Posted on 1 Oct
Armed with more than a decade of experience in the property-flipping realm and stars of the new Scott Disick reality show Flip it Like Disick, brother and sister duo Kozet Luciano and Andre Manoukian—both based out of The Agency’s Calabasas office—are invaluable resources for clients looking to find, purchase and flip a property. On Disick's show, they led the renovations for 5474 Jed Smith Road in Hidden Hills (shown above and below).
We spoke with Kozet and Andre to get their top tips for clients looking to flip a home.
Before purchasing a home to flip, what are some key things to keep in mind?
Kozet: The potential of the home, the potential of the property and comparable properties in the area. Having a keen awareness of these factors will help you see what is realistic for that particular area. Trust the data. You can be imaginative, but you must also be realistic.
What should you consider before you consider flipping?
Kozet: Ask yourself—does the neighborhood warrant the growth I am envisioning for the home? The goal is to be able to beat the comps in the area to maximize your profit. Above all, don’t overbuild.
Andre: Be smart about finishes. It’s important when picking finishes that you try to keep them neutral, that way the interiors appeal to a broader audience of buyers.
Kozet: Know the area. Try picking homes in an area you are already familiar with. Rely on your existing knowledge and feel for an area. Then, craft a home to meld with that neighborhood’s vibe and feel.
What is your advice for buyers who want to buy a property that’s been flipped already?
Andre: When a buyer is purchasing a completed flip property, make sure to investigate everything about the house to ensure all work was done with the proper permits and up to code. You don’t want to be stuck with hidden problems or have to deal with any shortcuts a less experienced flipper took to renovate a home.
What are some of the benefits of purchasing a flipped home?
Kozet: All the work is done for you. The home is truly move-in ready. You don’t need to deal with contractors or live in a construction site. You don’t have to come up with design ideas. You don’t have to come up with additional funds to remodel the home. There are so many little details that go into remodeling a home that it can become overwhelming. You may be paying a premium, but on the plus side, the remodeling cost will be wrapped into your mortgage, making it more affordable.