During hot times in the real estate market, as home prices are increasing and buyer demand is high, people have had great success in buying properties, fixing them up and then selling them for a profit. Commonly known as “House Flippers”, these individuals buy homes with the express purpose of turning them around quickly for resale. A skilled flipper knows which houses are desirable, what improvements to make to the house to make it look its best and how to complete all of the work in a very short period of time. The flipper has an eye for the worst house on the best street, and then is able to turn it into something that the move-in ready buyer is looking for.
In years past, it was assumed that a house flipper would easily turn a very sizable profit. Television shows such as “Flip This House” and “Flipping Out” made the whole process seem easy and fun and profitable. Unfortunately, as the housing market plummeted and loans became so difficult to acquire, house flippers all but disappeared. No longer was this process considered a slam dunk money maker. In fact, some people got caught in the down-turn and lost sizable amounts of money while trying to turn a fast buck. 

San Marino resident and owner of “Silk Purse Renovations”, Lisa Sloan bravely decided to jump into the home renovation business in September of 2009, purchasing her first home in Pasadena. Taken from Jonathan Swift's adage, "You can't make a silk purse of a sow's ear", Silk Purse Renovations is the result of Lisa’s desire to use her design skills and start a profitable yet flexible business during her daughter’s final years at San Marino High School. Lisa has effectively renovated and improved her own homes for years and is a self-proclaimed addict of “Home and Garden Television”. Lisa does not try to be a “Jack of all trades” in her renovation business and depends upon her faithful Realtors, Vicky and Jeff Botsford of Sotheby’s International Realty, her General Contractor, James D'Angelo of D'Angelo Development and his reliable group of sub-contractors.

House Flip #1, a Mid-Century Modern in Pasadena, was a success, in that Lisa turned a small profit in a short period of time. This project was small in scale and allowed Lisa to cut her teeth on her new venture. House Flip #2, located in San Marino, is a much larger project and is currently stripped down to the studs. Lisa spends her money on infrastructure first, making sure to bring all of the systems up to code and making any changes necessary to the floor plan. She then begins the process of improving the interior and exterior of the home to make it desirable for today’s 21st Century buyers. She puts a large focus on the kitchen and baths but also points out the importance of a great exterior paint job. Lisa does not spend money frivolously and thinks carefully about each and every decision she makes, doing only those things that are most important for re-sale. The extra touches and finishes are where she really puts her design skills and great taste to work, and Lisa has been known to scour salvage stores, outlet malls and overstock.com to come up with those unique and affordable touches that really bring the home its charm.
Some of Lisa’s top tips for affordable and effective home renovation projects include:

• Try using a great Shaker cabinet door on kitchen cabinets. They are much more affordable than raised panel and look great with a wide range of architectural styles.
• Use pre-cut granite on kitchen counter tops, as opposed to buying a whole granite slab and having it custom cut and edged for your counters.
• Stick with a very neutral color palette throughout the home to please a wide variety of buyers.
• Use companies such as “Miracle Method” to resurface tile counters or enamel tubs. Why completely tear something out which is of good quality and is not structurally flawed?
• Use nice, well-functioning and attractive appliances in the kitchen, but do not splurge on gourmet appliances.

Lisa is confident in the growing strength of the real estate market but warns potential house flippers that it is not increasing at warp speed. Her San Marino project has been going through Design Review and will begin to take form in the weeks to come. “Silk Purse Renovation” is helping to bring house flipping back into style.

Carrie Benuska