Shockwave launched a new game yesterday called “House Flip”. The object of the game is just as it sounds. You buy houses, fix, clean or update them and then sell them for–hopefully–a profit. After receiving a link to the game, I spent about an hour playing it, and I must say, it’s hilarious and completely addictive! You can play the game without becoming a member of Shockwave, but if you DO become a member, you’ll get some perks–like skipping ads and earning ‘bling for your trophy case.’ Oh, and you know how fun demolition is in real life? Continue Reading
Go from this:
Yesterday we had a picture frame that turned into a table. Today we have The Flip Table, which is a coffee table that turns into a dining table. No fancy mechanicals seem to be involved, just a few hinges and a sliding mechanism. That combination might be a trick to replicate, but a less sophistocated method might be employed for a DIY version. Check out the website to see an illustration of the conversion.
Before we get to the happy ending, we should really discuss how to stay out of jail while undertaking a flip.
Notes on Owner-Occupied versus Non-Owner-Occupied
If you buy a house, move into it and remodel it, you can do all the work yourself–including all the electrical and plumbing. However, if you buy the house on spec, meaning you speculate on its resale, and do not occupy it, as we did with our flipper, you must comply to state codes. Continue Reading
If you’ve been following this post, you’ve probably guessed that we hired out very little work. We did, however, hire a few tradespeople along the way.
People, People Who Need Trades-People
Time being money, we chose to hire a sheet rocker who was able to hang 50 sheets of rock in the basement in eight hours. An impossible feat for most DIY’ers. We also hired a taper. Although we employed this fellow to get the job done fast, we also wanted it done right. Continue Reading
As we covered approximately 2000 feet of molding and 20 six-panel composite doors, it was was necessary to employ several tricks to keep our sanity.
Painting Tips That May Prevent Insanity
Since we had removed the baseboard moldings where we were going to install the hardwood floor, we were able to paint the walls with little taping. Before re-installing the unpainted moldings, we cut 6 inch strips of poly sheeting and tucked that behind the moldings, and then using a finish nailer, we fastened the boards to the wall with the poly “sandwiched” between. Continue Reading
The short version:
Find the money to buy a depressed property in a great location, and then work your behind off.
The long version:
In our case, we exercised a line a credit against the equity in our home to come up with the funds. That only provide for half of what we needed, so we found a guy with cash who was as crazy as we were with whom to partner. We hired a lawyer to draw up an LLC to protect us, financially. Continue Reading