Any homebrewing house flippers?

[captianoats]

So SWMBO pulled the trigger today and put a bid in on a HUD house. (foreclosure that is government owned). I remodeled our old house, but sold it for what we had into it and moved to a new state for work.

We are going for broke now. We are paying 70k, and with 30k or 40k worth of work it should sell in the 150k range. We plan on doing the work ourselves, living in it for a couple years, then selling to avoid capital gains. SWMBO is an interior designer and her dad is a structural engineer, so we are at least familiar with the actual costs involved, building to code, etc.

Any advice, tips, or warnings anyone with experience can share?

 

[landshark]

All I have to say is good luck. My uncle used to flip houses all the time when he wasn't running construction crews. House market's last crash put an end to it though.

One word of advice is to use cheap items where buyers won't look, cheap lumber, cheap doors, even cheap flooring. Then splurge on some of the little items like cabinet hardware and faucets.

 

[SharonaZamboni]

Fix up the house, but don't overdo it. Nice, new, but in keeping with the neighborhood. Curb appeal is also very important. Simple but neat and easy to maintain will be attractive to buyers.
Good luck, and have fun!

 

[Kikshaaz]

Cash cash cash........

 

[IXVolt]

You will need lots and lots of homebrew.

Good luck!

Go for good appliances and fixtures, but not over the top. You won't make your money back on those.

 

[Swifty]

I'm pulling for ya Homes... I have way too much house for this market but what do ya do....

 

[BryanJ]

I hope you got the house inspected by someone that knows what they are doing before you bought it. Reuse anything you can.

 

[BeardedIdiot]

I agree with an above poster and will expound a bit: remodel to fit the neighborhood, NOT TO FIT YOUR TASTES! If you stay within the neighborhood price range, then you will most likely be able to sell it for a profit in a few years. If you always pick what YOU want, and over-personalize the house, you're going to end up sinking more money into it than you will be able to get out of it.

Don't skimp on anything you can help. Don't buy the cheapest of everything, but don't buy the most expensive either. Focus on the kitchen and bathrooms the most, but don't neglect anything else. A great kitchen will help, but if the bedrooms are nasty, who's gonna buy it?

Good luck!

 

[BeardedIdiot]

Also, try shopping at places like builder surplus warehouses, rather than at home improvement stores. You can usually get better materials for the same price, or even cheaper.

 

[htc]

I read the title of this thread wrong... but I found some anyway!

available here http://www.zappos.com/haflinger-beer-pretzel-slipper

 

[ReverseApacheMaster]

I sure hope your market analysis supports your expected return. The housing market continues to get worse, not better.