For the past several months my wife and I have been watching a lot of HGTV. Most of the shows are the same shows with a different name (i.e. house hunters, property virgins). We also have been watching some shows on TLC. One show that we started to Tivo is "Property Ladder".
"Property Ladder" is a show where first-time home flippers try to make some fast cash by taking a run-down dilapidated house and remodeling it with whatever construction skills they may or may not have. Usually these flips are complete trainwrecks. This is probably one of the reasons why I like watching this show.
Lesson's I've learned about flipping a home from "Property Ladders":
- You will always spend more than your budget
- It's doubtful that you will finish the flip in the time you think it will take. Something always comes up.
- Measure twice, cut once
- If you hire a contractor, stay on top of the contractor. Make sure your expectations are clear.
- If you plan on doing most of the work yourself. Plan on having no life until the project is done.
- It's usually better to hire someone to do the things you have no business doing (plumbing, electric, foundation work)
- Don't let your paricular tastes in colors determine your decisions for others. Make decisions that will appeal to more people.
- Don't use your credit cards as a line of credit. That's never a good idea.
