How to Manage a House Flip

On today’s episode, we discuss our tips for house flipping. Most people are aware of the HGTV version that shows a complete home remodel in a 1-hour episode. This conversation helps to peel back the layers and walk-through the financial and physical aspects that are crucial to executing a flip. Listen to learn the steps and processes to know what homes and locations to invest in, how to plan ahead for taxes, and what projects make a home more valuable.

IN THIS EPISODE:

• [01:01] What is a house flip and how to find the best location for your flip?
• [07:10] What’s involved in a flip: Financial and physical aspects.
• [11:49] Taxes and whether to sell vs rent your newly remodeled property.
• [15:27] What projects make a house more valuable and whether to invest as an individual, with a partner, or as a team?
• [21:45] How important is staging a house before you sell it?
• [26:35] Learn from others who have flipped before.

KEY TAKEAWAYS:

• The key to flipping is knowing the market and the right locations. Then look for low priced homes in those trending neighborhoods.
• The more you can do on your own without hiring a contractor, the lower your cost is to do the home improvement, which means the more likely that you're going to be able to make more money on the flip.
• There are five key financial elements to consider doing a flip: purchase price, remodel investment amount, remodel timeline, estimating sell price, and lastly taxes.

RESOURCE LINKS

HomeZada Website

Guide to House Flipping

We want to speak about how your home can impact your health. You might not realize but regular home maintenance plays an important role in protecting you from illness. On today's episode, we discuss four key components to consider when thinking of your health as it relates to your home. Listen as we give helpful tips related to air, water, fire and earth and the damage they can cause.

IN THIS EPISODE:

• [01:20] What is a healthy home and why it’s important. 
• [2:45] How to protect air quality in your home. 
• [09:20] The two main ways that water in your home can affect your health.
• [16:42] How to protect your family and home from fire.
• [23:52] Understand the different threats that the earth poses to your home.

KEY TAKEAWAYS:

• One of the first things you can do to protect air quality is change your air filters, change them regularly. Do not wait, change them regularly.
• Be better prepared for a fire inside your home by placing fire extinguishers in key areas of your home so you can easily access them.
• If you bought a home with a retaining wall, you want to make sure that the retaining wall is being held in place and draining correctly. If not, the build of water can cause major issues to your home. 

RESOURCE LINKS

HomeZada Website

https://www.hud.gov/sites/documents/DOC_11880.PDF

https://zen.homezada.com/2021/09/26/a-glimpse-into-toxin-free-trends-6-ways-to-create-a-non-toxic-home/

BIO

Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.

John Bodrozic has start-up entrepreneur experience beginning with bootstrapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.

May is Home Remodeling Month but we don’t need to always do large and expensive projects. We can transform our homes with simple, low-cost, DIY projects. In this episode, we discuss the different types of projects you can do that are affordable, easy and can often be completed in a weekend. Tune in to hear our tips to refresh your home with simple DIY projects.

IN THIS EPISODE:

• [01:50] Cost-effective exterior project ideas.
• [05:37] The benefits of installing low voltage lighting outside.
• [12:26] Interior DIY project ideas.
• [16:00] How to refresh a room with decorative and furniture type projects.
• [19:15] Tips when using paint to transform different spaces.
• [23:08] Where to find inspiration and other easy project ideas.

KEY TAKEAWAYS:

• DIY projects can be great ways to update your home for a low cost.
• When investing in your home, focus on the front of your house first. Take care of your grass, irrigation, and consider adding shrubs, trees and potted plants. 
• The front door is the main way we welcome guests. Freshen up your front door with a bright paint color or new hardware. 
• Organization is another way to invest in your home. When you have a clutter-free environment, you have a more productive environment. 

