How to Flip A House (Part 1)
This is the first in a two part post about flipping houses, featuring expert home flipper (and Windermere Professional Partners Realtor) Jeff Williams of South Sound Property Group. Jeff has flipped more than 38 houses since he started in 1993 and his properties have been featured in South Sound Magazine.
Whether or not you’ve ever lifted a hammer, you’ve probably looked at a house and thought, “Wow, I’d love to fix that place up.” In the current real estate market there are a lot of affordable houses on the market- more and more people with a bit of moxie and extra cash are wondering if now is the time to become investors. House Flipping is a phenomenon that has gone mainstream in the past decade, thanks to shows like “Flipping Out” on Bravo and pretty much every single show HGTV has ever aired. That said, for every rumor you hear about someone who made their fortune flipping a house, there are 5 where people lost money, broke even, or maybe even lost their minds.
Jeff Williams, Tacoma Flipper
For this reason, we are turning to expert flipper and local Realtor Jeff Williams to give us the straight story on how to flip a house in today’s roller coaster housing market. Jeff began flipping houses in 1993 in Los Angeles, now he flips houses in Tacoma (you can see a list of past projects here). ”When I was flipping back in Pasadena I had several projects that sold in the multi-millions when I was done.’ he remembers. “Ahhhhh, the good old days.” Times may have changed, but Jeff is still flipping houses.
Price it Right
The trick, he says, is picking the right properties and price them to sell. “I’m always tempted once I see the finished product to price them higher than my initial price projection,” he says. ‘However after making that mistake a few times I’ve learned to stick to my own advice and price them to sell quickly when I’m finished.”
Choose the Right House
Jeff is partial to homes built in 1920’s-1930’s, he feels that the strides made in home construction techniques in that decade make these homes the best built. “It’s been trial and error over the years,” says Jeff. “Obviously location and style are important factors in my selection as well. I tend to “rescue” older houses, but I just recently finished a modern home in Gig Harbor. I find my most profitable projects are when I correct floor plan problems.” We’ll be posting more of Jeff’s home flipping tips in our next post. You can also contact Jeff directly or visit his blog here.