House Flipping - House Ideas

You usually don't hear people talking about "hidden" costs when flipping houses, rather, you hear about how much money they made.

"And we really didn't have to do much either!", you'll hear them say.

While there are flipping jewels that do indeed fall into people's laps, the reality is that those flips are few and far between. If you're considering flipping, you certainly want to go into it with a lot of enthusiasm, but with a healthy dose of caution as well. Learning to "read" houses when inspecting them before buying will help you see more clearly what possible repairs might be needed to make the house ready for the market. Not paying attention to certain warning signs of structural problems could mean the difference of making, or losing money altogether.

If you're relatively inexperienced at flipping, or considering your first flip, pay attention to what the house is "telling you". You could go into it thinking you will make some great money, only to spend any profits on major repairs. Remember, in many flips, you are buying foreclosure property, property with tax liens against them, etc. So, understand that you are buying the property as is, warts and all.

Some major repair signs to be on the lookout for, are the following:

Leaky basement walls. It could get very expensive to waterproof a basement and make it completely dry.

Evidence of mold anywhere in the house, particularly in bathroom, kitchen, basement, and crawl spaces. This means water is coming into the house from somewhere.

A wavy roof. If you notice the roofline has a slight wave to it, it might be due to deteriorating structural support and underlayment. Also, the condition of the shingles and flashing could mean stripping away the old roof and installing a new one.

Sagging floor. Does the floor have noticeable sag to it? If so, there might be serious problems with not only deteriorating floor joists, but deeper foundation and structural support problems as well.

Strong smell of pet odor in the flooring. Not a huge expense if hardwood floors don't exist. But if there is hardwood flooring and you want it utilized, you should definitely have the floors sanded and refinished.

Weak and/or deteriorating wall structural support due to termite infestation or rotted wood framing. You can't see what's behind drywall or plaster, so the best you can do is look for water stains, bowed walls, and sagging ceilings with cracked walls as evidence.

Look for evidence of asbestos. You'll see it in the form of shingle-style exterior siding, insulating wrap for plumbing and ducts, tile flooring, and attic insulation. You will know it because of it's old, yellow-coloring and flaky, fibrous texture. Asbestos removal can be an expensive, and because of environmental concerns, you should use only experienced removal companies.

Just like asbestos, be on the lookout for lead paint as well. Removal can be potentially expensive to tackle because of the extent with which you would have to safeguard people from exposure, and the cost to replace/treat any contaminated areas.

Having this particular increased-awareness mindset makes good business sense when evaluating any piece of property. Consult with a professional such as a general contractor or realtor and have them help you assess any possible repairs and related costs. When you have all of the facts and figures in front of you, can you then make an informed decision. When you do, in fact, submit a bid, you're price will reflect any necessary repair expense.

If you're relatively new or considering entering the house flipping business for the first time, please visit http://www.House-Flipping-Helper.com for more information regarding all things house flipping and remodeling.