• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Threshold Homes | MinnesotaThreshold Homes | Minnesota

Flipping, Staging and Decorating Homes in Minnesota

  • Blog
  • Podcasts
  • Our Work
    • Portfolio
    • Upcoming Projects
  • The Fixer Upper Checklist
  • About
    • Contact
  • Learn to Flip

March 20, 2019 by Threshold Homes Leave a Comment

Top Tips From My First Flip

Every project is an opportunity. Even though my first flip was more than ten years ago there are universal lessons that still apply today. Whether you are thinking about getting started with a flip – or have a flip or two under your belt – you’ll want to keep these tips in mind as you plan.

Top 5 Tips for First Time Flipper by Amber Miller Threshold Homes MN

This post may contain affiliate links to help you shop and find the items I use and decorate with. If you purchase  I could make a small commission at no charge to you. Please read my disclaimer here and privacy policy here.

Tip 1 – Hot Market…Cold Market There Will be Competition

No matter what type of market we are in, if there is profit to be made there will be multiple offers. My first flip was purchased in 2008 and by all accounts the real estate market was collapsing. Yet because the numbers on this home were good there were multiple offers. Be prepared and stick with the offer that works for you.

Tip 2 – Know How You Are Going to Buy the House

This first flip was purchased with the type of loan that required an application and approval. Because of this, it require additional time for underwriting and standard review. Since I was new to flipping qualifying for other programs was not an option so preparing ahead of time was key to being able to move quickly when I found a house and was ready to submit an offer.

Tip 3 – A Scope of Work is Everything

In order to prepare for repair estimates you will want to put together a list of improvements. Walk through the home and document all the things that you want addressed by the contractors. BE SPECIFIC. If you want trim painted make sure to state which trim and where. The last thing you want is “change order” charges at the end of your job which are additional fees for items not included in the original bid.

Tip 4 – Don’t Overimprove

Not every flip is complete “gut job”.  The neighborhood and price point for this house allowed for reusing and saving many items. The kitchen cabinets for example were kept and new counters and stainless steel appliances were added to give an updated look for a fraction of the expense of an entire kitchen remodel.

Tip 5 -Take Distance into Consideration

When you take on a flip that is a considerable distance away from where you live your drive time will be a factor. Consider traffic delays, fuel costs and time as you look for your project. My first flip was more than a 40 minute drive away from my home and checking in on the project was difficult unless it was a Saturday or Sunday.

Ready to Flip????

After more than ten years of renovation and real estate experience there are a few things I am always on the lookout for when I walk through a house.

These are crucial areas that can increase a home’s value with renovations and help you to maximize your profit.

Click here for details

Amber

Love before and afters?

Follow us on IG @thresholdhomesmn and FB  @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!

Pinterest-Threshold Homes
Top Tips From My First Flip, House flipping, Home Renovation, Selling a House for Profit, Real estate

More tips and inspiration for home flipping can be found on my Pinterest board: Threshold Homes |Home Renovations, Remodels, and Designs.

Related posts

How to Find a House to Flip – Step by Step Plan to Find a Profitable Flip Kitchen FlipFlip Upgrade Guide: Minimal Upgrades to Include in Your Flip interiorsInterior Tips for Fix and Flip Success Quick and Easy Staging Tips to Sell Tips for Buying that Flip

Filed Under: Tips, design, DIY, fixer-upper, remodel, renovations, restorations Tagged With: business tips, first time flipper, fix and flip, investment property, remodel, renovation

Our Projects and Inspiration Delivered to Your Inbox

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Threshold Homes LLC

Minneapolis, Minnesota

Contact Amber
612.559.3238
amber@thresholdhomesmn.com

Contact Alan
952.334.5469
alan@thresholdhomesmn.com

Follow Us @thresholdhomesmn

  • Facebook
  • Instagram
  • Pinterest
  • YouTube

Our Projects and Inspiration Delivered to Your Inbox

  • Blog
  • Podcasts
  • Upcoming Projects
  • The Fixer Upper Check List
  • About
  • Learn to Flip

© 2023 Threshold Homes LLC · Design by squishy