As an avid flipper, you know that the ability to get quick funding and to save on your costs is the key to making a killing in profits.
Unfortunately, many times the simplest fixes turn out to reveal even more hidden projects you didn’t anticipate at first. Before you know it, your profit has shrunk and you’re just trying to stay afloat.
Luckily for you, we’re going to share some of our best cost-saving tips to help ensure you get the most profit possible from your next flip.
1. Buy Materials In Bulk
While you may want to make every room look unique, you really need to think about cost. Purchasing multiple different types of materials for each room scheme can be quite costly.
When you opt for the same materials to handle multiple rooms, you can typically purchase these materials at a bulk discounted rate. This can keep your material costs low and can even provide you with excess materials for future projects. Leave the accenting of each room for the cheaper materials, such as paint, and your budget will thank you.
2. Seek Basic Services From Individuals Instead Of Pros
One of the biggest ways that you can help save your business some money when doing flips is by hiring local individuals and groups to perform basic services for your property. Whether it’s weeding the lawn, clearing out left-behind items, cleaning windows, vacuuming the floors, or other basic services, individuals vs companies can save you money.
Taking out an ad on Craigslist or simply looking at local ads already posted should connect you with local individuals in your area to perform these tasks. Think college students, teenagers, and average joes looking for some spare income.
3. Buy On The Shelf Items
Instead of thinking about finding cabinets that are the exact size of the wall or a vanity that takes up a whole corner of the bathroom, think about how you can fit on the shelf items into your space.
Did you know that doors can be easily cut to fit custom door entryways? There’s nothing more costly than running up a bill for custom products. In fact, you can expect to pay a few hundred dollars more on custom-sized cabinets and doors than on the shelf items.
Therefore, think from the perspective of only buying the items that are available on the shelf and how you can incorporate them into your room design to make them look amazing.
4. Look At The Oops Paint Selection
Another cost of renovating a home is the paint. While it can be tempting to buy in bulk to keep your expenses at bay, it can make a home look mundane. To really make it shine, you should opt for changing up the color scheme throughout the home.
Looking at the oops paint selection in your local hardware stores can provide you with some unique colors that can bring a splash of energy into that mundane home. The best part is that you never have to worry about trying to match the paint color in the future because you’re selling the house.
These oops paints come at a significant discount compared to other paints. When you add up all the rooms in the home your flipping, we’re sure you’ll be able to see a noticeable difference in the price of oops paint compared to on the shelf paint.
5. Hit Up The Big Bargain Stores
While you may initially discount some of the bigger bargain stores in your area due to their unreliability of steady products, you should think again. These stores tend to have some of the best deals on project materials you’ll find out there. Yes, they don’t always guarantee they will have stock and they tend to switch it up often.
However, taking a peek inside these stores can save you a bundle when you find amazing deals on things like flooring, backsplash, tiles, faucets, carpeting, and so much more.
Just be sure to buy enough materials for your entire project as they likely won’t have the same style product in stock for very long.
6. Shop Your Heart Out At Amazon
Most of us are Amazon shopping addicts. Let’s be honest, it’s so convenient and the prices are unbeatable when compared to your local stores.
However, have you thought about using Amazon for your business? If you’re like most flippers, the thought probably hasn’t crossed your mind. You should consider it! Amazon has so many great deals on all sorts of products.
The only downfall is you have to wait a couple days for them to arrive. Make sure you opt for the Amazon Prime account as it will be totally worth it to get items shipped for free and within a couple of short days. Save your bigger box hardware stores for those last minute supplies that you simply can’t wait on as they’re going to be more expensive to purchase.
7. Opt For The Laminate
Flip time back to 10 or even 20 years ago and you would see the ugliest laminate ever produced. Cheap home builders would utilize it for countertops, flooring, and anything else you could think of. When someone walked into your home, they knew right away that you went for the cheapest option possible.
Fast forward 10 years later and you probably won’t even realize how much laminate is actually used in a home. Laminate now comes with various different finishes, edging, and patterns that you won’t even realize that’s what you’re looking at.
Contact Orchard Funding Today
As a professional flipper, you know that your livelihood comes down to the numbers. By using the tips outlined for you above, you’ll be sure to save a bundle on your next project. That’s money that can go towards more down payments to get your firm more homes. To ensure that you get the best financing, be sure to contact Orchard Funding as they will be able to easily provide you with funding for all your on-going flips. Call Orchard Funding at (310) 356-7373 today.