RESOURCE LINKS

• HomeZada Website
• 4 Quick and Easy Smart Home Projects
• 5 Quick and Easy Home Projects to Finish in a Weekend
• 7 DIY Home Improvement Projects That are Easier Than You Think
• 7 Home Improvement Projects You Can Do in a Weekend
• 7 Projects to Get Your Home Ready for Summer Fun That Cost Less Than a Smartphone

For homeowners getting ready to sell their homes, what can or should you do to get your home ready to list? On today's episode, John and Beth are talking with Jill Elliott, a Broker Associate with over 10 years of experience in all aspects of real estate. Jill brings her realtor experience to share tips on what homeowners can do to list a home. She also shares stories of her experiences and suggestions from her own client's journeys through real estate sales. Jill offers advice on how to work with a real estate agent in your area and her own suggestions on how to market a home and move through the process more easily when selling a home. 

IN THIS EPISODE:

• [02:21] How to get your home ready for sale. 
• [03:39] How to get older homes ready for sale.
• [05:00] Is there certain maintenance you should do before you contact a real estate agent or before you list your home?
• [06:20] How important is curb appeal and staging a home?
• [10:47] How to set financial expectations for listing a home.
• [15:36] How to find the right real estate agent.
• [19:19] Why a house might not close; tips for planning a home inspection, and parting advice from Jill.

KEY TAKEAWAYS:

• The first thing to do when deciding to sell your home is let go and let the process happen. Respect the process, be flexible and make changes suggested by your realtor. 
• Things to be aware of when selling or buying a home are the roof and foundation, plumbing, windows and electrical.
• How do you find the right real estate agent? Find one that you trust. Not that you like, but one that you trust.

RESOURCE LINKS

Jill Elliott's Website

Jill’s LinkedIn

@properties Dallas Website

HomeZada Website

BIO:

Jill Elliott is a Broker Associate with @properties Dallas and brings over 10 years of experience in all aspects of real estate. She has consistently been a top producer in the DFW area, receiving yearly Circle of Excellence awards. Before becoming a full time REALTOR, Jill was a radio personality for 22 years in several cities around the country including Oklahoma City, Tulsa, Columbia, Augusta and Atlanta. This may seem a strange transition but her former career allowed her to work with so many different people and charitable organizations that a real estate career was a natural fit for her. Jill has a podcast - For The Love of Real Estate on Apple Podcasts, Spotify and others. She is a big fan of St. Jude’s Children’s Research Hospital. She is a member of the MetroTex Board of Realtors and the National Association of REALTORs. Jill is a graduate of Oklahoma State University and lives with her wonderful family and dog Stella on the shores of Lake Lewisville. 

Interviewing a remodeling contractor for some may seem challenging. But we have some simple tips to help you have a fabulous relationship with your contractor. In today’s episode, we walk through the steps to consider before, during, and after a remodel project. Listen in to learn the tips and tricks on how to start your project off on the right foot and end on a good note!

Questions to consider when starting a project:

• What should a homeowner do before researching for a remodeling contractor? What do homeowners need to look for when researching a contractor for a remodel project? Is it important to compare contractors or quotes before deciding on which contractor to use? 
• What details should be asked prior to signing a contract with a remodeling contractor? How should a homeowner manage their contractor during the construction process?
• How should you handle a situation with your contractor if something is not working during the project? Who manages or is responsible for the budget of the project?
• How should change orders be determined when changes do happen to a project? How should money be paid to a contractor? Up front, partial payment, etc
• What are the risks of certain contracts? What to look for and how to manage the details? What does a close out look like and if there is a problem with the job, how can you manage this process?

IN THIS EPISODE:

• [01:23] What should a homeowner do before researching for a remodeling contractor? What do homeowners need to look for when researching a contractor for a remodel project? 
• [09:24] How do you find quality contractors and one of the key questions to ask your contractor?.
• [12:53] how to ask for client referrals? 
• [18:34] How should money be paid to a contractor?
• [21:10] Understanding “change orders” and what happens when changes happen during the project.
• [24:01] How to handle the close out process and gather warranties.

