Buying A Flipped Home
The Savvy Synopsis
You might have seen the pictures and thought the flipped home looked amazing--but what should you be looking out or when buying a flipped home? Angie Cole and her team also talk about good communication, tiny houses on Amazon, and home improvement on today’s podcast.
0:39 Did You See This: Amazon House
- You can now buy a tiny house on Amazon.
- Easily assembled apparently but no installation or plumbing. This might not be the house you want to live in.
- There are some things you don’t buy from Amazon, and a house might be one of them.
4:58 What Should a Buyer Look for in a Flipped House?
- Make sure the person who flipped the house is a licensed contractor.
- Any person who has been doing this for a while will have warranty information, receipts, and product information.
- Anything that has been changed as far as electrical, plumbing, structural changes, or even an HVAC system needs a permit pulled and closed out.
9:11 Buying Blitz: Communication
- What kind of communication should a buyer expect with their Realtor?
- Open and honest is best, and the Realtor might let you know if it is not a good choice for you.
- Expectations should be set from the beginning about calls, texts, and emails.
11:25 Closing Recap: New Home in Fuquay
- James and Carla, who met Angie through the radio show, just bought a home in Fuquay-Varina and sold their home in Garner.
- The sale of their home went quickly, and their new home is a beautiful custom-built home.
16:04 Mailbag: Home Improvements
- Drew in Fuquay just purchased his first home and would like to do some renovation work. Is it a bad thing to make a bunch of changes?
- Be careful when it comes to over-improving your home.
- You do not want to be the nicest, most expensive home on the block because you typically won’t get all of that money back out of it.
- But if you are going to be there for a while, enjoy your home and have fun with the changes you want.
- You need to make it your own, so if you enjoy making improvements then go for it.
Get In Touch:
Angie Cole - Contact - Call: 919-538-6477
Note: This is an automated transcription. Please forgive the robots if they made any mistakes...
Walter: It's time for the savvy real tour podcast. I'm Walter Storholt, alongside Angie Cole, the owner and broker in charge of a Cole realty serving. You. Threw out the triangle, teaching you about the ins and outs when it comes to buying or selling a home. You can find the team online by going to eight Cole realty.com. That's a c o l e t.com. Or by calling (919) 578-3128 that's (919) 578-3128 and now it's time for one of the top realtors in the triangle, Angie Cole and the savvy real tour podcast. Before we move further on into the program, every once in a while we'd like to have this little segment called, did you see this where we talk about something kind of bizarre, interesting in the real estate world and Angie, did you know that you can buy a house on Amazon? Now? I did. You can buy anything and everything on Amazon these days.
Walter: This certainly checks another box on the list, right? I mean, it's, it's pretty wild. Um, the, the link that I came across here, we'll talk about that one in particular, but it did say under recommended viewing there, there are multiple, you know, different kinds of homes for sale it looks like. But in particular this one though I came across, this is a, uh, w what are they called, mini homes or what's the small houses? Tiny homes. Tiny, tiny house. But I, I feel like we were actually watching that a show yesterday evening, but I feel like this is even a, a step down from a tiny house, right, because you're, you're missing a lot of the features that a tiny home even has. Cause a tiny home really is like more like an art. They're usually transportable right there. A little bit more like the traditional tiny home concept is you can pick it up, move it around.
Walter: It's uh, it's, it's kind of like an Rv, but even more luxurious than a traditional, like our RV. Is that sort of the tiny home? Sure. Yeah. Not, not all tiny homes or you know, transportable and on the go, but most I would say they are, they made them that way. Um, but you know, they typically have a bathroom, a kitchen, electricity, you know, kind of all of the essentials of living in a home. Um, but this, uh, this house on Amazon's a tad bit different. Yeah. So a couple of details. It's a a 172 square feet, but here's the thing, and the reviews are pretty bad. There are three customer reviews now this is preached total of three, three, three, and they're all one star reviews, which is not good. Um, this is a kind of pitched as a very easy to assemble, like in just a couple of hours.
Walter: You've got a quote unquote house built. But here's the funny thing is people reviewing it. So like, well, a couple of problems. There's no kitchen, there's no bathroom, there's no insulation. They and there's no wiring. Hmm. But it's kind of what you do get the free shipping. This home, you do get the state, the free shipping from Amazon. So, yeah, I guess that's a minute. Yeah, I read, I read it takes a, and even puts in quotations simple tools at two takes only two people to construct this and you know, just using simple tools, just eight hours
Angie Cole: thanks to the step by step directions. Gosh, I mean I, what do you do with this?
