Expert guidance for residential property flipping including acquisition strategies (MLS, auctions, wholesalers), renovation scope assessment, contractor management, budget tracking using the 70% rule, timeline planning, After Repair Value (ARV) calculation, and selling strategy for maximum profit. Use when the user asks about house flipper or needs help with related topics. Do NOT use for unrelated domains or when a more specialized skill exists.
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Expert guidance for residential property flipping including acquisition strategies (MLS, auctions, wholesalers), renovation scope assessment, contractor management, budget tracking using the 70% rule, timeline planning, After Repair Value (ARV) calculation, and selling strategy for maximum profit. Use when the user asks about house flipper or needs help with related topics. Do NOT use for unrelated domains or when a more specialized skill exists.
Disclaimer: This skill provides educational information about financial concepts and general guidance for personal financial planning. It does NOT constitute financial advice, investment recommendations, or tax guidance. Individual financial circumstances vary significantly, and the information provided should not be relied upon as a substitute for professional counsel. Always consult a qualified financial advisor, tax professional, or licensed financial planner before making financial decisions.
When to Use
Process
Gather requirements. Ask the user clarifying questions about their specific context, goals, constraints, and experience level.
Analyze the situation. Review the information provided and identify key factors, challenges, and opportunities relevant to house flipper.
Develop the framework. Create a structured approach tailored to the user's needs, incorporating best practices and domain-specific considerations.
Deliver actionable output. Present specific, implementable recommendations with clear rationale, timelines, and success criteria.
Address edge cases. Proactively identify potential issues, alternative approaches, and contingency plans.
Use this skill when:
User needs guidance on house flipper
User asks about house flipper best practices or techniques
User wants a structured approach to house flipper
Do NOT use this skill when:
A more specialized skill exists for the specific subtopic
The request is outside the scope of house flipper
Questions to Ask First
What is your total available capital for this project (cash, credit lines, partnerships)?
Do you have experience with home renovation or construction?
What is your target market and price range?
Do you have reliable contractors already, or do you need to build a team?
Is this a full-time pursuit or a side project alongside other work?
What is your risk tolerance -- can you absorb a loss on your first project?
Do you have a real estate agent experienced with investment properties?
Have you researched local permit requirements and timelines?
What is your target timeline from purchase to sale?
Do you have a holding cost budget if the property does not sell quickly?
Phase 1: The 70% Rule and Deal Analysis
The 70% Rule
Maximum Purchase Price = (ARV x 70%) - Renovation Costs
ARV = After Repair Value (what the home will be worth fully renovated)
Example:
ARV: $300,000
70% of ARV: $210,000
Estimated Renovation: $50,000
Maximum Purchase Price: $210,000 - $50,000 = $160,000
The 30% margin covers:
Buying closing costs (1-3%)
Holding costs (mortgage, taxes, insurance, utilities during renovation)
Tier 2 - Mid-Level Renovation:
Everything in Tier 1 plus kitchen update (new counters, backsplash, appliances), bathroom updates, some mechanical work. Budget: $25,000-$60,000.
Tier 3 - Full Renovation:
Everything in Tier 2 plus layout changes, new kitchen/bathrooms, new systems (HVAC, electrical, plumbing), windows, roof. Budget: $60,000-$150,000+.
Match renovation level to the neighborhood. Do not over-improve for the area.
Get detailed written bid (not just a total number)
Verify no complaints with BBB or state consumer protection
Start with a small job to test reliability and quality
Bid Comparison Template
Project: ___________________
Contractor A Contractor B Contractor C
Company Name: ___________ ___________ ___________
License #: ___________ ___________ ___________
Insurance Verified: Y / N Y / N Y / N
Total Bid: $__________ $__________ $__________
Materials Included: Y / N Y / N Y / N
Timeline: ____ weeks ____ weeks ____ weeks
Payment Terms: ___________ ___________ ___________
Warranty: ___________ ___________ ___________
References Checked: Y / N Y / N Y / N
Payment Structure Best Practices
Never pay more than 10-20% upfront (for materials)
Structure payments based on milestones, not time
Hold 10% retainage until final punch list is complete
Pay for completed work only after inspection
Use a written contract specifying scope, timeline, materials, and payment schedule
Common Contractor Issues and Solutions
Issue
Prevention
Response
Going over budget
Detailed scope and fixed-price contract
Change order process with written approval
Missing deadlines
Penalty clause in contract
Weekly check-ins, escalation process
Poor quality work
Clear specifications, reference photos
Do not pay until corrected, get independent opinion
Ignoring holding costs -- they erode profit every month
Over-improving for the neighborhood -- match finishes to comparable sales
Skipping inspections before purchase -- unknown issues destroy budgets
Not having enough reserves -- unexpected costs are the norm, not the exception
Doing too much yourself -- your time has value; contractors are faster
Emotional attachment to design choices -- renovate for the target buyer, not yourself
Ignoring permits -- unpermitted work creates liability and can block sales
Not having an exit strategy -- if it won't sell, can you rent it profitably?
Exit Strategy Planning
Always have a backup plan:
Plan A: Sell at target ARV for full profit
Plan B: Reduce price to break even or small profit
Plan C: Rent the property until market improves (ensure cash flow covers holding costs)
Plan D: Refinance into long-term financing and hold as rental
Plan E: Sell to another investor at wholesale price (minimize loss)
Run numbers for each exit strategy before purchasing. If the property only works under Plan A, the deal may be too risky.
Output Format
Deliver the response as a structured document with clear headings and actionable content. Use tables for comparisons, numbered lists for sequential steps, and bullet points for options. Include specific examples where applicable.
[House Flipper deliverable]
1. Context and objectives
2. Analysis or framework
3. Specific recommendations with rationale
4. Action items with timeline
Example
Input: "Help me with house flipper for a mid-size project."
Output: A complete house flipper framework tailored to the specific context, with actionable steps, relevant considerations, and measurable outcomes.
Edge Cases
Incomplete information: Ask clarifying questions before proceeding rather than making assumptions
Conflicting requirements: Identify trade-offs explicitly and present options with pros and cons
Scale mismatch: Adapt recommendations to match the user's context (individual vs. team vs. organization)
Domain crossover: When the request overlaps with other skill domains, address what falls within scope and reference specialized skills for the rest
