Saving Money On Your Flip

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First I want to thank all of you who read, comment and enjoy this blog, I appreciate all the emails you have sent.

I’m going to tell you briefly about how you can save money on your next flip. I know, I know…. I had you all following my flip. Well it came to a screeching halt. I had a bad water meter in the house and need some plumbing completed before I can finish the job, plus come to find out the cities shut off valve at the street is broken, but anyway let me give you all this money saving info. It’s going to be short but sweet.

If you’re flipping houses it is HIGHLY important that you create a product price list, I do this in Excel. I make a list of the products I’ll use rehabbing the property from paint, drywall, carpet, supplies, cleaners and so on. I leave a space to put the price of each product.

Once I have a list of all the materials and supplies needed I can figure my cost for those products (I purchase all my materials and avoid contractor markups).  Now, wherever you purchase your products; (Home Depot, Lowes) take the list and order all your supplies at once, asking them to submit it to the “Bid Floor” so you can get a nice discount as opposed to paying full retail. Doing it this way you can save about 15% to 20% off the retail price.

One nice little tip before I go. I’ll get my price, from lets say Lowes and then go to Home Depot with the list and explain to them I’d rather do business with them and if they can beat the price I have quoted then they will get my business. When you have competing stores in an area they will usually beat the price by 5% to 10%,.

So see you can save 20% to 30% on your material cost if you apply this correctly.

All I ask is that when you do this, come back and leave a comment telling how well you’ve done. You can thank me then and buy me a coffee later.

Nike said it best “Just Do It”

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Filed under Free Boot Camp, House Flippin, Investor Tips

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