The different stages of our Fix-n-Flip process

Here’s a detailed breakdown of the steps and stages involved in a Fix-n-Flip project, from the first day of the rehab through listing/selling of the property to a new family

1. Initial Property Walkthrough

• Goal: Assess the condition of the house and create a detailed plan for the rehab.

• What Happens: Walk through the house to note all areas that need repairs, updates, or replacements.

2. Create a Rehab Plan and Budget

• Goal: Develop a step-by-step plan for the rehab and set a clear budget.

• What Happens: Break the rehab into phases. Prioritize what needs to be done first.

3. Demolition and Clean-Up

• Goal: Remove anything that’s damaged, outdated, or no longer needed.

• What Happens: Tear out old flooring, cabinets, walls, or anything that’s being replaced. Clean up any debris or junk from the property.

4. Functional/Major Updates

• Goal: Address the big-ticket items that need to be repaired or replaced.

• What Happens: This phase involves fixing major issues like the "Big-5" (foundation, roof, HVAC, plumbing, and electrical systems.) These must be in good working order/updated before moving to cosmetic updates.

• Why is it Important: Functional/Major Updates are the most expensive items, so is it very valuable to a future owner to have these updated and in full working order for the distant future.

5. Cosmetic Updates

• Goal: Make the home look new and appealing to potential buyers.

• What Happens: Once the major repairs are done, start installing new flooring, painting the walls, updating kitchens and bathrooms (new cabinets, countertops, etc), and fixing doors and windows.

• Why is it Important: Cosmetic updates are what make the home shine and stand out. Focus on modern, neutral designs that appeal to most buyers.

6. Final Touches and Curb Appeal

• Goal: Polish up the home inside and out.

• What Happens: This phase includes the finishing touches like installing light fixtures, landscaping the yard, cleaning the property thoroughly, and ensuring everything works properly.

• Why is it Important: Curb appeal is important—make the exterior look neat and welcoming. This includes fresh paint, clean windows, a well-kept yard, and even small things like a new mailbox or house numbers.

7. Listing the Home

• Goal: Put the home on the market to attract buyers.

• What Happens: Work with a real estate agent to create a strong listing with professional photos, a detailed description, and pricing that reflects the improvements and the current market. The home is now officially for sale.

8. Marketing and Showings

• Goal: Get buyers to visit the home.

• What Happens: The agent will promote the home online and through local channels. Interested buyers will schedule showings to see the house in person.

9. Negotiation and Offers

• Goal: Review and negotiate offers from potential buyers.

• What Happens: Once a buyer is interested, they’ll make an offer. This can lead to negotiations around price, closing costs, or contingencies. Once an agreement is reached, the buyer will submit a formal offer.

10. Home Inspection and Appraisal

• Goal: Ensure the home passes inspection and is appraised at the right value.

• What Happens: The buyer’s lender will require an inspection and appraisal. The inspection checks the home for any issues, while the appraisal ensures the home is worth the agreed-upon price. If any issues arise, you may need to negotiate repairs or price adjustments.

11. Closing

• Goal: Finalize the sale and transfer ownership to the buyer.

• What Happens: Once all the inspections and paperwork are complete, the sale moves to closing. Both parties sign the necessary documents, the buyer pays for the home and the title transfers to the new owner.

Key Points:

- Higher Value: Doing a good quality repairs and updates will result in more interested buyers, thus resulting in a increase the home’s value.

- Fast Turnaround: A well-managed rehab can be completed in a few months, allowing for us to move on to the next project quicker. We typically aim/except for a full rehab to take about 2 months, and another 2 months for the property sale to finalize.

- Improving Neighborhoods: The work on the home can raise the overall appeal of the neighborhood, making it a win-win for the community and the new homeowner.

Understanding the process/stages will help you have conversations with team members and potential clients about the subject.