Quote:Its not about spending all your money. Its about spending smartly, not cutting what little you have and sitting on your wallet the rest of the way.



I have a friend who flips houses:


We gut and remove all of the rotten, old, outdated pieces and go to Home Depot or Lowes for the replacement parts. We pretty much demo everything from inside out and replace everything that needs to be changed with higher end products (counters, tiles, etc) which helps add even more value to the house, and as a practical matter we leave the things that DO NOT have to be replaced. The longer the house sits unfinished, the more money we loose.


On the other hand:


Caldwell has gutted and removed all of the old, rotten, outdated pieces too. Caldwell does his a bit differently though and pretty much leaves only the walls and roof of the house. But instead of replacing what he got rid of with higher end products he went to the Dollar Store and did a patchwork job. A year later he may eventually go to Home Depot or Lowes to complete the job, assuming his wife (Khan) gives him back the checkbook.

 

 

He went to the Dollar Store to do a patchwork job because he had to have those pieces immediately.  The planning committee (The NFL) requires him to have those parts immediately.  Not having those parts means that the house will be condemned.  Unfortunately Home Depot and Lowes did not have the parts he needed in stock.  So he went to the Dollar Store to get what he can, and replace those other parts at a later time.  Also Caldwell had to gut the house the way he did because it was falling apart.  A few walls were structurally sound -- but for the most part it was dilapidated beyond repair.  

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