Got a Question? Ask Away.

My email inbox is embarrassing these days – I have gotten so behind in answering your questions!  My apologies to everyone that’s waiting for a response – eek!

Now that I have about a jillion emails waiting to be answered I’ve noticed a theme in the questions I’m getting from readers – you want to know more about how to get started flipping houses!  A solution to my email backlog has presented itself – instead of repeating myself over and over again responding to individual emails I thought I’d just answer all of your questions right here on the ol’ blog.

So, got a question for me?  Ask away.  Anything flip-related is fair game, although I’m not planning on getting into specific numbers when it comes to money.  A girl has to have some secrets, you know.  :)  So if you’re curious about how we got started, how we prioritize the renovations, where we buy our goodies, what we look for in a fixer-upper . . . bring it on.

I’ll answer your questions in an upcoming post, or several posts depending on how many questions you guys have.  So go ahead and ask away in the Comments section!

And, since I can’t have an entirely naked post, here’s a photo of our newest flip – more on that later!

Fifth Flip - Before
Get excited!

Related Posts with Thumbnails

Comments

  1. Grace says:

    I’ve been a long time follower but never leave a comment even though I’m always blown away by your before and after ;) My questions is that what do you consider to be a good fixer-upper and how do you prioritize renovation with a limited budget!
    Thank you for taking your time to answer this

  2. Centsational Girl says:

    Dear Liz, do you look for flip house that requires just cosmetic upgrades or is the full gut job renovation something you prefer, or is it both? Please share your thought process. Kate in California

  3. Karen says:

    Ooh, me, me! I am wondering about the profit percentage that you target. As a real estate agent, I’m sure you know what a house could sell for if it had the proper upgrades versus what it is listed at since it is so out-dated (as all of your flips have been). So, instead of strict financial numbers, could you perhaps give percentages? For instance, 100% is your target list price, x% is your purchase price, y% is your budget for upgrades, and z% is your profit (less a%–seller closing costs)? I am very interested in this aspect of it and I’m sure you track it all with your lovely Excel spreadsheets! I’m envisioning a few pie charts. :) My husband and I recently purchased a home free and clear that will be a future rental when we move to a bigger home and I am debating how much I want to put into it and how much time I want to personally spend painting it! I am also interested in flipping in the future. Thanks for opening things up to questions! :)

  4. Jitka says:

    I love your posts. Thanks for sharing your progress with us. I have couple questions. How do you determine if a house is a good house to flip? Do you go for good neighborhood and lesser margin when considering your purchase or do you settle for better margin and not as desirable neighborhood which might be harder to sell? Lastly in percentages how much work do you do yourself and how much and what type do you hire out? Sorry one more – How do you get your trade people? Thanks Jitka in Canada

  5. Shaina says:

    I would love to know how you determine how much to put into a kitchen? Stock cabinets or custom? High end appliances or mid-range? Your kitchens always looks stunning and I would love to know how you come to such a great end result.

  6. Nora Rose says:

    I have a money question but I’m hoping it’s generic enough. Do you buy cash or finance? Do you factor in financing costs (no matter which way) into the cost/profit of the house? I feel like flipping would require a lot of capital, especially up North, we see a lot of cash buyers rehabbing houses.

  7. Angela says:

    I’m interested in the process of picking out flooring, countertops, etc. How do you decide what to do? And the staging when the house is ready for sale. Do you use rental furniture? Or do you have a stockpile of furniture that you can keep reusing?
    Thanks!

  8. Emily says:

    I am local to the Dallas area and was wondering if you have any cabinet painter recommendations.

  9. Katrina says:

    Hi Liz — I’d love to know more about sources on your last flip, I’m deciding on our hardware for our kitchen and really like the style you used on the last too flips :) Thanks :)

  10. Hi Liz! I love your blog! Would love to ask a few questions…
    Regarding when you first started – how did you go about searching for your first flip? Thru the MLS or thru wholesalers? Did you use a realtor?
    Also, regarding financing on your first – did you use an investor, hard money lender, conventional financing, etc? If you don’t mind sharing those details…
    Thank you! You are amazing at what you do!

