3 min
Flipping Property Tips part 3 To Your Success with Ian Jackson
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- Entrepreneurship
Ethical Property Partners NI
https://www.eppbelfast.com/home-page/
Ian (00:00):
Hi, it's Ian again. We've been speaking over the last couple of [films 00:00:03] about flips and some of the challenges in flips is with your tradespeople, and of course, you need to convey to them what it is you want. What standard of finish that you expect, because let's be honest, if the house is only going to be 100, 125,000, it doesn't need the same standard of one at 250,000. So sometimes these trades can go overboard and start to bring in more expansive... And this is where a scheduled works is very, very important.
Ian (00:39):
Because then the scheduled works, you can sort of list down the sort of values that you want to spend in each area. Will it be a bathroom... a bathroom suite, you can buy a bathroom suite now for something like £250, and it's fine for a hundred grand house. If somebody tries to suggest more, no, you don't to spend it. You can get a kitchen from Mica's, hundreds of sources but we would normally get a kitchen from somewhere like Howdens, B&Q, or someone like that there.
Ian (01:10):
And with [inaudible 00:01:11] can buy a complete kitchen with electrics and everything for around a couple of grand. Because it's when you add the fitting charge onto that for somebody to fit the kitchen and stuff, they got you into a few hundred pounds more. So a schedule of works is good to get an idea of what the areas are. And also it'll tease out of you what type of rooms you have to do. Whether it's a living room or it's a bathroom, or whether it's a kitchen, of course, and the stairs.
Ian (01:41):
What type of carpet you're going to put down. What's that likely to cost? Where are you going to get the carpet? Where are you going to get these bits and pieces that you need to do the job? I buy a lot of stuff from B&Q because I know they have it in stock. I can go and get it and put it in the bathroom, and the plumber comes and puts it in. And to me that's... Sometimes the price is important, but there's no point in getting the best price and that guy can't get to you for six months, because the market could have changed.
Ian (02:09):
So while price is important? Your [inaudible 00:02:13] is important, and I get that, but we've had to in recent times, just that somebody come, so we've had to say "Right. Okay. We'll bring this other guy in, we've got to pay more and just accept that's what it's going to cost because it's a cost of doing business as it were. So if you think that you could use a schedule of works. I do have PDF, or maybe it's a spreadsheet, that does ask you for those things. I'm happy to share it. So, I mean, if you connect with me on LinkedIn you'll get my details and I'll gladly send it onto you.
Ian (02:49):
So those are just some nuggets that we go through and remind, and then the process of doing a flip, I hope that's been helpful. If you have any questions, you're welcome to reach out and I'll gladly answer them. Thank you.
Ethical Property Partners NI
https://www.eppbelfast.com/home-page/
Ian (00:00):
Hi, it's Ian again. We've been speaking over the last couple of [films 00:00:03] about flips and some of the challenges in flips is with your tradespeople, and of course, you need to convey to them what it is you want. What standard of finish that you expect, because let's be honest, if the house is only going to be 100, 125,000, it doesn't need the same standard of one at 250,000. So sometimes these trades can go overboard and start to bring in more expansive... And this is where a scheduled works is very, very important.
Ian (00:39):
Because then the scheduled works, you can sort of list down the sort of values that you want to spend in each area. Will it be a bathroom... a bathroom suite, you can buy a bathroom suite now for something like £250, and it's fine for a hundred grand house. If somebody tries to suggest more, no, you don't to spend it. You can get a kitchen from Mica's, hundreds of sources but we would normally get a kitchen from somewhere like Howdens, B&Q, or someone like that there.
Ian (01:10):
And with [inaudible 00:01:11] can buy a complete kitchen with electrics and everything for around a couple of grand. Because it's when you add the fitting charge onto that for somebody to fit the kitchen and stuff, they got you into a few hundred pounds more. So a schedule of works is good to get an idea of what the areas are. And also it'll tease out of you what type of rooms you have to do. Whether it's a living room or it's a bathroom, or whether it's a kitchen, of course, and the stairs.
Ian (01:41):
What type of carpet you're going to put down. What's that likely to cost? Where are you going to get the carpet? Where are you going to get these bits and pieces that you need to do the job? I buy a lot of stuff from B&Q because I know they have it in stock. I can go and get it and put it in the bathroom, and the plumber comes and puts it in. And to me that's... Sometimes the price is important, but there's no point in getting the best price and that guy can't get to you for six months, because the market could have changed.
Ian (02:09):
So while price is important? Your [inaudible 00:02:13] is important, and I get that, but we've had to in recent times, just that somebody come, so we've had to say "Right. Okay. We'll bring this other guy in, we've got to pay more and just accept that's what it's going to cost because it's a cost of doing business as it were. So if you think that you could use a schedule of works. I do have PDF, or maybe it's a spreadsheet, that does ask you for those things. I'm happy to share it. So, I mean, if you connect with me on LinkedIn you'll get my details and I'll gladly send it onto you.
Ian (02:49):
So those are just some nuggets that we go through and remind, and then the process of doing a flip, I hope that's been helpful. If you have any questions, you're welcome to reach out and I'll gladly answer them. Thank you.
3 min