House flipper salary4/25/2023 Industry insiders also have a better idea of the kinds of bureaucratic red tape and municipal guidelines that all too frequently hold projects up-and how to navigate around them. Adds Totaro, “If you’re relying on a contractor to let you know if something will work, then you’re in over your head.” “Unless the buyer is a seasoned home inspector with the ability to make quick decisions about plumbing, heating, electricity, flood plains, community-board issues, asbestos, carbon monoxide, water pressure, windows, appliances, and any number of other elements, disaster is almost guaranteed,” says Totaro’s colleague Gerard Splendore. ![]() In fact, house-flipping veterans say the most common (and costly) mistake first-time fixers make is underestimating the scope of the work. “You have to have market knowledge in real estate and a deep understanding of the construction process, and you have to make decisions based on what the market wants, not what you want.” ![]() “Most flippers tend to focus on the aesthetic stuff, but flipping needs a lot of skills people don’t think about,” says Christopher Totaro, a former contractor who flipped homes before becoming an agent at New York–based real-estate firm Warburg Realty. Being a real-estate agent, for example, can minimize broker fees on the sell side by up to 5% designers and contractors often source materials at wholesale rather than retail prices. They have the most intimate knowledge of what it takes to build and maintain a house, both in terms of the kind of man-hours and materials charges that are involved in major renovations, and their expertise can offset some of the costs involved in the process. There’s a reason why the people best suited to house flipping are those with experience in adjacent fields-think real-estate brokers, general contractors, and designers. ![]() Play icon The triangle icon that indicates to play
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