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Home Flipping By Beth Bradshaw
By Beth Bradshaw
Aug 10, 2005, 14:54
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I saw a television program this weekend that really fascinated me. It was about a young man who had purchased a condominium in need of some updating. His plan was to renovate the property in six weeks and put it back on the market in order to make a huge profit. The process is known as “flipping” in real estate circles and the people who do it are called real estate developers. This young man had never done this before, but he was involved in real estate, so he could spot a property with potential. He also had the help of his father, who was a retired builder, and the advice of an experienced real estate investor provided by the television program.
For anyone like me who has contemplated a modest home improvement project with terror,
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the fact that this kid would take on renovating an entire condominium in six weeks while still holding down his regular job was just astonishing. Here this guy is ripping out the entire master bathroom with hilarious results. He’s smashing fingers while replacing everything in the kitchen except the floor. He would have been absolutely sunk without the help of his father. Ultimately he ended up taking more than twice the amount of time he had allotted, but made a huge profit so it worked out well for him.
If anyone out there might be tempted to become a real estate investor, I would suggest a very thorough study of a few of the following books, unless of course your father is a builder:
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“Curb Appeal” – by Don Vandervort
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“Gutted: Down to the Studs in My House, My
Marriage, My Entire Life” – by Lawrence LaRose
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“What the ‘Experts’ May Not Tell You About
Building or Renovating Your Home” – by Amy Johnston
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“The Complete Photo Guide to Home Improvement”
– from Black & Decker
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“Bob Vila’s Complete Guide to Remodeling Your
Home” – by Bob Vila
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“Better Homes and Gardens New Remodeling Book”
– from Better Homes and Gardens
You may find these and many other books on home remodeling at Hickory Public Library. Patrick Beaver Memorial Library is located at 375 Third Street, NE, and the phone number is 304-0500. Ridgeview Branch Library is located at 706 First Street, SW, and the phone number is 345-6037. Both libraries are open 9-9 Monday-Thursday and 9-6 Friday-Saturday. Patrick Beaver is also open 2-6 Sunday.
Beth Bradshaw
Head of Reference and Technical Services
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Buyincomeproperties.