Why Do I Need An Architect For A Fix & Flip Project?
Fix and flips in California have gotten to be fairly complicated because it’s a very competitive market.
First of all, we want to describe the basic fix and flip concept and then we’ll go into some of the particulars. A fix and flip project generally is where an investor is purchasing a property for below market value to then make repairs to that property, turn it around and then sell it at retail value. Some of the basic concepts for the fix and flip are that you are buying it well below the market, you’re actually buying it enough below market that you’re able to pay for the cost for repairs. Repairs can typically run from $30,000-$50,000 and can take anywhere from 30 days to six months. Hopefully you will get those repairs done in a shorter period of time because one of the key factors in a fix and flip is being able to do the work quickly and time the placement of the home back onto the retail market.
One of the things we can do to help you with a fix and flip project is we can help you while you’re in escrow before you’ve actually solidified the deal, we can take a look and see what kinds of additions or remodels would add value to the property. We have a number of clients that come to us for this very reason. One thing that comes to mind is really simple if you’ve got a house that’s two bedrooms, two bath, and you want to add a bedroom and a bathroom, well you can do that very easily and very quickly with about maybe 350 square feet for maybe less than $50,000. When you’re done, the added equity value might be twice what you’ve spent on it. There’s a lot of different examples for that, sometimes just opening up old walls in an older home to provide a great room, a living/dining room combination increases the value of the home and makes it look bigger and makes it something that is attractive to today’s market place. Now that gets a little tricky and that’s one other thing that you need us to look at with you in terms of figuring out where the sheer and bearing walls are. You don’t want to take out interior walls without making sure the roof structure will support it. You may need to possibly modifying or add some beams to take those loads.
We not only do the design work for these types of projects, we also can put together the structural engineering for the building department for them to review and approve. Fix and flips are really fun and popular. Some people actually do it full time and do it very well. The fix and flips that do well have a team of professionals including an architect like us, reviewing the project before they get started. And a lot of times we’ll actually start the engineering work possibly even before the escrow is completed because of the amount of time it takes to run plans through the building department. We do specialize in those types of plans and remodels so we can get them through as fast as anyone else. We do a lot of work with some of the local city’s around here so when you’re considering a fix and flip feel free to call us a ahead of time so we can take a quick look at your project and do an analysis or at least a review on the property. We use google to take a look at the site and see what’s around it to make sure the market value would make sense. Then we bounce some ideas off of you in terms of square foot value now and square foot value with the repairs and modifications that are made to it.
So look for the worst house in the best neighborhood you can find, develop a plan, talk to the professionals that are going to be involved with the project, and then talk to us in terms of design and engineering to see how we can help you with that. You can schedule a free consultation at cumminsarchitecture.com or look us up on YouTube at Cummins Architecture & Design.
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