24 Hour Flipping: Master the Art with These Expert Tips from Michelle Pais and Jonathan Steingraber
Real estate power couple Michelle Pais and Jonathan Steingraber are taking the reality TV world by storm with their show, "24 Hour Flip," which proves that it is possible to renovate a house in just 24 hours. As the fastest home flippers in the country, they have six tips for those who want to attempt a similar feat.
In real estate, they say it's about location, location, location...in 24-Hour Flips, it's all about Preparation, Preparation, Preparation.
Buy the house right because the renovation won't be cheap. As they say, they are good, cheap, and fast. You can only pick two of the three. We pick good and fast, so it's not cheap. Budget every item out, be smart when buying materials, get the Home Depot Pro Desk and submit everything to the bid room, and make sure you get extra materials just in case something goes wrong.
If it's your first time, try to get a house that is 850-1250 square feet. My first one was about 800 square feet. Now we do houses up to 6k square feet in 24 hours.
Write down the entire scope of work in sequence, and break it down into 24 phases. Each phase represents ONE hour, then for each hour, know exactly what needs to be done, who is responsible, and what materials are needed. Focus on one phase at a time. Chunking it down like this makes it less overwhelming.
Get yourself an amazing realtor with a track record who is good at interior design and staging and can get creative in marketing. Marketing a home before it's finished is not easy.
Hold your contractors accountable by asking for warranties that are transferable to the buyer.