We dream about some interesting and elite careers, but have you ever thought of becoming a gardener? Well, if you didn’t and don’t really have such an ambition for real, nobody denies that experiencing it in a digital form is not enjoyable. Actually it is, especially when you have a well-made, detailed and great simulator called Garden Flipper. Here you are going to plan your activities in many ways. First, you are expected to bring the houses in order – some of them are dirty and tons of trash are present there. Second, you will have to paint the walls and repair things, including furniture and various elements of the building. Third, you are expected to apply your best creative skills to design the house and the garden. Your services are pretty vast, as you can see. From cleaning to designing, you are welcome to test and improve any skills in Garden Flipper 2019.
House Flipper is a unique chance to become a one-man renovation crew. Buy, repair and remodel devastated houses. Give them a second life and sell them at a profit! House Flipper Room Requirements. House Flipper is the best free one-man makeover crew on the market. Become an interior & house designer and start your very own business. Carry out orders, renovate, decorate houses, and sell them.
As a gardener, you will have a chance to plant trees, flowers, and shape bushes after you are done with the routine tasks like cleaning and painting. The process will go on and you are going to accept the orders from the house owners. The orders will surely surprise you with diversity – sometimes, you will have to make a minor task like planting a single tree in a yard. The other times, you will have to polish the entire building from the ground up and make it shine. The families, couples, and individuals will pay for your job. In addition to cash, you will get experience, achievements and knowledge, of course. You are going to get access to new species of trees and flowers, learning how to plant and treat them correctly. Also, the set of gardening tools will surely impress you – the mechanisms are all advanced and automatized, all of them are created for real pros! Step by step, you will become a more profound master until you feel yourself like an all-mighty person, able to decorate and plant anything on earth in House Flipper 2019!
Key Takeaways
Investing in a property to upgrade it and sell it for a profit is an excellent way to make money in real estate. This process, also known as real estate rehabbing, consists of finding a property, assessing all areas, making the necessary repairs, marketing the property, and selling the property for, hopefully, a profit. You are probably familiar with this real estate exit strategy from popular TV shows on HGTV; however, the process is not as easy as TV may make it seem.
Not to worry, our “flipping a house” checklist was designed to help you succeed. Please continue reading for the house rehab checklist everyone can use moving forward — from professionals to novices.
[ Interested in learning how to flip houses?Register to attend a FREE real estate class and learn how to get started, right here in your local area. ]
House Flipper Tasks List
How To Flip A House FAQ
Due to the popularity of flipping houses, this exit strategy can be an intimidating prospect for aspiring real estate investors. However, be careful not to let common misconceptions prevent you from pursuing your goals. Before you decide whether or not you’re ready to dive into the house flipping world, let’s get a few commonly asked questions out of the way.
What is the 70 rule in house flipping?
The 70 rule in house flipping can be used to determine the maximum purchase price of a given property by accounting for repairs and closing costs. To calculate it, multiply the after repair value (ARV) by 70 percent and then subtract estimated repair costs.
Can you really flip houses with no money?
It is entirely possible to flip houses with little to no money, you just need to be ready to pursue creative financing options. Investors can rely on private money, a business partnership, or even hard money lenders to finance deals.
How much money do you need to start flipping houses?
The amount of money need to start flipping houses will depend on your financial situation and the real estate market. Keep in mind there are a number of sources to help estimate costs and raise capital.
Do you need a license to flip houses?
There is not a specific license to flip houses; however, regulations will vary depending on your state. There are also a number of certifications investors may find helpful, such as a contractor’s license or real estate license.
What Is A House Rehab Scope Of Work?
A scope of work is an essential document that lists the projects to be completed on a rehab property in careful detail; no property rehab checklist should come without one. One might even think of a scope of work as a “house flipping checklist” of sorts that helps the investor communicate to contractors exactly what needs to be done, and how.
In the section below, you will find a house flipping worksheet that is designed to help investors know exactly what to look for and check as they perform their walkthrough. Upon using this rehab a house checklist, you should be able to create a list of specific areas of a property that needs work. This can then form the foundation of the scope of work. The scope of work document will take this list further by specifying exactly how each line item is to be repaired or rehabbed, with detailed instructions on how to do so, including what materials to use. As a result, this document serves as a critical ‘flipping a house’ checklist that will allow any real estate rehab team to achieve success. To get started, follow the real estate rehab checklist below.
Locating A Property
Many investors will tell you the hardest part of successfully rehabbing a property is finding the right house to flip. The reasoning behind this is twofold. Housing markets can be extremely competitive, and you need to make sure the purchase price is low enough that you can still turn a profit after covering the cost of the rehab. Locating the perfect property can be tricky, but as soon as you learn where to look the process will fall into place.
If you are new to the real estate world, you may try searching for properties online using listing websites like Zillow or Realtor.com. While these occasionally have great listings for rehabbing, your best luck is going to be elsewhere. Try searching for properties at real estate auctions, local wholesalers, and foreclosures in your area. These are typically going to be where you find the most availability and the best deals.
A key part of finding the right property also lies in your ability to make an offer, as soon as you find the right one. Be sure to have your financing lined up as you begin looking for potential properties. It can be a good idea to look for a lender who specializes in that type of strategy — particularly if you are seeking off-market properties or funding for the rehab itself. Remember to not get discouraged if your first few offers are declined or if it takes some time to locate the right property. The process will get easier to navigate with each successful rehab.
