It is basically a flip that requires very little work. For example, a house might need new carpet,
new paint, a couple new ceiling fans and new hardware on the kitchen cabinets.
Cosmetic flips are excellent flips for a beginner. Since they don’t require as much work as a full flip, you can get them done fast: sometimes in just a week or two.
They also don’t require much skill. You really don’t even need a contractor. You can call Lowe’s or Home Depot to replace carpet and paint. And their work is guaranteed.
The best part is they can still have very big profits.
I am still kicking myself today for missing out on a cosmetic flip in our old neighborhood 4 houses down from me.
It took about 11 days complete and the total profit came it at around $62,000.
If you have not flipped a house yet, then a cosmetic flip is for you!
Yesterday I went to check on one of my properties to see how the rehab was progressing.
My contractor was painting the ceiling with a spray gun.
We talked for about 20 minutes about progress, next steps, and then I headed home.
FYI I love 20 minute work days ; )
Some days are of course longer, but this is pretty typical once a project is underway.
When I got home, my wife started laughing at me. Apparently some of the mist from the spray gun had drifted my way.
I now have small white speckles of paint on my blue North Face jacket and my black Ray Ban sunglasses. Pretty dumb mistake ; )
So my tip to you for the day is to make sure you wear clothes that can get dirty or stained whenever you stop by your rehab project.
Don’t make the same dumb mistake I did ; )
2017 has been another incredible year for house flipping, and 2018 is shaping up to be another outstanding year.
For example, take a look at this incredible deal that just came on the market:
324 E 42nd St, Covington, KY 41015. 1
bed, 1 bath, 1040 sq ft.
Since this is a smaller house, the rehab cost will be much lower.
Let’s look at the numbers:
Purchase price: $8,500
Rehab and all costs: $29,000
Sell it fast price: $69,000
Total potential profit: $31,500
That’s a great return on such a small, inexpensive flip. If I didn’t already have my contractor working on multiple projects, I would buy this house in a heart beat!
But that’s just it: there is literally so much opportunity out there that you have to walk away from great deals like this.
What are you waiting for? Take advantage of the opportunity right in front of you and flip your first house!