You might have heard that many of Van Gogh’s paintings are fading. The artists famous Sunflower paintings, which contain petals and stems, once vibrant and ‘yellow’, look as if they are literally withering to an olive-brown color as a result of his use of a light-sensitive yellow paint. Many of his contemporaries used several pigments that discolored over time; blue’s, red’s and yellow’s are all primary colors that like to fade back then. But guess what? Those colors still like to fade because they are cadmium based.
That’s why it’s incredibly important to buy HIGHER quality paint if you plan on painting your house yellow, red, or shades of blue. Most often color fading is due to the quality of the paint in regards to color retention. When the paint is of low quality, the upper layers of the paint quickly begin to peel off. The paint coating chalks off, and the color fades out. Color fading happens with excessive exposure to sunlight as well. The UV radiation is harsh to the pigmentation of the paint especially bright blue, yellow and red. If you decide on this palette of colors, as we are doing with our current project, its best to spend the bucks and look into a brand like Benjamin Moore’s Aura. Yes, it costs way more them something at Miller Paints or Sherwin Williams, but it’s worth it. You won’t come home to a chalky looking paint job after a few years.
Bobby Curtis was recently interviewed on how he finds good houses to flip. Here’s what he had to say.
House flip – stately home in NW Portland
1. How do you find a good flip?
I find a good flip by keeping my eyes and mind open. It’s not just about finding a distressed house that needs work. There are many people out there flipping houses. I’ve discovered I need find something that presents a challenge that other people (flippers) don’t want. And I have to get creative to solve a problem in a way many end buyers will love.
2. What are the key steps to successfully flipping houses?
The key steps are:
A. First, hire a great real estate agent who is an expert in the area you’re looking in, and knows a thing or two about fixer uppers
B. Buy a fixer upper at the right price, and make sure there are good comparable houses for the price you plan to sell if for fixed up.
C. Get solid estimates for the work that needs to be done, and hire dependable contractors to do the work
D. Hire a cost-effective designer, or be one yourself. This is not a time to try out your super specific design ideas. You want something that will appeal to most
E. Get it done, and do it quickly without compromising quality. My goal is 4-8 weeks. If this is your first flip, don’t go over 3 months. Ideally you want to buy the fixer and sell the fixed up house in the same market.
G. And finally, sell it. Don’t nickel and dime the buyer who places their offer. You will often give more than you want to. That’s okay if you’re making enough money on it.
3. What should real estate flippers have in place to make sure the process runs smoothly
A great real estate agent, dependable contractors, a personal support network, and a reliable financial source.
4. What’s your best advice for working with and managing contractors? How do you cut ties with a bad contractor legally?
Very good question. I’m professional, and I hire professionals. That doesn’t mean the best price, because WHEN shit hits the fan, you want to know you can count on them. I hire a mix of contractors who do the work themselves, and larger companies who have crews. Equally as important is I work with people who specialize in fixers, not new construction.
I’m in this for the long haul, and most people who want to get into flipping houses usually want to do more than one. So, if I cut ties with a contractor, I usually give them more than I think they deserve and just agree not to work together again.
Lastly, reputation is important, and frankly you’re very exposed when you flip a house. If they want to make things difficult for you, they can. Most of the time when you want to part ways, they do too. So, shake hands and agree to be done.
I shared the 5 mistakes to avoid before flipping a house with Tra’Renee from Afternoon Live on Friday. Whether you’re a seasoned house flipper or you’re getting ready to restore your first one, you could probably get a good nugget or two from watching my short interview. Check it out here.
Putting in materials and finishes that don’t work
Find out what finishes are being used for houses selling quickly in the area. Use those.
Consider working with a designer or an experience REALTOR® in this area.
Buying a house to flip with no good comparable houses
Flipping a house shouldn’t feel like a guessing game.
Work with a REALTOR® who can show you there are other houses like the one you want to buy that other buyers have bought for the price you need to sell yours for.
Look for evidence of houses selling for a lot more that are in much better condition. Take surrounding houses into consideration
Putting the house up for sale before it’s 100% complete. One chance to make a good first impression.
There are many houses I have walked into with evidence of work not being complete, door knobs falling off. No matter if that is the only doorknob loose in the house, it will BE the representation of that house.
All DIY
Hire professionals to do the professional work.
Taking too long
You had good intentions to flip the house in 2-3 months, and pretty soon that turned into more work than you thought. 9-12 months later you are ready to list.
A market can shift dramatically in 9-12 months. I like to buy a house, restore it, and sell it in the same market
Taking too long also kills personal morale. Keep that moment going.
Interested in more? Learn whether a house makes a good candidate to flip or not to flip here
Bobby Curtis Principle Broker Licensed in Oregon Licensed Contractor CCB# 215071 503-502-3066