  11. Jen says:

    I understand that you don’t want to reveal hard numbers, but I am really interested in percentages. Can you give a percentage profit over the original purchase price? Also, do you buy your houses with cash or finance? If finance, what percentage do you aim to put down? Has this changed as you have done more flips? Also, how did you decide to get into this in the first place? It seems like a really big leap of faith. I’d like to do it myself in the future but I’m a scairdy pants :)

    One last question, how do you estimate remodeling costs? Would love if you could share a hard number for even a part of the cost, but understand if you won’t. I will be remodeling my own house and really have no idea where to start for puttting together a budget. Love love love your blog! Keep up the good work and congrats on your new baby!

  12. Rachel says:

    I’ve heard that the best way to make money on a flip is to make money/have equity immediately by the purchase itself…meaning purchasing below market value; getting a good deal to begin with is key. Is that something you consider when purchasing a flip? SO, SO many areas where I live are asking top dollar for houses that need numerous and expensive updates, making flipping very difficult. Do you look for listings specifially for investors? Or purchase in areas notorious for excellent resell value?

  13. Maggie says:

    Hi Liz,

    I love your blog b/c I’d love to flip houses. I’m pretty sure that it will always be a fantasy for me but I can live vicariously!!
    How did you get started $$ wise. Did you finance or have cash to start? How do you pay for all the remodeling? How do you estimate the overall remodeling costs? About how long does it take to do the work?

    Also congrats on your best “project” ;-)

  14. LBC says:

    Did you become a realtor when you started flipping to increase your earnings or were you previously a realtor?

  15. Jen says:

    I have a blog question for you. I notice you have ads on your website. What service do you use for your ads and how much income does it generate for you? How much traffic does your website generate? I love your blog and it seems like you are getting really good at flipping houses. It seems like it is going faster, but maybe not. I’ll be curious to see how your daughter changes things for you. Congrats! Daughters are the best ( I have two myself :)

  16. Sara says:

    I have a question on how you found your first contractor for renovations. I am guessing once you progressed to additional flips you kept the same one. But how did you find the first one to gut, tear down and then rebuild your wonderful baths and kitchens. Did they have input into opening up rooms – if it was doable and quoting pricing on costs. Also, did you go with – I will furnish the materials vs. letting the contractor supply. There are always those niggly little items in baths that they discover.

    I live in Dallas and love watching what you are doing on homes that are so very, very familiar in look and feel even if you are flipping in neighborhoods I have never been to!

  17. Danielle says:

    I just stumbled on your blog… but I can’t see any of the photos on blog posts. I tried multiple computers. It appears all of the photos being pulled in from flickr are marked private. I’d love to see the images from your flips! :o)

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

      Ugh, thanks for the heads up! I’m working on it and hopefully I’ll have it fixed soon.

  18. Celeste says:

    I am also having trouble seeing the photos on your blog. It’s just with the past few posts. Any idea what happened?

  19. How to you mange it all in such a short period of time? Do you have a general contractor? Do you use the same one each time? How much do you take charge yourself? How often do you go by the flip weekly? Do you do much DIY? Do you do things like physically buy the materials and haul them home or how does that work? Are you a business (since you hire people, make money, sell items etc)?

  20. Samantha says:

    I have been reading your blog since your 2nd flip and I love what you do! I was just wondering how you put the floor plans of your flips into floorplanner. Do you hand draw them? I love designing new spaces and would love to fix up my own home by inputting the floor plan into floorplanner. I often find myself getting confused with drawing my plans to scale.

  21. Tiffany says:

    Hi, I really enjoy your blog and have been reading it for about 6 months. Thanks for sharing and for volunteering the Q&A. I don’t have any new questions, than hasn’t already been asked, but I am looking forward to your answers.

  22. Great blog loved it reading. Thanks for sharing.