![]() People were lining up at the back tables to buy the “secret sauce” to make their fortunes in real estate. During that cycle, there was a real estate seminar every weekend in Sacramento hotels pitching how much money you could make. I don’t know about you, but this is starting to look a lot like 2004-2006. Do they have any construction experience? Do they know how to estimate repairs accurately? Have they considered the liability they are assuming? These are just a few of the questions that go through my mind. I try to be polite and not ask important questions that they should be asking. Nowadays, it seems like everyone wants to become a house flipper! I heard about two more just this past weekend. Often it is followed by their asking me to teach them how to do house flipping because they know that I buy houses. They have seen some TV show about house flipping and ask me if I watch that show. It seems like there isn’t a week goes by that I don’t hear about some person quitting their job or wanting to become a house flipper. “Get reviews from family, friends and neighbors.By Robert Taylor (updated on April 8, 2020) “Don’t take the lowest bid, you’ll probably end up regretting it,” he says. He doesn’t quibble with them on their prices, as they’ve proved reliable over the years. After two decades of flipping, he is pretty handy with small jobs, but he also knows when to tap into his trusted network of contractors. ![]() Lastly, after you’ve determined just which improvements make sense for you, Slowey says to rely on the professionals for major renovations. But the savings can be significant, says Slowey. You have to think like a flipper and plan out every detail, and then order all of your supplies and finish materials at once. Whether you’re remodeling a rental or tackling a big renovation in your own home, Slowey recommends reaching out to local suppliers for bulk pricing. All it takes is a Philips head screwdriver and about 10 minutes. Swap out those chintzy, standard doorknobs with timeless polished nickel ones. “You’d be amazed at how much changing out doorknobs and cabinet hardware can polish the look of a home,” Slowey comments. Sloane’s also offers Luxury Vinyl Plank –a hot, new product that wears like iron. ![]() Plus, their no-frills warehouse routinely stocks over one million square feet of carpet that you get to see and feel first-hand. So, you get high-end carpet for a big value. Sloane’s Carpet Secret, a local, family-owned carpet store, offers premium carpet with slight imperfections for up to 70% off. As for carpet, he says buyers notice if you cut corners and go for cheap carpeting. Keep the paint neutral, advises Slowey, restricting bold paint choices to one or two accent walls. They always feature new carpet and paint because they never fail to impress and are two of the most affordable improvements. If you’re considering a big kitchen remodel, but your roof has two layers and is 30 years old, get the roof done first. ![]() “I don’t want the inspector to find anything!” Whether you’re a remodeler or a buyer, resolve these items first before tackling the luxuries. Slowey describes himself as “very OCD” when it comes to these vital house functions. You Need Good BonesĮlectricity, plumbing, roofing-all those unsexy maintenance items have to work. In fact, bathroom additions in the Mountain West returned about 54.1% to home value according to Remodeling magazine’s report. Slowey doesn’t hesitate to add a second bathroom to his flips, even if it means pulling back a little on the kitchen renovation. And while buyers and owners alike love the attraction of a brand-new, nicely finished kitchen, don’t neglect the need for more than one bath. And bathrooms are very important, too,” he relates. “You get your biggest bang for your buck with a kitchen renovation. Here, Slowey gives his top professional tips for homeowners or real estate investors when choosing renovations. “There’s a lot to learn and you often run into unforeseen expenses.” Today, this licensed realtor and flipper has the experience and know-how to figure out exactly what a run-down house needs to become a showstopper that sells quickly. Twenty years and many successful flips later, Slowey counts that experience as a part of a steep learning curve. He bought three undervalued houses in 2000. Joe Slowey admits that his start flipping houses didn’t go well. July’s blog features Joe Slowey, realtor and owner of JMS Property Development, Inc. Home Improvement Secrets from a Pro House Flipper
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