Restoration 101

“You flip houses? I want to do that. How do I get started?” We are asked this many times over. The question is usually followed by a knowing smile between Dave and I. Our response begins with the word “flip". The definition of flip, meaning to turn over, upturn, or capsize is the most inaccurate definition of why we do what we do. People don’t buys sticks and bricks, they buy a feeling and we carefully choose houses that we can restore (not flip) into someone’s forever home. One they feel connected to. If you are considering investing in a real estate renovation, consider these 10 tips. ​

• Begin with financing. Banking relationships are built on trust over time and in our experience are best done with local banks who know and understand what you’re trying to accomplish. We’ve been using the same bank for 90% of our loans for the last 25 years.
• Share your goals. Banks will usually loan 75-80% of a homes value. Some on an “as built” appraisal similar to a construction loan. Create a detailed blueprint including budget, and selection choices and the bank will estimate the home value when its completed.
• Find a mentor to bounce off ideas, provide insights, and be a sounding board.

• Start Small! Look for a home needing only cosmetic improvements such as new paint, carpet, tile, refinishing floors, counters, lighting & plumbing fixtures and cabinet hardware.
• Find a home that speaks to you. One you envision yourself living in no matter the size. Create a design plan that fits the style and feel of the home.​
• Determine what you’re capable of doing yourself and what needs to be contracted to professionals. Most counties require plumbing, electrical and HVAC permits at minimum. Structural changes require architectural drawings and inspection approval. All should be considered in your budget.

• Find a house close to home where you can supervise the process and be present as much as possible.
• Secure reputable and skilled sub-contractors.
• Prepare for the unexpected and realize no matter how good you are at planning, there will still be surprises.

Failure is the best teacher! Start at a level that should you fail, it is not catastrophic. Dave’s first five homes were around $25-35000.00, then up to $100,000.00 and now we consider homes up to a million dollars with our Restoration Harmony team.  With 25 years experience every home is different. We still make mistakes, we learn everyday from our clients, our contractors, and everyone we collaborate with. That is the beauty in the mess, not flipping over but restoring something to its potential, believing in yourself, trusting your team, finding solutions and in the end turning sticks and bricks into someone’s forever home.