Saving Money on Your Flip

I’m going to tell you briefly about how you can save money on your next flip or repair project. If you’re flipping houses or repairing them to rent it is HIGHLY important that you create a product price list, I do this in Excel. I make a list of the products I’ll use in the property from paint, drywall, carpet, supplies, cleaners and so on. I leave a space to put the price of each product.

First I want to thank all of you who read, comment and enjoy this blog, I appreciate all the emails you have sent.

Once you have a list of all the materials and supplies needed you can figure your cost for those products (I purchase all my materials and avoid contractor markups). Now, wherever you purchase your products; (Home Depot, Lowes, Menards) take the list and order all your supplies at once, asking them to submit it to the “Bid Floor” so you can get a nice discount as opposed to paying full retail. Doing it this way you can save about 15% to 20% off the retail price.

One nice little tip before I go. I’ll get my price, from lets say Lowes and then go to Home Depot or Menards with the list and explain to them they can get my business if they can beat the price I have quoted. When you have competing stores in an area they will usually beat the price by 5% to 10%.

So see you can save 20% to 30% on your material cost if you apply this correctly.

All I ask is that when you do this, come back and leave a comment telling how well you’ve done.

To learn more see my article “How To Save 25 Percent On Your Next Rehab“.