Everyone has a weakness. For Superman, it was kryptonite. My business partner, Manny Romero, can’t handle the smell of cat urine (I know this because we walked through an REO house once that reeked of it and he had to make a fast exit after just two minutes). As for me, I get turned inside out for the new, shiny, techy stuff like iPhones and flat screen TVs (the new iPad with retina display is on my Christmas list).
Occasionally, I’ll stumble across a property with a do-it-yourself owner that had a weakness for awful decorating. This guy transforms his house into a shrine of tackiness. I’ve seen everything from cultured stone interior walls to living room floral murals.
As a fix and flipper I love writing offers on do-it-yourself properties because while the so-called “upgrades” may seem heinous to the untrained eye they are actually quite inexpensive to change.
Take a look at this gem I found yesterday:
Clearly this homeowner thought painting the cabinets would add a certain Martha Stewart-like appeal to the kitchen. Instead, it frightened off every retail buyer within 30 miles.
But for under $2,000 my project manager can buy cabinets off the shelf at Home Depot and replace these eyesores. For around $1,000 I can get a good painter to cover up the grapevines (that’s what they look like to me).
So I say long live do-it-yourself homeowners! They help keep us fix and flippers in business.