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How to Flip a House in 90 Days: Final Flipping Notes

by on Nov 24, 2006

Before we get to the happy ending, we should really discuss how to stay out of jail while undertaking a flip.

Notes on Owner-Occupied versus Non-Owner-Occupied

If you buy a house, move into it and remodel it, you can do all the work yourself–including all the electrical and plumbing. However, if you buy the house on spec, meaning you speculate on its resale, and do not occupy it, as we did with our flipper, you must comply to state codes. This is because the state considered us to be acting as contractors, which meant we had to adhere to “contractor rules.” This meant we had to hire an electrician, and if we had done any non-cosmetic plumbing, such running pipes, we would have had to hire a plumber as well. But remember, building codes vary from state to state and even city to city. To keep yourself out of jail, check with the Department of the Commerce of your state and the inspections office in the city in which your flipper is located to make sure you are in compliance.

The End is Near! Yippee!

We were lucky. We had an offer on our flipper for 10m over our asking price less than a week after our completion date, 90 days after gutting the kitchen. Or, 90 days after the last time we had fun.

After the Sawdust Settled

Our hours: 1,300 between the four of us. We lived and breathed the flip. Would we do it again? Every couple of years if the right house came around? Yes, but with stipulations. We’d take every other weekend off from the project. And we wouldn’t work like maniacs hopped up on Red Bull. Ultimately, if I ever broach this subject in a post again, it will be titled, How to Flip a House in 120 Days. Maybe even 180.