Simply said, house flipping is when you purchase a house for a reasonable price that, let's be kind, requires a little TLC. You make improvements and resell the house for a profit. This quiz will test your knowledge of the hammer and nails part of house flipping!
These specialists look for homes with owners in extreme need and sell the leads to real estate investors who flip houses. What is the name of this organization?
Bird dogs look out dilapidated properties that need to be sold right away. The bird dogs swoop in and make a profit without having to buy any real estate by selling this knowledge to flippers. Additionally, they go by the names “deal scouts” or “real estate jobbers”.
What rhythm are your eyes following when they travel in a pattern from opposing forms or colors?
Do you enjoy sudden change? Then you could wish to use opposition to establish rhythm. This kind of rhythm can be used in form, space, or color. A white dish on a black table, for example, is an example of pairing two opposing items to create rhythm via opposition.
We are aware of the fundamentals. But which of the seven design principles is NOT present?
The tenets of design include rhythm, unity, emphasis, balance, contrast, pattern, and movement. Designers may create a captivating overall composition by utilizing all seven.
Flippers use this phrase to describe a home that is essentially ready to be sold. What do you call this dollhouse that is better suited for sales?
A property that requires very little polish, such as cutting the landscape or removing the garbage, is known as a haircut before it is put on the market. Because they take little work to prepare for sale, these kinds of homes are a flipper’s dream.
Who gets a property that doesn’t sell at an auction for a foreclosure?
Beneficiary is referred to as ben. If a foreclosed property is not purchased at auction, it passes to the beneficiary, who is often the bank or lender. Most of the time, the beneficiary ends up relisting the property as a foreclosure.
There will be a variety of elements in the air that might be dangerous to breathe during and after the home is demolished. What is one item of safety gear that you should keep with you at all times to safeguard your breathing?
All persons present during and after the building’s demolition should wear respiratory protection masks for the sake of everyone’s safety. There will be a variety of substances in the air and dust that should not be consumed.
This substance, which is found in many older homes, can flake and become an airborne poison as it ages. What is the name of this dangerous substance that needs to be specifically removed from a house before it can be demolished?
Before a property can be demolished or deconstructed, the majority of states demand that it be inspected, and one of the dangerous chemicals inspectors search for is asbestos. As asbestos ages, it may become flaky, which might cause it to become an airborne poison that could be harmful to everyone nearby and on the site. Before any demolition work can start, special disposal of the asbestos is required, and the national average cost of doing so can range from $200 to $700 per hour.
After removing one side of the drywall, you may simply remove the other by sledgehammering the drywall from behind. This technique should enable you to take down huge chunks of drywall at once, simplifying removal.
You should verify with your county, city, and state before starting demolition to determine whether you need to get one of these in order to do it lawfully.
Before commencing demolition, you might need to secure a permission from your county, city, or state. If you decide to employ a demolition service, the cost of the service will often include the average national cost of a permit, which is about $200. However, the price will vary substantially from this number depending on where you live.
You decide to add decoration because you feel your design is too simple. What’s the name of this?
Using ornamentation as the foundation parts of a construction or design is known as decorative design or decoration. Ornamentation in design might entail adding a patterned cushion or carpet to an otherwise solid-toned space. Ornamentation is mostly used in architecture (think columns, entryways, moldings).
You must find out how much other homes in the area recently sold before you buy a house to flip. What does the real estate report go by that contains this crucial information?
Comparative Market Analysis
Comparative Market Analysis
A competent real estate agent may offer you a Comparative Market Analysis, which will detail comparable properties in the neighborhood and their sales prices.
Don’t be too controversial, please. What hue is NOT regarded as neutral?
It’s possible that a room’s neutral color scheme is the reason you feel indifferent about it. Beiges, grays, blacks, and whites are all regarded as neutral hues. They might serve as the dominant or undercurrent tones in the space.
You should commission a survey of this kind to learn more about the building’s condition and rule out any unforeseen collapses.
Any demolition activity should start once an engineering survey has been conducted. In order to prevent any unanticipated collapses, this assessment will examine the structure’s existing state and identify any potential problem areas.
After your house has been destroyed, the area will be covered with a lot of rubble. What is the most typical thing you would use to remove the trash from your location?
Dumpsters for construction projects can be rented temporarily and are bigger than regular dumpsters. Depending on the size of your home or project, these dumpsters are available in a range of sizes and include an open top for simple cleanup.
What gives a space its overall vibe when using the principles of design?
Harmony unites whole places in design, not just whether a boy band succeeds or fails. When a space has a cohesive feel, intelligent design choices have achieved a pleasing equilibrium.
Going twice, already! What is the name for the rapid-fire speech used by auctioneers to sell foreclosed homes?
Crying The Sale
Talking at that pace takes some skill since foreclosure auctions must move quickly. Cryin’ the sale is a phrase used by home flippers to illustrate how swiftly these experts can move!
What rhythm are your eyes following as they travel in a pattern from huge to little or from dark to light?
It is known as rhythm through gradation when you notice that your eye movement is being controlled by gradation in a line, texture, form, or area of space. Gradation is the process of changing from one size to another, as in the case of Russian stacking dolls.
Real estate brokers and seasoned flippers utilize a formula to calculate the price to pay for a possible flip. What does this phrase’s name mean?
The 70 Percent Rule
Experts calculate how much they should invest in a prospective flip using the 70 Percent Rule. You should deduct any necessary repair charges before paying no more than 70% of the After Repair Value.
What sort of artwork combines subdued tones with bright pops of color?
You’ve decorated your room in a variety of neutral hues, including creams, grays, and browns, but it’s starting to seem a little bland. You make the choice to add a dash of color. Accented neutral describes this. Accents give the neutral aspects of a space a little playback while also allowing you to customize the space.
You want to destroy your swimming pool. What is the typical price range that this might cost you, depending on the sort of pool you have?
$2,700 – $19,000
Pool removal costs can range from $2,700 to $19,000 based on a number of variables, including your location and the sort of pool you’re getting rid of. In-ground pools can be quite expensive to remove, but above-ground pools can be done so for considerably less money.
Sorry! You can’t flip houses.
Simply said, house flipping is when you purchase a house for a reasonable price…
While each and every work is meaningful and significant, certain occupations…
Great job! You are an expert house flipper.
Congratulations! You are a true house flipper.