KEY TAKEAWAYS:

• You need a plan before you start looking for a contractor. Do the upfront planning before you try to determine the scope of the project. 
• If you are working on a bigger project, it’s smart to get two to three bids or estimates. 
• When getting customer referrals, don’t ask broad questions like whether the contractor did a good job. Ask detailed questions about the process of the project and demeanor of the contractor.

RESOURCE LINKS

HomeZada

BIO:

Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.

John Bodrozic has start-up entrepreneur experience beginning with bootstrapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.

Many homeowners are investing in vacation homes or rental properties. And because they are investing in owning multiple homes, they have added concerns. We are going to talk about these additional concerns and what you need to do in order to successfully manage more than one home. Listen as we discuss maintenance schedules, the benefits of hiring a property manager, and the importance of a home inventory. 

IN THIS EPISODE:

• [01:27] Beth’s experience with managing more than one home
• [04:43] What is a home inventory and why is it important for vacation and long-term rental properties
• [06:32] Maintenance schedules to be aware of and how different climates impact properties
• [12:09] How important is it to hire a property manager and what are the benefits
• [17:39] Key items to consider with selling your vacation home or rental property
• [21:03] How HomeZada helps with managing multiple homes 
• [27:08] Action items: property managers and home maintenance

KEY TAKEAWAYS:

• Take a home inventory of your house before renters come in and then after or between long-term renters.
• Two benefits of hiring a property manager: 1) they can be on location to attend to issues in a timely manner 2) property managers generally have a network of contractors and or service providers that they regularly use for regular maintenance and those one off situations that are timely. 
• HomeZada makes multi-home management so much easier, more comprehensive and it centralizes all of your important data in one easy to navigate location. 

RESOURCE LINKS

HomeZada

BIO:

Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.

John Bodrozic has start-up entrepreneur experience beginning with boot strapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.

The COVID-19 pandemic has forever changed the face of America’s workplace. In fact, an increasing number of folks might find their “new office” feels a lot like home – because it is literally their home. 

Our post-pandemic “return to the office” may look different with hybrid or fully remote work models rapidly rising in popularity. Studies from Accenture support this trend with 83% of workers believing a hybrid model would be optimal going forward. Further, 87% of managers believe working from home is the future, according to Remote-How research.

While the new dynamic promises an improved work-life balance, it will also cause energy use and utility bills to skyrocket with technologies, appliances, and systems running over time – making optimal, energy-efficient home climate control a greater challenge.

The good news is that families can prevent a utility bill blitz by following a few simple tips. With home heating and cooling accounting for nearly half of home energy use, small steps can go a long way. Today, Beth and John are talking with Dennis Stinson, VP of Sales for Fujitsu General America. Dennis is here to offer expert advice for homeowners and discuss these questions:

• What is a “hybrid” home?
• How has this new workplace dynamic impacted America’s homeowners and their energy bills?
• What are the latest and most energy-efficient HVAC systems that can help offset increased utility bills as employees spend more time working from home?
• Are there any easy tips and tricks for practical fixes around the house that can help enhance energy efficiency?

IN THIS EPISODE:

• [02:33] What is the hybrid home and industry research 
• [04:41] How hybrid homes impact homeowners’ energy bills
• [05:45] Assessing current HVAC centers
• [08:33] Leveraging smart home HVAC offerings
• [10:19] Adding additional units or splitting units
• [12:35] Consumer experience and mobile technologies 
• [15:32] Energy incentives and rebates 
• [17:30] Recap and action steps

KEY TAKEAWAYS:

• Action Step: Evaluate how well your HVAC system is working, or if you have had changes to how often you are home. Is the HVAC working properly? 
• As a homeowner, you should have a relationship with a variety of different contractors. Try to find one before your system breaks. Get on a regular annual maintenance program to have your system maintained and cleaned. 
• There are rebate and incentive programs available to promote higher energy efficiency in your home. Be sure to take advantage of these!

BIO:

Dennis Stinson is the Vice President of Sales for Fujitsu General America, a national manufacturer with distributors in local communities across the United States, Canada and the Caribbean and brings over 30 years of industry experience.