Walter: Dang. I don't know. It's pretty uh, pretty interesting to look at though. It's really to me seems just more like a souped up garden shed.
Angie Cole: Yeah. And it's kind of cute, but I mean, once again, I don't know, it seems like if it was a warm day and get really steamy and hot in there closed area.
Walter: Yeah. So I don't know, maybe it's, maybe you could find some other purposes for that building, but you seem almost like you'd be benefited by just having a simple, you know, outdoor shed or something like that. I agree. I agree. Pretty interesting to see though that the tiny homes have made it to Amazon and maybe there are better ones. If we were to look around a little bit, maybe there are better kits out there that you can buy to build these things, but there's one that's like a two story kit that you can buy a and that one gets three stars. So this one gets three rule, three reviews that are all five stars. Wow. Maybe that was a little better. That one's 1300 square feet as I'm clicking around here. So it looks like a legitimate two story house. I just don't know about buying a kit and building a home from a kid just doesn't seem right. Does it?
Angie Cole: Right. Yeah. Now this, there's some things you don't buy from Amazon and this might be one, right?
Walter: A house might be one of those. That's a good point. Yeah, exactly. Anyway, I thought that was kind of funny to look at, by the way, to $7,000 for that first one we were talking about. So I think you could buy some really nice, just good old sheds for that amount of money. For sure. Uh, let's talk about flipping homes on today's show with Angie. You know, you talked about the tiny home show that you were just watching, uh, homeless, uh, shows like flip and flop are still really popular these days. And you know, you might be hearing or seeing a lot more commercials about house flipping seminars in the area or even the, um, you know, you'll see the road signs all the time and we're not going to get into the flippers perspective on this show, but we really want to talk about what it would look like as a buyer if you are buying a home that has been flipped and we just want to spend a couple of time, a couple of minutes talking about that. So what's kind of the first thing that we might want to be thinking about Angie, if you're kind of giving somebody tips, if you've got a buyer who's considering a home and it looks like one that has had a quick turnaround and has been flipped, that's all great. Good. That now it looks really fancy and pretty, but we want to still make sure it has good bones, right?
Angie Cole: Most definitely, you know, I would make sure to maintain a number one would be, you know, make sure that that house flipper, the person that did the work is a licensed contractor. You know, we want to make sure that we're not just putting kind of lipstick on a pig. You know, you probably heard that saying before, um, you know, it's important to make sure that it was indeed quality work that was done to the home. Um, and it's not a, not a makeshift because what will happen is you'll move in and over time things will start to fall apart. You'll start to see issues and problems and that that's the last thing that you want to deal with when it comes to buying a home that you should be enjoying and loving and a, so make sure that you know, the person that did the work is indeed a licensed contractor
Walter: to some of that stuff.
Angie Cole: Is it reasonable to ask for and expect to them to have receipts and warranty information on the products and upgrades they did? Most definitely. I mean, any person that has been doing this for awhile, we'd know to keep all of that, those items together. I mean, even a lot of just standard sellers, you know, they have that drawer full of all of their, you know, warranty information, all their brochures or pamphlets. Um, and so yeah, I mean definitely request that, you know, work the work that was done, there's receipts for it, you know, they share all the warranty information on all the products and upgrades. Um, just because that's stuff that you will need later on down the road potentially as well. And we really want to make sure that the large work was permitted. Right. Um, oh yeah, most definitely. So, you know, actually anything that has been changed as far as electrical, plumbing, any type of structural changes, you must pull a permit for.
Angie Cole: All those options are changes. I mean, even if there's been a change in an HVAC system, there should be a permit that has been pulled. So definitely go to the county website. You can also call into the permitting department and they're super, super helpful. Um, but yes, make sure that any type of improvements where those items have been moved, those mechanicals, there were permits that were pulled and actually closed out. I have seen in the past where there's been major renovations done to a home, although the initial permit was pulled, the permits still open. It was never then what's called close. So that means that the county inspector did not pay him back by four in inspection to double check that the work was done it properly to make sure our permits had been pulled and they've also been closed out.
Walter: Okay. That makes a lot of sense. So make sure that you're kind of dotting those i's and crossing those t's when it comes to all this work as if you don't, maybe it's when you go to sell the home that now these things surface and become a problem for you years down the line and you don't know.
Angie Cole: Yeah. And you have to remember too, if permits were not pulled, um, whenever it comes time for you to sell your home for areas where permits were not pulled, you can not include that in the heat of square footage. Um, as, as licensed real estate agents can actually get in trouble if we disclose this square footage improperly in the multiple listing database. Um, and so areas that did not have the permits pulled, we can not include that into the heat of square footage and that really changes the overall value of your hem. So make sure that you are protecting yourself when it comes to purchasing a flipper.
