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What Money Looks Like!

September 5, 2018 / Comments (2)

They say that a picture paint a thousand words so I thought pictures of a house would make a really good visual blog post about what money looks like and what items to recognize when presenting an offer.

The following pictures are from a deal that one of my Coaching Students just put under contract.

As you view the pictures notice those things which cause a reduction in value and identify seller motivation. Always point out the overgrown trees and landscaping. Notice that the seller is already packing and the amount of stuff in the house and how the clutter erodes value. The unfinished walls and outdated floor covering. Dust on the ceiling and more boxes packed. Stains on the ceiling and outdated flooring. Formica Countertops. This is the type of house condition that causes massive amounts of profit.

In this case my Coaching Student is set to clear 35000 as a wholetail deal… Not bad for signing a contract.

We have added snippets of information about each picture as a way to highlight what is wrong in each photo. The snippets are from the viewpoint of a traditional sale and the reality is that some sellers do not want to change how they live to sell a home. So when you see these items in a home point them out. Use this as a learning tool as what a home should not look like when offering it for sale and what you could do to this home to make it more valuable.

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Look at the first impression, when we drive up to a property, is the front of the house and the yard. Prune vegetation away from the windows and trim trees. Keep the landscaping clean and simple.

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Remove all personal items and clutter. Family pictures and knick-knacks should be packed away. Remove the old wallpaper border and dingy carpet. Scrape the popcorn ceilings and add a ceiling fan to brighten the room.

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Keep an eye out for unfinished projects. Painting is an easy fix. Remove the old carpet and linoleum flooring. Change out the old switch plates and thermostat cover.

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Remove the outdated fixtures, such as the old ceiling fan. Trash out the ancient wood paneling and scrape the popcorn ceiling. Without all that clutter, some new paint and carpet, that 70s dungeon could become a sweet lounge.

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Box up the toys and the old playpen in the middle of the room. That dingy carpet has got to go too. A new fan and clean ceilings with modernize this room.

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Trash the outdated linoleum and old vanity then replace them with basic pieces you can find at any DIY spot. Check out the electrical on the wall heater. If it’s more work than it’s worth, kill the electrical and cover over the heater with paneling or tiles. Don’t forget to take a look at the source of the water damage on the ceiling and get it fixed, fast.

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Once more, remove the personal items. What’s hidden behind the clothes on the hanging rack? While the hanging bar is a great convenience, it covers the wall and makes the room appear smaller.

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Airbeds and plastic shelves give this room the appearance of being unmaintained and cheapen the overall perceived value of the home. Get rid of the dated wallpaper border and check out the carpet under all those boxes.

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This is a time warp bathroom. Add a new toilet, refinish the tub and lay new linoleum. Try to salvage the cabinets with a new countertop and more modern pulls.

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Here’s another view of the same bathroom. Tear down the old wallpaper and remove the shower curtain. Update light fixtures and scrape the ceiling.

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Get rid of that busy wallpaper and paint the walls white. Replace the old tile and update the pulls on the vanity. Make sure the tiles in the shower are still in good quality.

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Bag up the clothes and get a better look at the room. Here’s another popcorn ceiling to scrape. Update the fan and peel the dated border.

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First off, get some light in this room. A new ceiling fan will brighten the space instantly. Check the ceiling for water marks, another scrape and paint the walls basic white. Removing the clutter and adding the fan will open up the room.

 

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This room is going to need some serious elbow grease. Remove all drawer and cabinet fronts. Take off the hardware and paint cabinets. Replace with simple pulls. Install new appliances and check all tiles and counters for any damages.

Last modified: September 5, 2018

2 Responses to :
What Money Looks Like!

  1. Ken says:

    Hey Michael

    Was this home to be flipped or whole tailed? I ask because l understood when you are wholetailing you are selling as is… minus the owners personal stuff.

    Thanks

    Ken

    1. michael says:

      It was a wholetail deal…

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