On today’s episode, we discuss our tips for house flipping. Most people are aware of the HGTV version that shows a complete home remodel in a 1-hour episode. This conversation helps to peel back the layers and walk-through the financial and physical aspects that are crucial to executing a flip. Listen to learn the steps and processes to know what homes and locations to invest in, how to plan ahead for taxes, and what projects make a home more valuable.
IN THIS EPISODE:
[01:01] What is a house flip and how to find the best location for your flip?
[07:10] What’s involved in a flip: Financial and physical aspects.
[11:49] Taxes and whether to sell vs rent your newly remodeled property.
[15:27] What projects make a house more valuable and whether to invest as an individual, with a partner, or as a team?
[21:45] How important is staging a house before you sell it?
[26:35] Learn from others who have flipped before.
The key to flipping is knowing the market and the right locations. Then look for low priced homes in those trending neighborhoods.
The more you can do on your own without hiring a contractor, the lower your cost is to do the home improvement, which means the more likely that you’re going to be able to make more money on the flip.
There are five key financial elements to consider doing a flip: purchase price, remodel investment amount, remodel timeline, estimating sell price, and lastly taxes.
We want to speak about how your home can impact your health. You might not realize but regular home maintenance plays an important role in protecting you from illness. On today’s episode, we discuss four key components to consider when thinking of your health as it relates to your home. Listen as we give helpful tips related to air, water, fire and earth and the damage they can cause.
IN THIS EPISODE:
[01:20] What is a healthy home and why it’s important.
[2:45] How to protect air quality in your home.
[09:20] The two main ways that water in your home can affect your health.
[16:42] How to protect your family and home from fire.
[23:52] Understand the different threats that the earth poses to your home.
One of the first things you can do to protect air quality is change your air filters, change them regularly. Do not wait, change them regularly.
Be better prepared for a fire inside your home by placing fire extinguishers in key areas of your home so you can easily access them.
If you bought a home with a retaining wall, you want to make sure that the retaining wall is being held in place and draining correctly. If not, the build of water can cause major issues to your home.
May is Home Remodeling Month but we don’t need to always do large and expensive projects. We can transform our homes with simple, low-cost, DIY projects. In this episode, we discuss the different types of projects you can do that are affordable, easy and can often be completed in a weekend. Tune in to hear our tips to refresh your home with simple DIY projects.
IN THIS EPISODE:
[01:50] Cost-effective exterior project ideas.
[05:37] The benefits of installing low voltage lighting outside.
[12:26] Interior DIY project ideas.
[16:00] How to refresh a room with decorative and furniture type projects.
[19:15] Tips when using paint to transform different spaces.
[23:08] Where to find inspiration and other easy project ideas.
DIY projects can be great ways to update your home for a low cost.
When investing in your home, focus on the front of your house first. Take care of your grass, irrigation, and consider adding shrubs, trees and potted plants.
The front door is the main way we welcome guests. Freshen up your front door with a bright paint color or new hardware.
Organization is another way to invest in your home. When you have a clutter-free environment, you have a more productive environment.
For homeowners getting ready to sell their homes, what can or should you do to get your home ready to list? On today’s episode, John and Beth are talking with Jill Elliott, a Broker Associate with over 10 years of experience in all aspects of real estate. Jill brings her realtor experience to share tips on what homeowners can do to list a home. She also shares stories of her experiences and suggestions from her own client’s journeys through real estate sales. Jill offers advice on how to work with a real estate agent in your area and her own suggestions on how to market a home and move through the process more easily when selling a home.
IN THIS EPISODE:
[02:21] How to get your home ready for sale.
[03:39] How to get older homes ready for sale.
[05:00] Is there certain maintenance you should do before you contact a real estate agent or before you list your home?
[06:20] How important is curb appeal and staging a home?
[10:47] How to set financial expectations for listing a home.
[15:36] How to find the right real estate agent.
[19:19] Why a house might not close; tips for planning a home inspection, and parting advice from Jill.
The first thing to do when deciding to sell your home is let go and let the process happen. Respect the process, be flexible and make changes suggested by your realtor.
Things to be aware of when selling or buying a home are the roof and foundation, plumbing, windows and electrical.
How do you find the right real estate agent? Find one that you trust. Not that you like, but one that you trust.
Jill Elliott is a Broker Associate with @properties Dallas and brings over 10 years of experience in all aspects of real estate. She has consistently been a top producer in the DFW area, receiving yearly Circle of Excellence awards. Before becoming a full time REALTOR, Jill was a radio personality for 22 years in several cities around the country including Oklahoma City, Tulsa, Columbia, Augusta and Atlanta. This may seem a strange transition but her former career allowed her to work with so many different people and charitable organizations that a real estate career was a natural fit for her. Jill has a podcast – For The Love of Real Estate on Apple Podcasts, Spotify and others. She is a big fan of St. Jude’s Children’s Research Hospital. She is a member of the MetroTex Board of Realtors and the National Association of REALTORs. Jill is a graduate of Oklahoma State University and lives with her wonderful family and dog Stella on the shores of Lake Lewisville.
Interviewing a remodeling contractor for some may seem challenging. But we have some simple tips to help you have a fabulous relationship with your contractor. In today’s episode, we walk through the steps to consider before, during, and after a remodel project. Listen in to learn the tips and tricks on how to start your project off on the right foot and end with on a good note!
Questions to consider when starting a project:
What should a homeowner do before researching for a remodeling contractor? What do homeowners need to look for when researching a contractor for a remodel project? Is it important to compare contractors or quotes before deciding on which contractor to use?
What details should be asked prior to signing a contract with a remodeling contractor? How should a homeowner manage their contractor during the construction process?
How should you handle a situation with your contractor if something is not working during the project? Who manages or is responsible for the budget of the project?
How should change orders be determined when changes do happen to a project? How should money be paid to a contractor? Up front, partial payment, etc
What are the risks of certain contracts? What to look for and how to manage the details? What does a close out look like and if there is a problem with the job, how can you manage this process?
IN THIS EPISODE:
[01:23] What should a homeowner do before researching for a remodeling contractor? What do homeowners need to look for when researching a contractor for a remodel project?
[09:24] How do you find quality contractors and one of the key questions to ask your contractor?.
[12:53] how to ask for client referrals?
[18:34] How should money be paid to a contractor?
[21:10] Understanding “change orders” and what happens when changes happen during the project.
[24:01] How to handle the close out process and gather warranties.
You need a plan before you start looking for a contractor. Do the upfront planning before you try to determine the scope of the project.
If you are working on a bigger project, it’s smart to get two to three bids or estimates.
When getting customer referrals, don’t ask broad questions like whether the contractor did a good job. Ask detailed questions about the process of the project and demeanor of the contractor.
Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.
John Bodrozic has start-up entrepreneur experience beginning with bootstrapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.