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Updated almost 16 years ago on . Most recent reply

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Trudy Hoekstra
  • Real Estate Investor
  • Sacramento, CA
0
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20
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What level of finishes do you use?

Trudy Hoekstra
  • Real Estate Investor
  • Sacramento, CA
Posted

I'm working with a semi-experienced flipper (3 years of about 4 houses a year) who is giving me advice (my first two flips flopped). She typically does top-of-the-line for the neighborhood and then prices at median price. She says this sells fast. For instance, if 2 out of 5 houses in the area have dual pane windows, she puts in retrofit dual pane windows. If some but not most houses use granite countertops, she uses granite. If most places have tile tub surrounds, she'll do tile with some kind of border/accent/design. This goes against the advice I've read in books saying that a rehabber should stick with what the average house has in the area.

What level finishes do you use? If 2/5 of houses in the area have dual pane windows, would you replace unbroken single pane windows?

Thanks for your advice! I overdid my last house and I'm so afraid she's telling me to make the same mistake again, but I know I need to trust my mentors.

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Derek W.
  • Investor
  • Kern county Riverside County, CA
261
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494
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Derek W.
  • Investor
  • Kern county Riverside County, CA
Replied

I work mainly on lower end inventory, 100k and below. Sometimes in rough neighborhoods, and the occasional gang land war zone. In the war zones I have had problems with break-ins and graffiti, but not in the other areas. Even these low-end properties now get all new flooring (carpet and 18†tile with deco dots) new appliances, granite counter tops, new sinks and faucets, dual pane windows, new base, casing and crown molding, new plugs and switches, interior two-tone and exterior paint. This typically runs around 10k for the rehab. If the roof is bad, or the heating or cooling needs replacing, or if kitchen cabinets needs replacing instead of refinished it can go higher. It seems that is about as cheap as I can get it and still look nice. It isn’t much cheaper anymore to do Formica counter tops instead of granite slab. And it really helps for renters or buyers to walk in after seeing a bunch of dated gross properties and say “WOW!†I think it makes your house the next best choice to go pending. I have lived in some of my rentals in the past, so I tend to make them nicer than they have to be. I think I attract a better tenant, and one that tends to stay longer if I have a really cute, stylish place that says “home†not “rental.â€

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