August 31, 2020
You don’t have to be an experienced fix and flipper to know water problems can be costly. In fact, plumbing damage can take a significant chunk of your profit if you’re not careful.
One thing seasoned home renovation experts know is that overestimating your DIY abilities can be expensive. This is especially true when it comes to major items like foundations, roofing, and plumbing.
In fact, many seasoned fix and flippers prefer to skip properties with major plumbing issues because they can be such a hassle. Not only is it difficult to find quality licensed plumbing professionals, but serious plumbing damage issues can mean a backed up timeline due to needing city licenses and inspection.
In short, it’s a lot more paperwork that can push deadlines and eat into your profit margin.
You can avoid buying a property with serious plumbing issues by knowing the signs of plumbing problems and working out your costs.
What If I Encounter a Plumbing Issue?
When it comes to plumbing, we always recommend hiring a licensed plumber. Replacing pipes is a skilled job that requires the right know-how and tools. It can also be very expensive if not done correctly.
Hopefully, you’ll save yourself the headache of serious plumbing issues by knowing what to look for in the first place.
How to Spot the Signs of Plumbing Damage
The most successful fix and flippers know to look out for high ticket potential problems like plumbing damage and foundational concerns.
Here are some tips to avoid nasty surprises when it comes to plumbing:
Check Pipes for Leaks
Check under sinks for the stench of mold. If you smell some, it could be the tip-off that there’s a leak. Check the rubber gaskets. If you see cracks at the pipe connections, that could indicate a problem. Check the pipes for any cracks.
Hire an Inspector
Hiring a qualified inspector can save you a bundle. They know what to look for and the questions to ask because this is what they do every day. No matter how many properties you’ve flipped, it’s good to have an expert’s opinion.
Ask About the Property’s History
While some properties tell a story of water damage via tell-tale stains on the walls or floors, it’s not always so obvious.
- Ask about any past pipe bursts or floods.
- You can also check the water meter to see if the usage seems in line with the property usage.
Know Where the Water Main Is
If the water is still flowing to the property, you’ll want to know where the main is so you can turn it off. There are countless stories of a pipe bursting and ruining floors, sheetrock, and anything else in the water’s path. But if you can turn the water off at the main, you can minimize damage. (Hint: It’s usually found in a basement or closet.)
By following these recommendations, you’ll save yourself expensive plumbing hassles.
At Bay Mountain Capital, we pride ourselves in being partners in your real estate success. Whether you are finding yourself with unexpected plumbing issues or foundation issues, we want to work with you to help you reach your goals. We hope you’ll consider BMC as a partner for your next fix and flip by applying for a loan today.
About Bay Mountain Capital:
Bay Mountain Capital has been in business for more than a decade, closing approximately 2,000 loans. We specialize in financing all types of residential and commercial property investments throughout Texas and Georgia. Using common sense and value-added approach, we strive to incorporate these principles into our underwriting and closing processes.
As a direct lender, Bay Mountain Capital can close a loan within one day after receiving a complete file and clear title. The process generally takes two weeks for a residential loan but can be accelerated where circumstances require it.
We are primarily an asset-based lender, which means that qualification requirements are limited. Our rates and fees are among the lowest in the industry.