Working on a Fix and Flip … WITH family!

Yes, not only do I help my clients properties to fix and sell for profit, but I do the same for myself.  Recently, I have had the um, fortunate, opportunity to do a project with my family. 

In the past, it has just been my husband and myself, and we have been very sucessful at making a profit, every single time.  We had our disagreements, but with only two “cooks in the kitchen,” decision making wasn’t too hard.  We were able to quickly agree on cabinets, paint colors, flooring choices, etc.

Fast forward to our current project…there are 4 of us involved in this project.  Its a 4 bedroom, 2300 square foot home on a country lot in Cottage Grove, Wisconsin. The home is structurally sound and we basically finished it from the studs out. The participants are my husband and I (both experienced flippers) and my parents (newbies).  I also have the benefit of being a Realtor, so I know what buyers look for in their new home, what they don’t look for, and in which rooms we should invest the most. Lets just say, the decision making process has been a bit longer then usual.  We disagreed on everything from lighting to flooring to what details needed to be addressed and which ones didn’t (ie the screws on the hinges of the doors…no, I’m NOT kidding). I finally ended up being the one to do all the shopping for fixtures, flooring, countertops, etc.  Things went much smoother at that point. We are  near the end of the project and should be finished in the next couple of days.  The house looks fantastic and should make any family a great home. We were even able to stay under budget, and still put in high end finishes, fixtures and appliances.

My question is this; Has anyone else had the pleasure of this experience?  We plan on making a go of this, but any suggestions on keeping the peace would be helpful!

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