Are You Interested in Earning Sweat Equity?
WHO IS A HOUSE HOUND BUYER?
This is where ambition meets execution. Working with the House Hound you will discover how to turn your ideas into profits; From design ideas to budgeting assistance, setting-up vendor relationships to general contracting and crew support, pricing guidance to marketing assistance, let the House Hound become your new best friend in real estate!
Working with the House Hound will help you to:
- Identify undervalued property.
- Know what risks to take, what risks to avoid!
- Hone the budget and timeline to develop realistic expectations- just because you build it, doesn’t mean they will buy it.
- Learn value engineering- how to make it look expensive without being expensive.
- Understand underground plumbing, sewer lines and egress windows- how, when, why, where. The biggest expenses often hide out in the basement.
- Get the best deal on the buy side- what to ask for, best financing options, how to navigate the inspection, what concessions to ask for, understanding closing costs.
- Coordinate materials and manpower so neither are squandered.
- Pricing the property after the flip is complete to be competitive on the market by driving competition to a highest-and-best bidding process to get the last dollar.
RESOURCES
Checklist for Buying Distressed Properties
1. Get preapproved. Build a relationship with a loan officer or mortgage broker so you know your options and buying power.
2. Know your budget. Don’t overbuild or overbuy—you never want the most expensive home on the block.
3. Understand the neighborhood. Homes gain value when surrounded by higher-priced properties (progression) and lose value when surrounded by lower-quality ones (regression).
4. Bring a basic inspection kit:
* Knee pads
* N95 mask
* Safety glasses
* Tape measure (regular or laser)
* Small level
* Broom (for crawl spaces—yes, there will be spiders)
5. Inspect everything. Always check the crawl space to understand potential issues.
6. Negotiate smart. Never make your first offer your best—leave room to move.
7. Do your homework upfront. Know your budget, loan terms, and neighborhood so you can write stronger offers and remove contingencies confidently.
8. Look for hidden value. Find the “diamond in the rough.”
9. Focus on curable obsolescence. Target properties with fixable issues—outdated finishes, closed-off layouts, or missing half baths—where improvements cost less than the value they add.
