Finding the Next Flip

So the ink is barely dry on the closing documents from selling our last flip and we’re already on the hunt for the next one – I’m excited!

Today we scoped out 10 houses, and have plans to see 3 more by the weekend.  We are open to venturing out of our comfort zone a bit – new neighborhoods, homes that need additions, etc.  It’s kind of scary but I think that we’ll be fine if we do our research (which, if course, we will do to the point of exhaustion).

Out of today’s lineup, we’re going to be crunching the numbers on the following four houses.  (Obviously these houses are a lot less fuzzy-looking in real life, I’ve just decided to take the YHL-approach to showing you the photos from our home search – see their explanation here.)

Finding the Next Flip

Pros: Location, charming details

Cons: Needs an addition, no garage

Finding the Next Flip

Pros: Neighborhood & style of house that we’re comfortable with

Cons: Needs fence & new windows, need to work with the layout a bit

Finding the Next Flip

Pros: Historical charm, hardwoods, workable kitchen, location

Cons: No garage, probably needs an addition

Finding the Next Flip

Pros: Price, location, hardwood floors

Cons: Partial garage conversion, tiny backyard, needs new windows & possibly new roof, number of bedrooms

I’m not sure if any of these will be the winner, but they have enough checks in the “pro” column to make them contenders.  What things are/were important to you when searching for your home?

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Comments

  1. Katrina says:

    This exciting, love that your already on to the next! Do you ever get tempted after completing a flip to save the house for you and sell your current home?

    • Liz - It's Great To Be Home says:

      Yes! And it’s actually been a huge mistake to think that way, I believe. Actually, we tend to fall in love with it either at the beginning or along the way – not good!

  2. Jessie says:

    It’s always fun to go house hunting, in my opinion. The things that are important to us are attached master baths, storage spaces (closets/ basements, etc), house with a nice flow, good size master bedroom and a good size living room. These are the basic requirements. What about you?

    Jessie
    http://www.mixandchic.com

    • Liz - It's Great To Be Home says:

      I agree, house hunting is so fun! For my own home and for flips, the most important things for us so far have been price, location and a workable layout. Almost everything else can be fixed!

  3. Lucinda says:

    The number one important thing for us was the neighborhood schools. Is that something you look at when selecting your flips? Just curious?? Can’t wait to see what you choose next I’d love to see you do something in Lake Highlands!

    • Liz - It's Great To Be Home says:

      Schools will be important to us for the next house that we buy for ourselves, but it’s not as important to us for our flips – as long as the house is priced well for the schools that it feeds into then we know there will be a buyer for it.

  4. this is so exciting! I love house hunting :). Some of the things we looked for were hardwood floors (since we knew that would be an expensive upgrade that we couldn’t afford soon), an open layout or one that has the right layout to be made more open, a large kitchen area and living space, and a private backyard.

  5. christy says:

    Okay, we *might* be looking for a house in the next year or so – if we do, this is what I want: location – close to public transport into the city, walking distance to a park, neighbors not so close I can smell their cigarettes in my front yard. (we deal with that now – ick.), and walk into a town, if possible. Four bedrooms all close together – ie not a master on a different level from the kids! 3 baths. Big, open, updated kitchen. Family room and living room and dining room. Office too would a plus! New windows, newish roof, ac/heat/etc….We’re not picky! Ha! Bedroom that faces that street and kitchen that faces the street or the fenced in backyard that is totally kid friendly! :)

  6. Lisa says:

    congrats on selling the flip!

    I want minimum two full bath, a playroom that is separate from the living room, a dining room, an attached garage, a backyard big enough to play in.

    Location is HUGE for me now–I’d like to be in a community that has sidewalks so I can let the kids ride their bikes/scooters and not be in the street. I’d like to be able to walk myself for exercise and not have to cross a busy street to do it (our current house is located on a corner lot and the street my driveway backs onto is a major in-town approach to the George Washington Bridge. This sucks. And I cross it four times a day, because I walk my oldest to school and back. My kids don’t play in the driveway for fear they will roll out into traffic. I will not miss this at all when we move.)

    Basically, nice location, multiple bathrooms, playroom and a backyard are what I want (notice this is pretty much all about kids). Ideally I’d like four bedrooms, but real estate is expensive in the NYC area, and bathrooms are the way to my heart :-)

  7. Lisa says:

    also, forgot to say that I would take a smaller, crappier house in a great school district over a nicer, bigger house in a worse school district. This is my situation now—we could buy a tiny house in an excellent school district for $500g (remember, suburb to NYC), or we could buy a much bigger house for $400g a few towns over–but the school district is crap, which is why its cheaper. Also, the property taxes are upwards of $10g in both towns, so I’d rather pay $10g in property taxes that goes almost entirely to the good school district than pay $10g to the crappy district and still have to fork out tuition for private school. (I’m under the impression that school districts are funded differently in other states, but in NJ, our property taxes are the highest in the nation because each town, no matter how small, has its own school district.)

    there, that was a novel. :-)

  8. If we were looking for a house, we would look for 1. location – near great shopping centers, not too far from downtown, no bad traffic to downtown, 2. a bigger backyard, 3. not necessarily more bedrooms, but more roomier bedrooms, if that makes sense.

    Good luck on your search!

  9. LeeAnn says:

    I’m lagging in my blog reading but I had to comment and say congrats on the sale of the home! And I can’t wait t o hear about your next home adventure!

  10. Definitely location. And price. You can change everything else, in my opinion. And since Ryan is master of the reno, I don’t worry about having to replace anything. Have you not had to do windows, roofs or garages before? Just curious.

    I’m excited to see what you choose! Any of the above have great selling points.
    Kim@NewlyWoodwards´s last blog post post ..Renovation progress report – week 40

    • Liz - It's Great To Be Home says:

      Nope, we haven’t had to do roofs, garages or windows yet! I know, insanely lucky. However, I have a feeling that’s going to change with the next one. :)

  11. So exciting! I would love to see you guys tackle an addition–I have faith in you :) Can’t wait to see which one makes the final cut!
    KT @ KT’s Refinishing School´s last blog post post ..Recipe- Garlic and Greens Pasta

  12. So glad you’re jumping back in the saddle already! Can’t wait to see which one you pick!
    Averill (Odi et Amo)´s last blog post post ..Theres Something About Orange

  13. Alexis says:

    Congrats on selling the last flip and I can’t wait to follow the progress on the new one.

  14. Kristy Swain says:

    Wow, I’m sooo impressed with the old posts of what all you guys did. Amazing. So well done, girl. And congrats on the sale! Things that were important to us were: floor plan, storage, upgrades like granite countertops, large yard, location, and of course, price.