If you are flipping a property, the finishes, colors and supplies you use simply need to be neutral and appealing to a wide range of buyers – you don’t have to perfectly suit your personal taste or use specific colors or products. The freedom that comes from not having to create a specific look allows you to save money when you flip a home. By seeking out the best values and bargains instead of buying for a specific look you can save money on your flip – and increase your profit. Saving money doesn’t mean you settle for poor quality pieces; many of the items on our list are good quality, they have simply been marked down for a fast sale.
You might prefer a more custom or designer look for your own home, but you can find some great bargains at your local Home Depot or Lowe’s. When you shop at a big box home improvement store you can buy cabinets in a variety of sizes and colors that are already in stock, saving money on your remodel.
The bundle you get when you change your address includes a great coupon for Home Depot – use it and save on your big flip renovation supply purchase. You don’t have to move, the packets are free and there is a 20% off coupon in each one.
Shops that mix paint can and do make mistakes – and offer great quality paint for a fraction of the original cost if they mess up. Many stores have an “oops” shelf where they offer paint that didn’t quite turn out at a drastic discount. The original buyer might care that the paint they asked for turned out slightly deeper than intended, but you won’t, particularly when you see the deeply discounted price. Buying cheap paint can lead to multiple coats and wasted hours painting; buying quality paint that was tinted incorrectly can help you save a bundle on your flip.
If your home improvement store has a bid desk, then stopping by and making a bid can save you a bundle. If you are going to spend several thousand dollars at once, the pro desk may be able to help you save by offering you a better price on the whole bundle.
Not all flipping supplies need to come from the home improvement store. Big box stores carry a variety of items from flooring to light fixtures and sometimes offer significant discounts on older merchandise.
Save money on just about anything by buying a floor model or one that has been removed from the box. If the only thing wrong with the piece is that the box is damaged, you can save a bundle on supplies for your flip.
Use the same tile, paint and other products in all of your houses. You’ll be able to save by buying in bulk and you’ll always have supplies on hand if you need to make a repair before the sale.
Protect your profit by saving money on your supplies and improvement products when you flip your next home. The more money you save, the more you’ll end up with in profit when the deal closes.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.