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.
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.
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.
In today’s episode, John and Beth talk about how to manage home improvements. We talk about the culture’s obsession with home improvements and discuss some of the most common problems that homeowners face with home improvement projects. John and Beth talk about budgets, hiring contractors, and how to make a plan for your home projects. At the end of the episode, we share several easy and important action items that will help be more successful with home improvement projects.
IN THIS EPISODE: ● [01:27] Why do people love home improvement projects? ● [6:24] New home builders ● [07:19] Projects that add value to the home ● [09:23] Home improvement problems ● [14:67] DIY vs hiring a contractor ● [18:54] How to hire a contractor and manage your budget ● [22:09] Action Step: Make a plan ● [24:08] Action Step: Create your budget ● [27:05] Action Step: How to hire a contractor ● [28:31] Action Step: Track costs during the project ● [22:50] Close out Phase
KEY TAKEAWAYS: ● Home improvement can pertain to lifestyle aspects to fit a family’s needs or structural aspects like new windows, roof, plumbing, etc. ● Bathroom and kitchen remodels are “money rooms.” They do add value to your home, but they also are very expensive. ● There are small projects that cost little but add value to your home. Like a new front door, painting your front door, making small modifications to your front porch etc. ● When choosing between DIY or hiring a contract it boils down to safety, skills, and time. ● Home improvements add value to your home, but you have to consider your neighborhood and surrounding homes. You don’t want to add so much value that you price yourself out of the market which could make it harder for your home to sell. ● Your contractor does not own your budget. You own your budget. ● Before starting a project, plan for what home improvements you want to do and prioritize them. ● Before hiring a contractor, get multiple quotes from multiple contractors. Don’t forget to check references and licenses. ● Track budget and costs during the project to maintain your budget and the project scope. Also take before and after photos to keep track of the changes. ● The closeout phase includes filing new warranties, checking with your accountant to see how new improvements impact your taxes, and lastly, updating your home insurance.
If you’ve fallen in love with the idea of having some colorful marine life in your home, your living room is the perfect place to showcase an aquarium. It can be a centerpiece that attracts guests and children while giving you a relaxing view of the underwater world.
Sure, you could put an aquarium on top of a table against one of your walls, but there are many more creative and eye-catching ways to incorporate an aquarium in your living space. Here are five awesome ideas to inspire you.