Dennis leads a team of sales professionals, selling well over $300M of Fujitsu products. At Fujitsu, Dennis has held the responsibilities of Regional Sales Manager in the Mid-Atlantic and The Director of National Accounts. Prior to joining Fujitsu, Dennis spent his career as a Manufacturer’s Representative representing various Manufacturers in the HVAC industry throughout the Mid-Atlantic region. Dennis earned his Bachelor of Science degree in Business Administration from Millersville University of Pennsylvania.

https://www.linkedin.com/in/dennis-p-stinson-a49ab95a/ 

Website: www.constantcomfort.com 

When it comes to homeownership, first-time homeowners often have challenges. These challenges often surround home maintenance. Understanding the types of home maintenance that are necessary to manage a home and why home maintenance is important to keeping a home operating properly. If as a first-time homeowner, you need to hire someone to help with these tasks, how do you contract and interview these service providers? What can first-time homeowners look for when it comes to home management? Listen as John and Beth share their experience and tips for first-time homeowners.

IN THIS EPISODE:

• [01:46] Things first-time homeowners will need to be aware of
• [04:38] Types of maintenance first-time homeowners should be aware of
• [08:26] Smart home technology pros and cons
• [13:06] Costs for managing a home
• [18:40] Finding the right professionals to help with home maintenance
• [22:52] Paying attention to small inconsistencies in your home
• [26:43] First-time homeowner action items

KEY TAKEAWAYS:

• No matter what your age, no matter what generation you're in, no matter where you live, you still struggle with the same things as a first-time homeowner.
• The specifics of maintenance fall into five categories: seasonal maintenance; maintaining the health of your home, like air quality; maintenance that keeps your home safely functioning; energy efficiency maintenance; and outdoor maintenance
• Preventive maintenance is extremely important in avoiding unexpected maintenance costs.
• When hiring maintenance professionals, first-time homeowners can utilize helpful platforms like Angie’s List, Porch, or others to find high quality professionals.
• Action step: Create a schedule for preventive home maintenance

BIO:

Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing, and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.

John Bodrozic has start-up entrepreneur experience beginning with boot strapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.

January is Get Organized Month. With that one of the best places to start is by taking a home inventory or organizing other areas around the home. In today’s episode, Beth is talking with the past president of NAPO (National Association of Professional Organizers), Susie Hayman to discuss organization and what we can do to be better organized. We will cover how Get Organized Month came to be, how HomeZada can help you become better organized around your home. We will discuss physical and digital organization. We will discuss the benefits of being organized and how NAPO members help homeowners. We will discuss the value of organizing all year round. If homeowners need help organizing, we will also discuss how to find the help you need. Getting organized can start with simple steps and can also be done by yourself or with help.

IN THIS EPISODE:

• [02:20] More about Susie
• [05:58] NAPO’s Get Organized Month
• [12:41] Benefits of being more organized
• [20:15] How to stay organized throughout the year
• [25:25] How NAPO can help you get more organized

KEY TAKEAWAYS:

• January is Get Organized Month! NAPO helps people improve their lives by helping them create environments that support productivity, general health, and wellbeing in all areas of their homes (physical and digital).
• Being organized saves you time and money. If you know where things are, whether it's something physical or whether it's something digital, you're not going to buy it again and you will be able to find it easily. When you are organized you have more time to do those things you want to do.
• Organization helps restore a sense of order and control. Thus, you reduce your level of stress. You get rid of that horrible feeling of overwhelm and you're more efficient and productive in everything you do.
• In order to get and stay organized, take small steps. You don’t (and can’t) organize everything in one day, one week, or even one month. Just take one step at a time, one small portion at a time. See those little wins and then keep on going.

