A couple getting out of the rat race through flipping homes and investing in real estate.
One tip to give out for anyone thinking of doing renovation is to SELL whatever you can! We’ve done this every time we purchase and renovate! It takes a little more time and planning, but puts money back into your pocket that you can then, turn around and use on the property! If we are tearing out the bathrooms and kitchen (which we are), consider selling the cabinets, countertops, sink basin, faucets, garbage disposals, appliances, bathroom vanities, medicine cabinets, bathroom fixtures, WHATEVER you can!
One property we purchased, we bought it wholesale with a hard money loan and because it was an estate, they left all of the furniture, appliances, and items in the garage! We held a community, inside yard sale, and sold everything (and also kept some antiques that we really liked)! Those funds helped pay for all of our initial work for drywall repair, landscape, and repainting the kitchen cabinets. The items that we did decide to keep, we were able to use for staging furniture when showing homes!
On the current property we are renovating we have sold the kitchen cabinets, the counter tops, stove, refrigerator, dishwasher, kitchen sink and the garbage disposal. By doing this we were able the get almost $500 back to put into the renovations. One key to this is finding your audience. We always post on Facebook Marketplace and usually can move the pieces we are selling within 24 to 36 hours. Also, share to other bargain pages to expand your audience. The local pages are really good for getting people willing to pickup from the home.
Another key is to think ahead. You won’t want to be hanging on to the items you are selling until after your drywall has been finished and sanded. You’ll want to move these items on before you really start making a mess. Once everything is covered in drywall dust it makes selling them harder. You constantly have to keep cleaning them and wiping the dust off. One more key is pricing. You can price it to try to get the most out of them, but that may mean that you will hold them a little longer. We generally try to position the price point at a level that is a good deal for someone needing these items. This way we move them quickly.
We will also be renovating the bathroom soon. Since we had already taken the kitchen sink out, we decided to leave the items in the bathroom. We will sell these on a little later in the renovation. We decided to hold on to these simply because it’s convenient to have a sink to wash your hands, clean tools, and wash out paint brushes (and a toilet is nice to have too!). Once we get the drywall finished, and the walls and ceilings painted, we will put the bathroom vanity, mirror, medicine cabinet, toilet, tub and surround up on Facebook Marketplace and try to move these items!
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