Walter: It's a really great point and a, and again, make sure you've got inspections that have, uh, you know, gone into that whole process as well to make sure the work was done not only legally but correctly as well. If you have any questions about what it's like to buy a home from a home flipper and you want a team that can help kind of guide you through that process. You're looking to buy a home here in the triangle that's maybe been flipped. The EIKO realty team certainly is there to help you out. Give him a call at (919) 538-6477 that's (919) 538-6477 or you can text that number as well and go back and forth with Angie and she can get you on the right path to buying your next home. (919) 538-6477 again, is that number to call or text stick with the swarm around the corner here on the Saturday. Realtor, what do you call? Buy a home is a daunting task. Don't miss out on key information that will help you along the way. It's the buying blitz with Vicky, deeper Alfio of a Cole realty. Vicki, what kind of communication should a buyer expect with their real tour?
Angie Cole: My hope is that that communication is always very open and honest. I try to set that expectation from the beginning with my buyer clients. I'm going to be very frank with you if I don't think that this is a good choice for you, I'm going to tell you now you're an adult. You make your own decisions, so you can certainly make that decision to move forward. Even if I'm saying I don't think it's a good choice, but I think that's my due diligence to you as my client is to make sure that I'm open and honest with you.
Walter: So that's sort of the, the tenor of the communication that you'd like. What about the modes of communication?
Angie Cole: You know, it depends. I find that it varies from person to person. So again, I set that expectation from the beginning. I ask my clients, how do you like to be communicated with? I also remind my clients that because I am in the car most of the day that you know, text and phone calls are the quickest, but I'm the kind of personality that I won't go to bed at night with an unanswered email. So sometimes I'm up at midnight still answering emails from that day. Right? So just again, I think it's setting the expectation with your agent and with the client to make sure that you're communicating the best that you possibly can. So if you're thinking about purchasing your home and you want to understand the next steps, it's a great guide that you can receive from start to finish. And to take you through the home buying process, you can text the word contract to the phone number five five five eight eight eight. So once again, to receive a downloadable home buying guide to your smartphone, just text the word contract to the phone. Number five five five
Speaker 3: eight eight eight
Walter: will packer's blue devils and tar heel fans can all agree on at least one thing. Hey Cole realty is the team to choose here in the triangle when it comes to buying or selling a house. So let's lace up the shoes. Grip the bat, toss a big scan back to Angie Cole on the savvy realtor. You're listening to the savvy. Yeah, real tour with Angie Cole, a local realtor here in the triangle of course, has a great team that has just had great success throughout the area. I'm using the word great a lot because it's appropriate and Angie and her team have helped more than 600 families that buy or sell their homes in just the past three years. Uh, she was voted as the number one real estate agent in Raleigh by Midtown magazine and number one in wake county by the Indy weekly just last year.
Walter: And if you want to find out more information about what it's like to work with Angie and the team, you can go to a Cole realty.com that's a c o l e realty.com. And learn about what it's like to work with one of the best real estate teams here in the triangle. And each week you're on the program. We have a closing recap where we talk about one of the successes that a recent home buyer or seller experienced, uh, when they worked with Angie and the team, maybe some of the challenges they faced, how Angie and the team helped them overcome those challenges. And Angie, who we talking about this week? Yeah. So I want to give a huge shout out and congrats to James and Carla. Um, and it's only fitting that we met them through the radio shack. Well how about that? Yeah. So you know, thank you for listening and for actually contacted me.
Walter: So we had the opportunity of meeting with them and not only did we help them with buying a home in fico away, they actually closed on their new custom built home. I'm about to I believe was two to three weeks ago. But also we help them with selling the home and Gardner and when it came to selling their home, we ended up getting multiple offers for them. So it's super, super quick and they close on their sale this week. So just a huge congrats to James. And Carla, they were absolutely amazing to work with. I was so just um, you know, just, it was such a pleasure of being connected with them through the radio show and being able to assist them with both their by and their sales side. So I know they are super excited, super happy to be in their new home in [inaudible] and there, you know, pleasantly surprised with the outcome of their sale is very cool.
