House Flipping – What to Look for When Walking a Property
House Flipping – What to Look for When Walking a Property
1 Price – Before you even go to look at the property you need to make sure that the price is way below the market value of the real estate in that area otherwise you are wasting your time looking at properties that you cannot make any money on. So you need to make sure it is so far below the price of other house that you can fix it up, hold it, and pay fees and commission and still make a huge profit.
- Foundation – I buy and sell real estate in Texas and foundation is a huge problem here, and it is the first thing I look at. If there is foundation damage you need to see how much this is going to cost to have fixed. Many times when I am looking at a property I can call my foundation guy and he will come out and give me a free quote on the spot. Foundation damage can drain a budget so until you are comfortable with you skills at judging the amount of foundation damage call a pro for a quote and then factor that in your budget. When looking on the outside and inside of the house you are looking for cracks above windows, along brick mortar, over doors, and in corners, and many times you can feel the foundation sinking in certain areas of the house. Be sure to walk to the corners on the rooms and you will be able to tell if the piers have sank.
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Roof – Next I check the roof by counting the layers of shingles. Normally if there is over 2 layers of shingles you are going to need to replace the roof. Also, as you are walking through the inside of the house look up at the ceiling and look for water spots. This is also a huge indicator that you are going to need to replace a roof. Your foundation and roof are normally you 2 biggest expenses.
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Walls – Look for holes or damaged sheet rock that is going to need to be replaced. Drywall is cheap and not a big deal, but does cause a lot of buyers to run away from the property. I love houses with holes kicked in all the walls. Holes = Money
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Electrical – Look at condition of breaker box. If you are going to add something like a A/C unit you might have to upgrade the electrical, so you need to keep that in mind. Next if the power is on to the house you can check the lights and buy a cheap power test that you can plug in a wall to tell you if it has power, and you can get an idea if the electrical has issues in the house.
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A/C and Heat – Check to see the age and condition of the air conditioning unit in the potential flip so that you can see if you might have to replace them and leave room in the budget if you think you might have to replace the unit.
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After that cabinets – Look to see if you can use the old ones or if you are going to have to replace them all.
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Counter Tops
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Plumbing – Make sure the toilets will flush and water will run. The water heater is normally off so you can’t test it, but you can look to see how old it is, and that will give you a ideal if you are going to have to replace it. See how many faucets, toilets, shower heads, and other plumbing fixtures you might need and factor them in the budget. I normally replace almost all the plumbing fixtures to give the house the new look.
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Flooring – See how much of the flooring is going to be fixed or replaced. I always if possible refinish my hardwood floors, and put down ceramic tile. If there is no hard wood I will estimate the cost for carpet.
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Paint – Don’t for get to price paint inside and out
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Appliances – I normally replace all the appliances, so you need to factor that in as well.
Keeping Your Pipes Free And Clear: Plumbing Tips From The Pros (3)
Keeping Your Pipes Free And Clear: Plumbing Tips From The Pros
Have you ever poured grease from a pan down your sink? Do you know how bad this can be for your plumbing system? Use the expert advice in this article for many more critical tips and tricks that you need to know in regards to your home plumbing.
If the water is not going into your dishwasher, the first thing you should do is shit off the water under the sink. Chances are that you have some kind of blockage, and keeping the water turned on could actually create a bigger problem. To fix the blockage, you may need to call a plumber.
To winterize a house that will sit unused during the winter months, you must completely drain all of the pipes. After turning off the main water supply, let all of the water drain from the faucets, toilets, and water heater (turn off the gas). Add a quart of antifreeze to sinks and the tub to prevent water from freezing in the drain trap.
Never mess with plumbing if you aren’t confident you can complete the task correctly. When it comes to your plumbing, there are serious implications to completing tasks incorrectly. The cost and damage can be severe if you do the work wrong. You should always seek out the assistance of a professional if you aren’t fully confident in your abilities.
If you have an odor coming from one or more fixtures in your house, it is likely this has to do with the water in water traps. Each fixture has a water trap that is sealed off to prevent odors. If the water evaporates, the odors can surface. Therefore, try adding water to the traps.
Sometimes you have to make the choice between replacing or repairing. If you have an old appliance, that uses a lot of water or electricity, it may be best to replace. Sure, it will cost more initially, but it will save you money in the long run. The other thing is, you can’t be sure how well a repair will work out, whereas with a new appliance you’ll at least get a guarantee.
If your drain in any device is taking longer to drain water, then you may need to have your pipes professionally cleaned depending on the severity of the circumstances. Before you do this, there are several different products you can try. However, some of them are professional strength and all products should be used with caution.
If you can’t turn off a main valve to your entire home when you go on vacation then turn off the valves to each water line. For example,if you live in an apartment, turn off the individual valves in your bathrooms and kitchen. Don’t forget to drain out your dishwasher’s hose and get the valves behind your toilets.
In conclusion, you now know how bad it is to put oil or grease down your drain. Even if you already knew that, you now know how important it is to avoid this and many other potential disastrous situations. Hopefully you can start using this advice today and have a well working plumbing system in your house.