How do you decide what to renovate? What to let go? Where to spend your money? In this episode, Natalie Mitchell walks us through the best tips & tricks about renovating a flip, both big and small!
“Some of the best returns I had on flips I spent almost nothing on.”
A big misconception with flips is that adding high amounts of money adds the most value and increases the resale price. That is not the case. Of course, generally, the value goes up the more you invest, but there certainly is not a direct correlation. One important technique in a flip is “High vs. Low”. Do you have to use the expensive version, or can you use the cheaper DIY version? You need both high and low in most projects. The key is to balance the two, for both your bank account and the overall look of the remodel. It’s always about flow. Does it fit together?
You don’t always need to have a big renovation to make a big change. Sometimes, the smallest things make the biggest impact. “Staging 1-2-3” is the backbone of flipping. The three tiers include (1) the things that are free, easy, or cheap; (2) changing items that require a little more effort or money; and (3) things that might cost a lot more money and/or effort but are worth considering. You don’t want to over-improve a home when doing a flipl. You will not get your money back if you overspend.
The key to a flip is to give the buyer the impression that there is more space than there actually is. Instead of trying to create more, try to find the potential in what you already have. It’s often the smallest spaces that create the biggest impact. Go neutral on the bigger elements. Be brave, be bold, and be first. And always ask for help!
—
Enjoying the show? Please give a 5-star rating and review on Apple Podcasts – every review helps others find the podcast!
As a thank you for the review, you’ll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I’ll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”
—
