Rehab / Flip Repairs: Need your opinions! Pictures inside!

[Michael Lerch]

Working on my first flip here. I had to make cuts to my repair budget because my Realtor says it's a buyers market and not to go too crazy on the rehab. Just fix it up nice enough to put on the market at a low price point where I can still make money vs going all out and having sit for 6 months and breaking even because most likely they won't pay my asking price.

This leaves a bunch of questions because I'm not sure what to do with some of these repairs. Let's start with the kitchen!

Kitchen: You can't really see it, but the appliances are older and beatup. I wanted to replace with all stainless, but because of my cuts I'm looking at either all white or all black... or is this one area I shouldn't skimp on? I'm going to paint neutral colors throughout the house. The cabinets are "ok" but do have some scrapes on the doors. Are these replaceable with the same type of cabinet door? Counters are Corian. Now for the Bathroom! 

Bathroom looks decent, but it's handicap accessible... the room down the hall is as well. I'm thinking about walling it up on the one side and making it a one door. Has anyone run into this and done the same or left it alone? I'm worried it may be a negative for most buyers.

Basement:

I'm fixing missing panels and holes in the wall, that part is easy for me. The carpet is pretty messed up. I'm faced with getting it cleaned or replaced. I don't know how clean these come out with a good carpet cleaning service. As you can see it's a good sized finished basement, but if I can save costs with getting it cleaned that would be best. What do you think? 

Landscaping:

Here they have a nice sized deck that needs a good wash and stain. Seeing as by the time I get this on the market it'll be mid September going into fall. With that in mind what landscaping should I do? I'm planning to cut the grass, fill in holes (dogs like digging), but I don't know if I should plant anything or put down new mulch. Does anyone put down new mulch in fall? I guess it couldn't hurt. Also, with fall/winter coming and that deck should I just power wash it, or go all the way with staining? I'm trying to tell myself I can get away with just a good deck wash and let the buyers deal with staining it, but it could also be a great selling point too. 

Thanks!

[Andrew Cordle]

Michael, 

This is a game or a process that as flippers we go through on every flip we do. But I can tell you not getting your house to PAR will most likely make your house sit on the market. And of course over building will eat up all your budget. So every flipper every house as to determine what that line is and flip accordingly. 

There are a couple things that you have to look at to help you you determine what to do:

1. Have you seen any of the interior pics of your comps that you are using?

2. What is the ARV?

3. Have you been inside of and walked around other properties in your area that are on the market that are similar to your house?

I think first you have to determine what does the market expect, determine that first then we can determine what to put in the house. 

Remember there are 3 things that sell a house:

1. Price

2. Product

3. Presentation

Skimp on one of them and it could be detrimental to your flip. 

Andrew