Fix and Flip Goldmine Resources For Big - Ticket Buys
Your time is money literally. Establish relationships, open trade accounts, get terms, and systematize your process just like you would any other business. Once you do the research the profits will follow. Bargain hunters get paid to shop, just look at some of the amazing deals mentioned below.
The grocery store business offers a great example. Some stores are willing to advertise a loss leader (super low prices only on selected items) just to get you in their doors. They figure once you are there, you will buy all of the other items you need that they get a good return on. Can't fault them for their capitalism…this is America. But if you have the time and want to get the most bang for your buck, find the special deals at each store and only buy those items from that particular store. I would not take the time and effort in groceries because that research is not the highest and best use of my time, but you bet your bottom dollar I will take the time to do it for materials required for a project.
Look at this example for instance: A local tile company in town offers very attractive 99-cent tile of good quality to boot; it's an awesome modern color, always in stock and always available. They deliver for free because they know me and they are good about returns. Broken tile is a significant factor when purchasing tile, and they have replaced every time I've asked. Stock items are great because you can always add on later in a project with the same type and return overages if/when necessary.
Now, while this tile store sells carpet as well, they can't touch the Home Depot price for carpet (the cut pile berber with a fleck I used to use). I no longer use this carpet because it is an unnecessary expense. Instead, I can easily use a good regular carpet without the fleck and save over $5 per sq. yard. In one project, I paid only 50 cents per square foot for a descent berber carpet. Contractor's Warehouse is a great resource in California for this large expense which could amount to hundreds and sometimes thousands of dollars on a larger home. Be smart with your material purchases…do the homework and take your list. Make notes to yourself so you don't have to redo the whole process on the next deal.
Once you get your standards down and know what works for you, then it's easier to buy in bulk and negotiate discounts. STOP! Did you get that tidbit of wisdom? Buy in bulk and give yourself the power to negotiate discounts. This works with small, large, even the big box stores once you get to know the manager or owner. You never know until you ask, so ask away.
In fact, I have yet to use it but in this vein, there are companies that will offer investors discounts on materials and other big ticket items because of the continued sales potential. Some have high initial member fees, but I hear they have great discounts. In any case, shop it and do your homework. This is one of the areas that you have huge savings potential. Let's look at some details.
Appliances: I have a commercial account with a local supplier of appliances, and because of my discount, I was able to get a stainless dishwasher, microwave and range all for $1,200 plus delivery. I don't include the delivery because I would have to pay that anywhere. Even with delivery, the total comes in under $1,500 and all in stainless steel. It took a little preliminary legwork on my part to get quotes and set up an account, but that was a one time deal. Now, I just call in what I want and they send me a quote. I am standardized on items and have no more time consuming trips to hunt.
Lights: Lowe's Companies, Inc. often has awesome sales on their lighting fixtures. In fact they regularly offer a contractor's special 4-pack of standard surface mounted brushed nickel finish lights that amounts to about 10 bucks a light. Best deal I've found on this type of light! The other stores only offer shiny gold in bulk.
Bathroom lighting: This was a little trickier. At the big box stores I found only expensive options, lights over 50-70 dollars each which will add up when you are working with multiple bathrooms. However, on occasion I have come across these same swanky type 3 bar lights in again brushed nickel at Costco for only $15 each. What a bargain. The only downside is they are not offered year-round so when you come across them, grab more than you need if you know you will be doing future projects.
Chandeliers: Again, Lowes has the absolute best deal I've found. It was a very nice, elegant but simple, candle-like chandelier that came with optional covers but looked lovely on its own. Last time I bought it for $79 but found an even better priced chandelier on sale, again very lovely, but a different style for only 40 dollars. How can you beat 40 bucks? This took hours of research driving to and from one store after another as well as frequenting specialty lighting stores and researching online sources. This is the best I've found but, if you have other options, I would love to hear from you.
Another great resource for lights is Contractor's Warehouse. I found a fantastic large entry light that would run hundreds of dollars in a big box store for only $39. I love a great deal.
Cabinets: I have some awesome options when it comes to cabinets and countertops. Too much to go into here, but I will reveal them in another article in order to give the topic the attention it deserves.
These are just some of the many different things I have found in my hours of hunting for the best quality for the best price on my fix and flip projects.
Related Tags: appliances, cabinets, lights, chandeliers, bathroom, material discounts
Michelle Rene Garcia is the Founder of Real Estate Investing Roundtable, an investment training company that provides informational resources on a variety of topics for real estate investors looking to protect their wealth and make wise investment decisions to build their fortune. Michelle, who is also known as The Fix & Flip Coach, provides Telecourse & Private Coaching Services For Rehabbing Fix & Flip Properties. Please visit Michelle at http://www.realestateinvestingroundtable.com/.Your Article Search Directory : Find in Articles
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