On “Fix My Flip”, page turner comes to the rescue of beginner pinball machines who are struggling to complete their renovations and turn a profit. In fact, his last fins have been blocked for nine months!
In “Solutions in Santa Clarita”, Turner meets Michaela licensed building inspector, and Gus, a licensed real estate agent, who floundered and was unable to complete his turn. With carrying costs of $3,700 per month, they need to complete this project and bring it to market as soon as possible.
These flippers bought the house for $410,000, and they’ve already spent $15,000 on it, mostly on demolition. They think they can put the house in order for sale with an additional $55,000 in renovations.
Although it seems like a steep climb, Turner thinks it’s doable and they could possibly sell the house for mid-$600,000.
They agree to split the additional renovation costs ($27,500 each) and Turner will get 40% of the profit from the sale.
Here’s how Turner is helping these pinball machines finish what they started, with plenty of smart tips that would work wonders in any home, maybe even yours. Looked!
Don’t renovate too much for the area
Santa Clarita, California is about 30 miles northeast of downtown Los Angeles, and homes there are a bit cheaper.
“This area attracts first-time buyers and start-up families,” says Turner. “It is therefore important to opt for an economical design to keep the purchase price low and within the limits of the buyer.
budget. This strategy is also within our budget.
In fact, the rural area where the property is located is so remote that it is not even connected to the city water network.
“We’re in a remote area with water tank plumbing, and it’s a small starter house that doesn’t even have a garage. So for this flip, we’ll negotiate,” she says.
Luxurious finishes, a pool and spa, and more won’t work here. But thankfully, Turner is a master at making bargain features look luxurious.
Watch: Behind the scenes of ‘Selling the Hamptons’ with Bianca D’Alessio
Home sellers may not always be honest about their home
The seller of the house played a little fast and loose with the facts when selling this house to Gus and Miguel, claiming that the small Quonset hut-like structure in the backyard hill is a bomb shelter. -bombs.
“I’m not a scientist, but I’m sure you don’t put a bomb shelter above ground,” Turner says after touring space. “Believe me, if a bomb arrives, this is the last place I will go!
“It might be a very spacious shed, especially because you don’t have a garage, so there’s not a lot of storage space,” she says. Turner plans to make the most of it.
She finds curved barrel staves at a recycling facility and uses them to turn the space into a fun wine tasting room.
“They can still use it as a storage area if they want,” she adds.
A bedroom without a closet is not a bedroom.
The seller also lied about the layout, claiming the house had three bedrooms. But when Turner arrives to inspect it, she finds that one of the bedrooms doesn’t have a closet, so technically it’s a two-bedroom house.
There’s an easy fix for that, of course. She readjusts the layout by building walls, knocking down more, and adding a closet or two. She manages to fit three decently sized bedrooms (with closets) into the home’s 1,600 square feet of space.
Not all cabinets can be painted
The kitchen has been mostly demolished, but there are still some cheap new cabinets on the walls. Gus and Miguel are reluctant to incur the expense of buying new ones, thinking the current ones can be painted and upgraded. But Turner disagrees, especially after their painter warned that the paint wouldn’t adhere properly to the inexpensive wood type of the cabinetry’s particleboard.
“It really makes more sense to get rid of it, especially after what your painter said,” Turner told the flippers. Plus, “I know the single Shaker cabinets I wanted are inexpensive and easy for us to install.”
New cabinets are only $4,000, which is less expensive than what it would take to repair and paint the old ones.
Paint colors should complement the environment
Clearly these fins don’t have much of a design plan, so Turner offers one.
“I just think of a simple, modern desert look to match the environment,” she says. “It should blend in well with the environment and be appealing to younger, hip families.”
Turner and draftsman francesca Grace show off Gus colors and finishes that are rich but relatively neutral and blend in with the desert outdoors. Ultimately, this is one of the features that the local real estate agent crystal williams think it will be the most attractive for buyers.
Subway tiles are inexpensive but can be arranged to look luxurious
When Grace and Turner suggest subway tiles for the kitchen and bathrooms, Gus worries it won’t fit into their budget. Grace is quick to dispel her fears.
“The subway tile is a bargain! It’s like $6 a foot,” she says.
She explains how laying it in a herringbone pattern in the shower gives it an expensive waterfall look. Who would have thought you could grade the joint for just $6 a foot?
Does Page Turner help fix this reversal?
Once the flip is complete, real estate agent Williams thinks he can sell this house for around $600,000. And of course they do.
They list it for $655,000 and receive a full price offer. Their total profit is $175,000 and Turner’s share is $70,000. Deduct the $27,500 she invested in the renovation, which leaves her with a profit of $42,500. Not bad for a month of work!