Walter: Congratulations guys. And thanks for calling into the show and getting in touch with Angie and uh, going through that process and glad that you got a successful home closing both on the buy and the sell side. That is fantastic. So if you want to see what it's like to work with Angie and her team, once again, I do encourage you to go to a Cole realty.com. It's a great place to start your search for a home or to get in touch with the team via the web. You can also call or text Angie directly. That's right. You could just sending a gea text, start a conversation that way. (919) 538-6477 that's (919) 538-6477 call Angie, call at that number of talk about what you're looking to do when it comes to buying or selling here in the area. And last but not least a great way if you're thinking about selling in particular, a great first step to take if you're not, maybe not ready to pick up the phone and call or have that direct conversation, but you want to kind of take those first steps when it comes to selling your home in gender that a lot of folks do this each week here on the program.
Walter: And that's finding out, you know, how much their home is worth, what they're potential value is. Tell us a little bit more about that. Yeah, most definitely. So, you know, that's one of those things that sellers always ask us as well, what is my home worth? You know, because oftentimes it doesn't make sense for them to make a move unless they can net a certain amount. Right? So, um, if you are thinking about selling your home and you want to get an idea of what your home is worth in today's market, I would love to share with you our neat tool that
Angie Cole: we have. And it's as simple as pulling out your smart. So on your smart phone, just text the word listing to the phone number five five five eight eight eight. And from there we are going to text you back with the link. Make sure that you click the link, you input your dress. And from there we will share with you what your home is worth. So once again, if you're thinking about selling your home and you want to get an idea of what your home is worth in today's market, just text the word listing to the phone number five five five eight eight, eight.
Walter: That's all you have to do. Very easy to find out that potential home value. Again, just text the word listing to the number five five five eight eight eight. We'll text you right back with a quick link that you put in your homes information into and you'll find out that potential home value. It's that easy, only takes 20 or 30 seconds to complete and you'll be well on your way to getting that great information. Great. First step, if you're thinking about selling your home in the near future, just text the word listing to the number five five five eight eight eight which work can we get the on it today is it showed you're tuned into the savvy realtor with Angie.
Speaker 4: Cool. We're on the way.
Walter: It's time for the mail bag. We want to hear from you. Drew in Fickaway has a question for us. Drew says, I recently purchased my first home. It's just me and my dog reno. I plan on being here for a while and I'd like to do some renovation work. I know you've talked about being careful over upgrading a home, but I just want to do it for fun. Would I really be shooting myself in the foot if I made a bunch of changes? Yes.
Angie Cole: Do I feel like there's not a right or wrong answer to this. I'm with answering your question. So you know I, oh, I do say be careful when it comes to over improving your hand and what I mean the areas you never want to want to be the nicest, most expensive home in on the block in your neighborhood because typically you will not get all that money back out of it. But on the flip side, if you plan on being there for a while, you need to enjoy your home, right? So, you know what I would say, run with it and have fun as long as you set arrive. Now set that expectation for you that when it's time to sell your home, you might not get the full value back out of the improvements that you put into your home. But you know what? A home is just that. It's called a home for a reason and you need to make it your own. So if you enjoy doing improvements, doing renovation work, you know, enjoy it and you know, make it a home for you and your dog.
Walter: That's a really good point. Angie and a drew, I mean, you know, have some fun, right? I mean, I guess there's a big difference Angie, between hey, I'm going to paint the walls. Like that's not going to price you out of your neighborhood versus I'm going to add an elevator and sure, you know, a, a 6,000 square foot addition into the backyard that I'm going to be the biggest home and the, you know, foreseeable distance in the zip code. Well then that might be, you know, shooting yourself in the foot a little bit there. Right?
Angie Cole: Yeah, yeah, exactly. And I,
Walter: you know, it's more of if your next step is to quickly sell your home or to do all of these types of improvements or changes in order to sell, that's when I say, oh, let's stop. Let's stop what we're doing right there. Let me give you some feedback. Let me give you some guidance based on your neighborhood and what it can support. Um, but you know, if you're going to be there for a while, make it your own, enjoy it. If that's something that you, that your hobby, you know, that you love doing as far as renovations and, and you know, just kind of improving your home, you know, have at it, you're, you know, it's, it's a home for a reason. Yup. It's a really great point. Thank you for the question. Drew. Again, if you want to submit a question, you can do that by going to a cold realty.com you've been listening to the savvy real tour podcast. I'm Walter Store Holt's alongside Angie cold. She's the owner and broker in charge of eight Cole realty here in the triangle. And if you have questions for Angie, we invite you to go online to a Cole realty.com listen to past podcast episodes on the website, read the blog and all the great information, including the option to find a home right there on the website. That's a coal real t.com and you can also call Angie with your questions. (919) 578-3128.