Maximize Profits: 3 Tips to Save Money When House Flipping

We're here in Huntington Beach on my newest flip, and I want to talk about 3 ways to save money on a flip like this. And if you need to get a hold of me, please reach out below, leave your contact information with any questions. I'm happy to answer them, or I'm happy to send you my calendar and we can meet in person. So let's get to it. 3 ways to save some money on a flip like this. Hi, I'm Joe Homs, and I have over 40 years of experience as a broker, mentor, and investor. And I want you to subscribe so that you never miss a video. Number 1 is really the, the easiest way to save the most money is to do everything yourself. But let's say you don't have any skills, or you don't have those type of skills. So there are other ways to save money. Instead of replacing these cabinets, we've decided to paint them. So we've hired a professional painter to take and remove all the cabinet doors, sand them down, and professionally paint them. It's just not regular wall paint, it's special paint that needs to go on these cabinets, and that's the way we save money. To replace these cabinets is about, about a $7,500 expense. To paint them is about $2,500, and they're gonna look the same at the end of the day. These aren't old cabinets, they're newer cabinets that have just been used and are a little worn. So we want to make them look as new as possible. So that's number one. Number 2, you don't have to replace everything. If there's some stuff like, for example, this flooring— this flooring came with this home. There's no need to replace this flooring because it looks Honestly, really nice. The windows, the sliders, these are double-pane sliders and windows. Obviously, we're not going to replace those. They came with the property. This is what we normally put in anyways, so that's going to stay. Can lights, depending on which area, those will stay. We did have ceiling fans in the bedrooms. However, they were really old. They were dirty. They were old. So we took those out and are replacing those. But there are certain things in this project that you end up keeping and saving you some money. Number 3. Skipping those big projects that are gonna take you time and money to do. The biggest one I hear today, and I've heard for several years, is, hey Joe, let's build an ADU in the back. Now this obviously doesn't have room for an ADU, but I hear that all the time. Great. What does that look like to you? An ADU is going to take probably 9 months to a year to complete. Remember, I'm trying to get in and out of this project as quick as possible, so I don't do ADUs. Let's add a pool. Obviously there's a pool here, but some people say, well, let's add a pool. You know, you're down close to the beach, why not add a pool? Again, time and Those are things that you really don't want to spend too much time adding because, you know, time is money and it's just going to cost you more money to do this and you may not be able to recoup that at the end of the day. How are you saving money on your flips? Let me know in the comments below. I really would like to know what it is that you're doing to save money. I've kind of shown you around here. I've shown you how we're saving money, how we're putting this place back together so that it looks like a model home at the end of the day. And that reminds me, reach out, let me know you want to see the finished product. When it's done and it's on the MLS, I'll send you the link and you can take a look and see what transpired from the beginning all the way to the end. So please make sure that you like and subscribe this video. If you need to reach out to me, just hit that like button below, put your information down there. Please comment, please share, and I'll look for you on the next video. There we go.