Hey everyone, good morning! I’m Ryan with Propelio, and today in the studio, we have Jessica Colton. We’re diving into the world of million-dollar flips. But first, a quick note about what Propelio does. We provide you with access to accurate MLS comps, lead lists, off-market leads, and we’re launching websites soon. Plus, we throw in some free education. So if you’re looking to up your real estate game, check out Propelio. Now, let’s get into the real stuff.
Meet Jessica Colton
Jessica started as an interior designer, handling high-end remodels and new constructions. We’re talking about projects with budgets up to $10 million. Today, she’s in Dallas, where she got her real estate license and naturally gravitated towards working with investors. She bought her first flip in Dallas this year and is now a real estate investor herself.
Interior Designer vs. Decorator
Many people confuse decorators with designers. A decorator focuses on finishing touches like furniture and accessories. An interior designer, however, requires a four-year degree and about 3,000 hours under a licensed designer. The exam to become certified is longer and harder than the bar exam, with less than a 50% pass rate.
Designers work on the functionality and aesthetic of buildings, ensuring they meet current codes and are structurally sound. They’re often involved in space planning, which includes working with architects and structural engineers.
The Role of a Designer in Flipping Homes
In the world of high-end flips, Jessica emphasizes the importance of space planning and functionality. Whether it’s an 80s build with impractical walls or a high-end home needing a revamp, she loves making spaces flow better. Her attention to detail ensures that homes not only look beautiful but are also practical and up-to-code.
Education and Staying Current
Once you get your interior design license, continuing education is crucial. This keeps you updated on design trends, new building codes, and innovative ways to build. It ensures clients receive the best advice possible.
Vetting a Good Designer
Referrals are king, especially in high-end projects. The best way to find a qualified designer is through word-of-mouth. If they’ve done a good job, their reputation will speak for itself. Always look for someone you can trust.
Costs and Value of Hiring a Designer
Every designer has their own fee structure—some charge a percentage of the total cost, others have a flat fee or hourly rate. Jessica, who is also a realtor, customizes her rates based on the project’s scope and size. The key is to ensure the investment in design pays off in the final selling price.
The Investor’s Perspective
From an investor’s standpoint, hiring a designer can prevent costly mistakes. Designers can help with proper space planning and selecting finishes that appeal to buyers. They ensure the house doesn’t sit on the market due to poor design choices.
Staging and Market Trends
Staging is a game-changer. It helps potential buyers visualize the space, which can significantly speed up the sale. Jessica advises staying current with market trends and designing with the buyer in mind, not personal taste.
Passion for Design
Jessica’s passion for design is evident. She loves being on-site, especially during demo day. For her, it’s not just about flipping houses; it’s about creating beautiful, functional spaces.
Managing Multiple Projects
Currently, Jessica is juggling five houses, each in varying stages of renovation. Not all these projects are her money—some are joint ventures or projects she’s listing or consulting on. The key to managing high-end flips is having a reliable team and staying on top of every detail.
Timeline and Efficiency
Jessica’s projects are executed with military precision. She aims to complete renovations in six to eight weeks, despite the complexity. This efficiency comes from detailed planning and having her team ready to go the moment they close on a property.
Dealing with Challenges
In real estate, challenges are inevitable. Jessica believes in learning from every hiccup. Whether it’s foundation issues or unexpected costs, it’s essential to stay resilient and adapt. Every problem is either a blessing or a lesson.
Finding and Securing Deals
Jessica doesn’t do much marketing; most of her deals come through referrals and her network. She emphasizes the importance of finding deals yourself to cut out the middleman and maximize profits.
Final Thoughts
Jessica Colton exemplifies the seamless blend of creativity and practicality in high-end real estate flipping. Her transition from interior design to real estate investing showcases her ability to enhance property value through meticulous design and strategic planning. By prioritizing functionality, staying updated with industry trends, and managing projects with precision, Jessica ensures each flip is both beautiful and profitable.
Her journey underscores the critical role of an interior designer in the flipping industry, highlighting that investing in professional design can significantly boost a property’s market appeal and value. For aspiring investors, learning from Jessica’s expertise and dedication offers valuable insights into the world of successful real estate flipping.
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