LINKS MENTIONED:

susie@inyourbizness.com
https://www.linkedin.com/in/susiehayman/
www.inyourbizness.com

NAPO

www.napo.net
https://www.napo.net/page/GOMonth2022?&hhsearchterms=%22organized+and+month+and+2022%22

BIO:

Susie Hayman, as the founder and owner of In Your Business, helps small business owners, entrepreneurs and nonprofits be more productive by giving them the tools to efficiently manage their people, processes, time and stuff. She works with business owners, managers and employees to develop the systems and processes they need to be successful. In addition to working one on one with clients, Susie shares her expertise with prospective and new professional organizers and productivity consultants.

With 19 years of experience in the organizing and productivity profession, Susie has increased employee productivity and organizational efficiency for small businesses, retailers, nonprofit organizations and home offices. Her workplace organizing and productivity classes and workshops are presented to businesses, organizations and community groups throughout the Richmond area.

Susie has been featured as an expert on CBS “Virginia This Morning,” the WRVA radio morning show, and “Girlfriend We GottaTalk!” radio show. She has written numerous articles for professional and lifestyle publications, and co-authored “Organize Your Small Business,” 70 tips from a collection of experts.

A graduate of the University of Georgia, Susie currently serves as Past President of NAPO (National Association of Productivity and Organizing Professionals), a 3,300 member association. She is the recipient of the 2017 NAPO’s Founders’ Award, a 15-year Golden Circle member, and holds a NAPO Specialist Certificate in Workplace Productivity.

susie@inyourbizness.com
www.inyourbizness.com
804.360.8337

NAPO

www.napo.net
856.380.6828

Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.

John Bodrozic has start-up entrepreneur experience beginning with boot strapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.

In today’s episode, John and Beth talk about home finances. Which includes more than just the aspects of buying or selling a home. We discuss the financial nuances of home buying, but we also talk about the importance of tracking and managing ongoing finances as a homeowner. We break down common homeowner’s expenses, how to prepare for them and save money, why you should keep track of the value of your home, and ultimately, how to make smarter financial decisions related to your home.

IN THIS EPISODE:

• [02:06] Home finances related to buying a home
• [03:25] Closing costs and down payments
• [04:10] Understanding and tracking your investment
• [11:23] Home equity assets
• [12:49] Home inventory assets
• [14:35] Regular ongoing home expenses
• [18:59] How do you budget for ongoing home expenses?
• [23:23] Maintenance/repair expense
• [25:33] Hiring people for infrequent maintenance
• [28:40] How do you budget for these expenses
• [30:06] Home improvement expenses

KEY TAKEAWAYS:

• Your mortgage amount, down payment, and closing costs are all things to keep in mind when buying a home.
• Having title insurance is important because you want to protect the property that you're buying, and title insurance does do that. It helps identify the long history of where the property was once purchased.
• Action Step: After you buy your home and move in, track how your estimated value of your home is increasing.
• Calculating your home equity is a simple equation. It’s the estimated value of your home minus the remaining balance on your mortgage. That's the percentage that you own.
• The two most important ways that you can increase your equity is you live in a hot neighborhood and the value is going up and you're paying off your mortgage.
• Regular home expenses include mortgage and insurance, utilities, service providers, lawn care, maintenance contractors, property taxes.
• It’s important to track what the market thinks your home is worth and what your county thinks your home is worth, which is how your property taxes are assessed based on.
• Action Step: Commit to creating a budget for home expenses (regular, annual, and irregular), track the actuals and then use that to make better smarter decisions in the future.
• Your home maintenance may be 1 to 4% of the total purchase price of your home. 1% if your house is less than five years old but once your house gets between five and 15 years old, that percentage increases to 2%.

BIO:

Elizabeth Dodson is a focused technology entrepreneur with successful skills in business development, sales, marketing, and finance with over 20 years of successful management of revenue producing partners. With great organizational skills balancing multiple roles and responsibilities as an entrepreneur and the drive to increase company revenues and user growth for a consumer technology solution with a partner solution to support the homeowner market.

John Bodrozic has start-up entrepreneur experience beginning with boot strapping, profitable growth, securing venture and corporate venture funding, acquisitions of technology companies, and selling a business to a publicly traded company.