10-Step House Flipping Checklist
Pull comparables from the MLS and other websites: No rehab project can start without a proper vision of the final product. Research your market area using the MLS or websites that pull from it (like Zillow and Redfin) to find similar properties. Pay attention to the number of rooms and types of features offered in comparables, as well as the listing price. Not only will this help you gather inspiration for your rehab, but it will also help ensure the finished property is in line with similar properties—a crucial factor for selling the home quickly, and for your asking price.
Find a contractor and bring them to the property walkthrough: To hone in on a timeline and budget for your property, have your contractor walk through the property. Better yet, have a few contractors walkthrough so you can ensure you select the right person for the job. Be sure to share your expectations for the project, a note of your ideal timeline, and don’t be afraid to ask questions. The right contractor will help your project run smoothly from start to finish, making this part of the process is crucial.
Bring essential tools like a camera and flashlight: Don’t show up to your walkthrough empty-handed. Investors should always bring a camera, flashlight, calculator, and a notepad to any property walkthrough. Take pictures as you look around, so you can reference certain rooms and areas later. Write down any potential concerns you have, as well as extra projects you would like to see completed. The more thorough you are now, the more prepared you will be in the future when the project kicks off.
Review the exterior, paying careful attention to structural issues: Walk the perimeter of the house more than once. Keep an eye out for any cracks or issues with the foundation, as well as any exterior issues that may be present. Check the status of any fences, decks, or outdoor areas as well, as these will factor into the curb appeal later on. This step will help make sure all any big problems are out in the open before you start.
Check interior walls for layout and cosmetic changes: You’ve heard it before, and you’ll hear it again: today’s buyers are looking for an open floor plan. If your property has a boxy layout or unnecessary rooms look for opportunities to open the space up. Is there a wall between the kitchen and living room? What about any awkwardly placed closets? Be sure to consult your contractor on which walls are load-bearing. This will help guide what you can do with the property’s interior.
Decide what type of flooring will suit the property: As you survey the interior, take note of the condition of the flooring. What materials are used throughout the house: tile, laminate, hardwood, or carpet? Refer back to the comparable properties you found earlier, and get an idea of what potential buyers in the area might expect. Then, price out options that will look right with what you plan to do to the space.
Survey kitchen and bathroom fixtures: Buyers will go straight for kitchens and bathrooms when touring a new property, making these crucial areas of your home. However, they can be highly expensive to renovate. To make sure your property delivers without breaking your bank, take note of any existing features that could be repurposed to fit your final look. Check the condition of any cabinetry, counters, and appliances to see what should stay. In some cases, a fresh paint job and new hardware will be enough to revamp a kitchen or bathroom, while other properties may require more significant upgrades.
Review the condition of the electrical, plumbing and HVAC systems: Work with a professional as you survey the quality of the electrical, plumbing and HVAC systems. Then, decide which areas need to be replaced, upgraded, or simply cleaned up. This is a crucial selling point, so don’t try and cut any corners as you finish up your rehab project.
Examine interior doors and trimming: Don’t skip over the details as you finish up this house rehab checklist. Double-check the doors, trim, and hardware throughout your property for any last-minute changes. The doors should all be the same style and color, and the trim should flow when moving from room to room. Assess the condition of all the doors to make sure you don’t leave anything out of your final review.
Stage the property and get ready to sell: The most important factor when showing your property is creating a space that potential buyers can picture themselves living in. Hire a staging company or set up the property yourself (if you think you can) and create an atmosphere that feels like “home” to anyone that walks through the doors. You may not need to stage every room of the property, but key areas should be prepared for potential buyers with care.
The best way to succeed as a real estate rehabber is to mind your due diligence before getting started in any deal. You must draft your business plan, find the perfect contractor, and learn how to market the finished property. Estimating the repairs for a given property takes experience and expertise, which is why every real estate rehabber should have their own “house rehab checklist” on hand. I also want to encourage you to craft a real estate rehab business plan.
During your first few years as an investor, it is never a bad idea to keep several handy real estate checklists in hand. In his book “The Checklist Manifesto,” acclaimed medical surgeon and author Atul Gawande discusses how carefully designed checklists helped transform the medical system in the U.S., helping save more lives. His writings make you wonder, what could unfold if even the most seasoned professionals in other industries also enacted the use of simple checklists? It is no secret that any process in the real estate industry is complex, involving many steps and sometimes many people. When a lot is at stake, making use of a rehab checklist to ensure complete thoroughness and accuracy is not only helpful but a smart business decision.
This idea, of course, applies just as well to when you first get started on a rehab project. Never be caught off guard by a slow-moving team or problems with the foundation again. Check off every item on this house rehab checklist for flipping a house and you can be sure you won’t miss a thing:
Summary
Rehab properties can offer attractive profit margins to real estate investors willing to execute the right steps. If you find yourself eager to pursue this exit strategy, familiarize yourself with our flipping a house checklist to make sure you’re prepared for the process. Be careful not to underestimate the workload of flipping a house and read up on commonly asked questions to educate yourself. If you put work in, rehabbing houses has the potential to offer you a strong financial future.
Did you find this house rehab checklist and corresponding pro tips helpful? Is there anything you would see added? Let us know in the comments below.
Ready to start taking advantage of the current opportunities in the real estate market?
House Flipper Game Download
Maybe you have plenty of capital, an extensive real estate network, or great construction skills— but you still aren’t sure how to find opportunistic deals. Our new online real estate class, hosted by expert investor Than Merrill, can help you learn how to acquire the best properties and find success in real estate.
House Flipper See All Tasks