O.K... I'm starting to get my teeth into this one. "Can You Really make a Killing Flipping Fixer-Uppers?" I've asked. Well that's gonna depend on a few things isn't it? We'd all like to get our hands on that cheapie house going for a song in a good neighbourhood and flicking it on in a short space of time - making a killing at the same time. We're all looking for that. And yeah it does happen. But I reckon you're better off going about it another way - you can still make good money. This is what I've done.

* I know its a corny real estate mantra but it's true - Position, Position, Position - that's the name of the game. You're better off buying the worst house in a good street or neighbourhood than the best house in a poor street or neighbourhood. That's a given.

* So maybe you need to forget about finding that real estate bargain that you're going to make your fortune on and instead look for a property in a good address that you can present much better when it comes to flipping. Price is going to come into it, naturally, but what if you pay market value for a property that you can then sell on for much more than the market value? How about that for a concept?

* What if you were to buy, at market value, an ordinary house that has potential and add value to it by doing some renovations/improvements that really make it desirable and easy to sell? And sell it for more than market value? They are the magic words so I'll repeat them - Easy to sell and sell it for more than market value. If there is any secret to flipping houses it's that - you need to buy and sell quickly - get in get out. Without too much of what the Brits call aggravation.

I know what you're thinking - sounds good in theory - but you can do it. Not everyone can do it - but you can do it. You're gonna use some smarts. I lot of people think they can make quick money in real estate by tarting a dump up and flicking it on. And yeah it happens and good luck to you if you've done it it. BUT. I reckon there's a much safer and, dare I say it, more self-empowering, more satisfying, more geeze I feel good 'cause I know I haven't ripped anybody off here way of going about it. Where you don't come at it from a mentality of making a quick killing but rather I've done something really good here and I deserve to make some good bucks out of this. You with me? What do I mean? OK...

Here's what works for me. I possibly have an advantage on you 'cause I can do a lot of stuff myself - and I like working with my hands. And what I don't know how to do I find out - I teach myself how to do. Why? Because, just like you I suspect, I've been caught many times before using so-called tradesmen, so-called experts who didn't have a clue. But this doesn't mean you have to go this way. If you're not handy or don't like getting your hands dirty you're gonna have to rely on others. And more on this later.

The Best Things You Can Do to Make Your Property Present Well and Sell Rapidly
Forgive me if I'm talking to the converted but a lot of people don't know this stuff. Where should you concentrate your energies when doing up a house to flip? Voila. Where do you spend your most time at home? What's the most important room in the house? What's gonna make that flipper sell faster than the others? This is a no brainer. Truly. It's the kitchen closely followed by the bathroom or bathrooms. And here's where it gets interesting. I'm not talking about putting in a glamour all mod-cons state-of-the-art designer kitchen that's going to cost you an arm and a leg. I'm talking about making that kitchen functional and the kind of room where you'd like to sit yourself on the benchtop with a beer (or your beverage of choice) in hand and say isn't life good.

You don't need to install the $10,000 self-cleaning oven with the Turbo-charged rotisserie - for all you know the next owner might live on take-out pizza. You need to make sure that kitchen is clean and easy-to-clean. Sometimes that just means fixing a few stainless-steel splashbacks and installing a stainless-steel sink. Both those additions won't break the bank and they do look good. New cupboards don't have to be expensive either but make a big difference. Places like Ikea provide flatpack numbers you can install yourself. Does the floor need attention? It's probably going to pay off more if you lay tiles or timber rather than just putting cheap linoleum or the like over the top. Finally, paint the entire kitchen in a neutral-coloured washable paint and maybe think about installing tracklights. Voila!

The same deal pretty-much goes for the bathroom. Forget about spa baths, gold-plated taps, Louis IV mirrors. Go for clean and functional. Stick to white tiles/white basins and baths. You can always add colour with towels. But make sure everything is hospital-standard clean - and that means no cracked tiles, no chipped baths, no mouldy corners. If you have to re-tile - get a pro. Nothing looks worse than badly-done tiling. It sticks out like dogs-you-know-what and instantly drags value off the whole house. And, just like in the kitchen, you need to paint the walls and ceiling in washable paint. I always used turpentine-based enamel (they paint boats with it) but it's a bit trickier to used than a water-based paint. And again - install some good lighting.

Dripping taps are an absolute no-no in the both the kitchen and bathrooms. Often it's just a matter of replacing washers but sometimes you need to re-seat the washer in the faucet. You can buy a tool that'll do this and that will save you the expense of buying new fittings. But that being said, if the taps are cheap and nasty - replace them. You can do it yourself and again - they don't need to be top-of-the range imported Italian jobs - they just need to work. Trust me - people will turn the taps on and off - and flush the toilet if it comes to that. BTW if the toilet is grungy perhaps all you need do is replace the seat - but not with one of those cheapy bendy plastic numbers - and get the stains out of the bowl with a proprietary cleaner. A much easier and cheaper solution than getting a plumber to install a new pan.

What else is going to lift that house and make it sell quick? (And this is before we even talk about adding value to an ordinary house with some well-placed renovations.) Good paintwork will help sell it. I've been a professional painter and I've seen some terrible jobs out there. One of the best things you can do to improve your paint job is to use flexible, paintable caulking out of a gun. We call it No More Gaps in Australia and that's describes it perfectly. I must have applied thousands of tubes of it in my time. And I'm pretty good at it. I run it in gaps around doors, windows, skirting boards and ceilings. I always use my thumb and fingers to lay it off but you can do it with a damp sponge as well. And I always cut the nozzle at an angle to help apply it. Don't be surprised if you go through a tube or more a room. It's not that expensive but make sure you get the paintable caulking. There are some really cheap caulkers available but you can't paint over them and that is a major pain-in-the-ass.

When buying paint steer away from the cheap brands - they are cheap because they are thin and don't cover very well. What do I mean by cover? Opacity. A good paint will in most cases make a solid cover in two coats. Bite the bullet and buy a well-known brand like Dulux that we have in the UK, Australia and New Zealand. It's worth it in the long run. You know it's good quality paint and you know it's going to cover.

Go for neutral shades. I've been presenting homes for sale with off-white walls mostly. I just tint white paint with Yellow Ochre. Don't go all arty with blue ceilings and red walls. For one thing it makes a room look smaller. Stick with off-white and the room will look fresh and clean. Again you can add colour with drapes, furnishings and paintings. Although I must admit lately I've been painting the odd wall blue in a room with off-white walls. Doesn't work in all rooms.

When it comes time for showing the house make sure everything is clean - even the windows and mirrors. Clean the carpets, use some air-freshener, have at least one large vase of fresh flowers in a strategic position like a mantlepiece. I even brew fresh coffee or bake some rolls just before the inspection. Hell I've even baked my famous Vogue Magazine Chocolate Cake and served coffee to the punters at a showing.

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