Hey there, Investor Nation!
We asked some good buddies, who are also experts in fix and flip remodeling, to share some of their best fix and flip tips with you.
Andrew and Tyler are co-owners of the Philadelphia-based Axe Philly , a real estate investment company that specializes in custom renovations of single and multi-family properties for sale and rent. (BTW, you can subscribe to their popular Friday blog from the top of the page on their website!)
They are incredibly talented, and we appreciate them taking the time to share some super-quick fix and flip remodeling tips with us.
Take it away Andrew and Tyler!
Fix and Flip Quick Tip # 01: Design a practical layout.
Andrew: Think about the end user from the very beginning of your fix and flip. Who is moving in? How are they going to live their lives? We focus on designing a layout that is practical, making sure it is usable and flows naturally for the buyer.
Tyler: One example is the bedroom and the bathroom setup. We are not afraid to go from a three-bedroom to a two-bedroom, if it means that we can add another full bath on the second floor and have bigger bedrooms with more closet space, and better layouts for, say, the bed and TV wall, and then potentially doing an ensuite bathroom on one of the bedrooms. In our experience, that gets even higher numbers than a three bedroom with a small third bedroom.
Fix and Flip Quick Tip # 02: Make sure the building is square
Tyler: We do gut fix and flip renovations, taking everything down to the subfloor and brick. Before we even design our layout, we make sure the building is square. If we are going to try to salvage anything, we want to make sure that it is not going to have a negative ripple effect down the road when we start to rebuild the house.
Andrew: Yes, this sounds like a construction tip, but it really is a design tip, because there are compounding effects. When you have an uneven subfloor, for instance, if you do not replace that with a new even subfloor, you are going to have problems with your hardwood floors. It is going to lead to uneven trim and cabinets, so your counter and backsplash are going to be uneven. One side will be higher than the other side and it will look like crap.
Fix and Flip Quick Tip # 03: Emphasize kitchen and bathroom design
Andrew: Now, this is some age-old fix and flip advice, but it has a lot of truth to it. When the end buyer walks through, they are going to spend most of their time walking through the kitchens and bathrooms. Once they live there, that is also where they happen to spend most of their time.
Tyler: As an example, in the kitchen, we think about the sink and dishwasher placement. We try to put them next to each other, but a lot of times, you see these “L” kitchens. You do not want it to be configured where you are dropping the dishwasher door right where you are going to be standing. Also, we try to have the sink face out the window or face out into the living space.
In bathrooms, we are considerate of storage. We try to tuck in a closet or open shelves next to the bathtub because people take storage for granted and once they move in, they never have enough.
Oh, and btw, do you need a Fix and Flip, New Construction, Rental or Multifamily Loan? We’ve got you covered!
(Just click on the linked loan type for more info!)
Fix and Flip Quick Tip: # 04: Use cheap materials in creative ways
Tyler: The last fix and flip tip is to use cheap materials, but in creative ways. Andrew is going to elaborate on tiling, accent paint, and cabinetry.
Andrew: A subway tile is super cheap, and everyone likes it. We like to use subway tile, but sometimes, we will just use a different pattern with it. We will put it in the herringbone pattern, or we will subway tile around the tub and the two sides will be stacked and then in the middle, we will do it vertically, so it is just a little bit different.
With paint, we will use paint on accent walls, or behind a vanity in a bathroom. We will paint it black or deep blue, so that it just pops.
With cabinets, we sometimes like to do two tones.
We just finished a cool fix and flip rehab using green cabinets in the kitchen. We used it for the bottom and top, along with some white cabinets, so when you walk in, it is not overwhelming and you see a ton of green cabinets, but you also see the white. It is a little bit unique and something that everyone commented on. They loved it!
Ok thanks Andrew and Tyler for stepping in here guys with these great fix and flip tips! This information is gold for real estate investors doing fix and flips!
Remember, Investor Nation, you can subscribe to Axe Philly’s blog from their website – and be sure to look at their Instagram!
Until next time – happy fix and flipping!
The iFC Team
Oh, and btw, do you need a Fix and Flip, New Construction, Rental, or Multifamily loan? We’re here for you! Just click on the loan type for more info!
OH, THERE’S MORE – MUCH MORE!
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