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Lombardi Construction, Inc.
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Tips on Flipping Homes

Flipping a home can be a profitable venture if it is done correctly, and luck is on your side. One of the first rules to follow is to buy the worst house in the best neighborhood. Check out school systems, crime rates, and the community in general. No matter how much potential a house shows, if it is located in a bad neighborhood, it is not apt to sell quickly or for much money.

Don't quit your day job! Yes, some people do this full-time and make a lot of money at it, but they probably started out flipping homes on the side. This venture is going to cost you time and money, and it may not pan out the way you hoped. Keep that income coming in, and then figure on spending all of your free time working on your flip.

Don't get too excited about your renovations. The goal is to make the most money possible, and installing the best-of-the-best is not going to help that happen. Learn to shop wisely. There is nothing wrong with paint purchased at Walmart if it is going to save you a few bucks. Visually, paint is paint. Potential buyers are not going to be wear-and-tear testing it - they are just going to be seeing how good it looks.

Lastly, team up with a good general contractor.  Most investors use financing for a majority of the purchase price. They will also get insurance on the home, pay utilities, taxes and many other costs. All those costs add up very quickly and that is why it is important to sell a fix and flip quickly. The longer it takes to make repairs on a home the less profits you will make on a home. Lombardi Construction, Inc has years of experience dealing with real estate investors and we know that the quicker we get you to market, the better your potential for reinvestment.

Tips on Choosing a Contractor

When choosing a General Contractor to repair or remodel your home or investment property the key is research! A good and easy place to start is by asking friends and neighbors for the names of reliable contractors they have used.  Personal recommendations are usually a good guide as a contractor who is eager to "make things right" to leave the customer with a great impression will do the same for you.  Often you can look for customer reviews of General Contractors online in addition to personally asking the General Contractor for references. When you contact General Contractors and get bids, make sure the bid price is reasonable and pay attention to the General Contractor's professionalism. But remember that the lowest bid isn't necessarily the best, as is the case often in life, you get what you pay for.
 
What to look for in a General Contractor:
- Repeat business with a long term record of projects in the surrounding area
- Number of years in the business locally
- Professionalism, Service Oriented attitude
- Membership in local professional associations
- Knowledge of current materials and procedures

Evidence that your General Contractor is Legitimate:
A professional General Contractor should be able to provide you with an up-to-date copy of their references. Your General Contractor should also be able to show you a copy of his insurance coverage. Look for a roofing contractor with sufficient liability insurance, such as a policy with at least a $1,000,000 of coverage.

Indicators that a General Contractor is Legitimate:
- Local references (jobs completed in the last 30 days and 1+ years ago)
- Business license
- Credentials
- Workers compensation insurance
- General liability insurance
 
The Contract and Costs of the Job:
Before any work is started, get a written contract. The contract should include all labor and materials, estimate details such as hauling away trash, warranties,  and a schedule for when the work is to be completed.
 
When choosing a contractor, don't fall for a scam. The tips provided should help better prepare you to spot potential red flags infamous of "in your neighborhood with extra materials" and other deceptive scams. Remember the importance of making sure your General Contractor's background is well documented and has experience with roofing that you can review. Also, make sure you fully understand the contract before work begins so that everything goes according to plan. By following these basic pieces of advice, you are more likely to end up with a project that you are happy with.

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