property in another state or if you cannot be present during a local inspection. Everyone has a camera and e-mail these days, so make sure your inspector will provide you with photos, especially of the "problem" areas, so you can see what the written report is indicating.
If you're interested in flipping property, keep in mind that the typical home or commercial property contains many of the samemechanical and structural components. Inspections should include no less than these main systems:
Exterior: Roof, Gutters, Windows, Siding, Grading, Driveways/walkways, Decks/patios
Interior: Doors, Fireplace, Ceilings, Walls, Built-in appliances
Structural: Foundation/Crawlspace, Framing, Floor/Slab, Attic
Plumbing: Plumbing fixtures, Hot/cold water supply, Water heater
Electrical: Electrical services entrance, Electrical service panel, Electrical circuits
HVAC: Heating & ventilation, Air conditioning
The American Society of Home Inspectors (ASHI), founded in 1976, is North America's oldest and most respected professional society of home inspectors.
How to Flip Houses Fundamentals
Flip This House
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Understanding the Multiple Listing Service (MLS)
MLS is an acronym for multiple listing service. It is actually a database - an extremely convenient way to know what is available for sale at a given moment. That is why real estate agents developed the MLS. Quick knowledge of home inventory made agents more productive. Realtors primarily use it in their day to day operation to find properties for buyers and to help sellers arrive at a value for their properties based on sold and unsold like kind properties.
The MLS system is also the most important marketing tool that a Realtor or Broker can have. Participating members of the multiple listing system list their inventory of properties for sale in the database as a way to market them to other members who may have a potential buyer. These Realtors can sell other Realtor's listings in return for compensation. If you are looking to sell a property and don't want to do it on your own, make sure you choose a Realtor who can list your home in the MLS database. Essentially, your property will be accessible to thousands of Realtors and their potential buyers.
Other important facts about the MLS:
• There is no national single MLS.
• Local Realtor Associations oversee the MLS system.
• Most MLS's do not have an access for the general public
• IDX is known as internet data exchange. This allows a portion of MLS data to be displayed on Realtor websites. When you see "Search MLS" on a Realtors website most of the time you are not accessing the real MLS system.
• Realtors have to pay money to join a local Realtor association in order to access the MLS system.
The MLS system is also the most important marketing tool that a Realtor or Broker can have. Participating members of the multiple listing system list their inventory of properties for sale in the database as a way to market them to other members who may have a potential buyer. These Realtors can sell other Realtor's listings in return for compensation. If you are looking to sell a property and don't want to do it on your own, make sure you choose a Realtor who can list your home in the MLS database. Essentially, your property will be accessible to thousands of Realtors and their potential buyers.
Other important facts about the MLS:
• There is no national single MLS.
• Local Realtor Associations oversee the MLS system.
• Most MLS's do not have an access for the general public
• IDX is known as internet data exchange. This allows a portion of MLS data to be displayed on Realtor websites. When you see "Search MLS" on a Realtors website most of the time you are not accessing the real MLS system.
• Realtors have to pay money to join a local Realtor association in order to access the MLS system.
Maintaining Well Water
In many parts of the country, it's very common for homes not to be connected to city water. Those properties will have their own well. Although a properly constructed private well should require little routine maintenance, if you're flipping property with a well, make sure it's in good working order before you try to flip this house:
- Get a well maintenance check, including a bacterial test.
- Test the well any time there is a change in taste, odor or appearance, or if a water supply system is serviced.
- Check the well cap and casing periodically to make sure they are in good working order. A damaged casing could cause your water to become contaminated.
- Maintain a clean zone of at least 50 feet between your well and any kennels or livestock operations.
- Do not treat the area around the well with pesticides or fertilizer.
- Keep the top of the well at least one foot above the ground. Slope the ground away from your well to allow proper drainage.
- Keep the area around the well free from snow, leaves, or other materials.
- Keep good records whenever your service or test the well so you can show buyers that's your well is well-maintained!
Everything You Need to Get the Real Estate Deals!
Find Motivated Sellers
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Live Where You Want, But "Flip This House"
Where it Makes Sense (and dollars and cents)!
Real Estate Investing should be about the financial statement, not the property. Investing in your “Back Yard” might seem easier because you know the area, but if greater returns are available in another city or state, then invest and make money where it makes sense (and cents!) to do so, even if it's not where you live. Put together a team of experts who know how to flip houses (realtors, appraisers, property managers, contractors, etc.) where you invest and use that Power Team again and again to accomplish your goals.
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