By Mike Baird
If you’re like me, you aren’t planning on flipping just one or two houses. In fact, once you get your real estate investing business going, you probably plan on flipping multiple houses at once. If that’s the case, you can help yourself out big-time by knowing the best materials to use on all your rehabs. When you have a few go-to renovation materials, you won’t always have to go shopping (or send your contractor shopping) to get started on your rehabs. Plus, you can save money on bulk items, and you can save time trying to decide what to buy for each individual property. Here are a few of my favorite materials for any rehab.
Matching Stainless Steel Kitchen Appliances
When your buyers walk into your kitchens, you want them to be blown away. After all, kitchens sell houses. That means, for almost every flip you ever do, you’re going to have to replace all of your kitchen appliances. I like to buy stainless steel refrigerators, stoves, ovens, dishwashers, and microwaves in bulk because I know they’re going to match, and when I get the same ones over and over again, I know their measurements so I won’t run into issues with fit.
While you won’t run into issues buying the same refrigerator and oven over and over again, I can’t say the same for paint. You can use and reuse some colors, but you can’t just say, “Okay, I’m going to paint all of my houses green on the outside and mocha on the inside.” That’s why I really like looking through the “oops” section whenever I buy paint. All the cans and buckets you find here are perfectly good paint, but they were mixed just a little off from what the customer wanted. Instead of throwing them out, stores sell them at a discount, which is great for house flippers.
You might not be able to paint a whole house in a batch of discounted paint, but you can definitely find enough for accents and/or for the kitchen or bathroom. Sometimes you can even find enough for the whole interior of the house. It’s always worth it to find ways to save on materials like these so you can leave yourself some wiggle room in your rehab budget.
Overstock and Clearance Flooring and Countertops
Flooring and countertops make up a big part of any rehab budget, so I always like to look through my suppliers’ overstock and clearance options for these. There’s nothing wrong with buying last year’s granite or quartz countertops or laminate flooring. Plus, like appliances, quality countertops and flooring materials work in just about every style of house. If you can find a deal on some bulk flooring or countertop material, it’s almost always worth it. You won’t just use it on your current flip—you’ll find uses for it in future properties, and you’ll save a lot of money.
When you go shopping for materials, some things are going to be unique to the house you are currently rehabbing. Others are going to be almost universal. For those universal materials, buy them in bulk as much as you can and store them for later use. If you do this, you’ll increase your profit margins over all of your flip houses, and you’ll save time and energy, too. The more streamlined you can make the process the better, and the more materials you have on hand at the beginning of any rehab project, the faster the process will go. These tips should make it easier to flip your houses under budget and on time.