Flipping Houses in Mission Viejo – Avoid Unexpected Costs to Maximize Profits
Flipping houses in Mission Viejo works just like any other part of Orange County
Flipping houses in Mission Viejo means that A. a real estate investor looking to make a profit buys a house; B. said investor makes improvements to said house; and C. said investor sells the house for more money than the total of the purchase price and the improvements. Flipping houses in Mission Viejo is easy peasy lemon squeezie, right?
Not so fast, kiddies. When you’re flipping houses in Mission Viejo, there are a lot of things that happen in step B before anyone can get to step C. Fundamentally, the investor must identify the improvements to be made in order to qualify the house for a higher sales price. And that puts the beauty of the finished product in the eyes of potential buyers. And the investor has to manage the cost of the improvements – obviously less cost means more potential profit. And the time to finish the improvements – again, obviously faster turnaround means more potential profit.
I’m no genius, but it seems like it’s important for the investor to manage the cost of the improvements in order to make the numbers work. So the last thing an investor involved in flipping houses would want is a huge round of additional repairs once the buyer has agreed to pay a price that works for the investor. But the buyer isn’t going to just take the investors word for quality of the improvements. No way. The Buyer is going to hire the nit-pickiest Home Inspector he can find to help him understand the condition of the house.
So here’s a blinding flash of the obvious. Why don’t home flippers hire the nit-pickiest Home Inspector as the NEXT to last step in their flipping project? And why don’t home flippers hold their contractors accountable to fixing the health and safety items that show up on the Home Inspector’s report as the last step of their home flipping project? Don’t home flippers realize that the buyer is going to do this step and wouldn’t a home flipper want to avoid leaving themselves exposed to unexpected problems?
Adopting the practice of hiring a home inspector as the next to last step in the home flipping project could have avoided the buyers’ inspector from finding the following flaws in their flipping project.
- The bathroom door that wouldn’t close when anyone was sitting on the toilet.
- The new carpet that was so wet the plastic runners meant to ward off dirt actually collected condensation from the moisture.
- The new stove that was installed under the cabinet next to the cabinet where the connection to the vent was located. So the new stove had no vent connection.
- The new bath tub that leaked from the second story bathroom into the ceiling and wall of the garage, every time the water in the bathtub was turned on.
Or people flipping houses in Mission Viejo can just keep rolling the dice that the buyers may not find these types of things on their own and not ask for them to be fixed as a part of their agreed-upon purchase price.
I’m Leslie Eskildsen. Your Mission Viejo Realtor.
Call me. 949-678-3373
Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com