How To Flip A Meth House For A $50,000 Profit In 6 Weeks

flipmen spike

Photo: www.spike.com

In the Spike TV show Flipmen, two Utah-based real estate investors named Doug Clark and Mike Baird attempt to turn foreclosed properties into profit.After winning a property (often sight unseen) at a bank auction, they head to the property to find out what’s waiting for them, including biohazards, squatters, floods, bomb shelters and/or insect infestations.

The flipmen then clean, renovate and stage the place before getting it to market.

Step 1: Buy a house on the cheap at a bank auction

Step 2: See if anyone is living in it

Flipmen Mike Baird and Doug Clark took a gamble by not researching this particular house before they bought it

Step 3: Kick down the door

Step 4: Evaluate the interior for hazards and building code violations

Cleaning the walls of illegal/hazardous levels of meth would have cost around $6,000 and six weeks

Step 5: Get rid of everything that detracts from the property

Step 6: Put some money into it to maximise value

This involves plugging along to redo the floors, walls and ceilings

As well as getting creative (like adding an upstairs bathroom)

The Flipmen put $52,500 into renovations to make a total investment of $116,431

Their renovations added about $60,000 to the estimated value of the property

Step 7: Flip it! The meth house sold for $185,000

After broker fees that is a profit of $52,000

Watch more episodes of Flipmen at Spike.com

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