Week 2 of a real estate flip
Hi, it’s Olivier Lepage. In the original video, I show you the progress of our flip at week two: what we’re removing, what we’re keeping, and especially what we need to do to move forward without wasting time (or money). Here I summarize the decisions we’ve made, the problems we’ve discovered and the priority actions we need to take to make our house contractor-ready.
Contractor ready” cleaning and preparation 🧹
The first thing we did was a major clean-up. Many of these homes are cluttered, and sometimes the best option, if the structure is sound, is simply to remove everything, clean up and leave the property ready for renovation. When I say “contractor ready”, I mean clearing everything out, securing it and leaving the essentials in place so that contractors can work without having to bring in a chemical toilet or restore essential elements.
- We’re now on our third full container (not counting the wood we’ve burned).
- The aim: to make the site clean, safe and obvious for the next stage of the work.
Shed removal and river view 🌊
There was a large shed that was literally falling apart, with the floor collapsed towards the river. We removed it to keep it from crashing into the water and to open up a small view of the river – not the most beautiful in the world, but enough to put in a kayak or small boat and access the Chambl basin.
Removing dilapidated elements can sometimes add value and reduce environmental or liability risks.
Flashing, gutters and entrances for vermin 🐭
When we inspected the exterior, we saw that the flashing and gutter had been completely ripped out – easy access holes for vermin. When there are openings like that, they need to be repaired quickly: insulation, caulking and replacement of the flashing/gutters.
“When you have this in your home, you have the same hole for in there – you isolate, you plug and then you have to change it here.”
- Risks: mice, raccoons or squirrels invading the roof.
- Immediate solution: temporarily seal, then replace damaged elements before final renovation.
Missing insulation and animals in the attic 🐾
When we opened up the interior, we discovered spaces with no insulating wool and traces of animals (paws, material, nibbled wool). This is common in abandoned or poorly maintained homes. The absence of insulation and the presence of animals can cause :
- significant heat loss,
- odors and dirt,
- risks of contamination and structural damage.
Sometimes the solution requires major structural modification: removing unnecessary walls, opening up spaces, redoing access to ceilings or roofs. Such work is expensive and often requires permits.
Keep a toilet, a kitchen and bank financing 💶
A practical and crucial point: when preparing a house for sale or financing, you need to leave a functional bathroom and kitchen. Why do you do this? Because for a bank to consider the building habitable and offer financing, there must be at least a kitchen and bathroom.
“…financing for it to be considered livable by a bank, you have to have a kitchen and then you have to have a bathroom.”
- Tip: keeping the toilet and kitchen existing even if the rest is emptied makes the house easier to finance.
- This avoids keeping out potential buyers who need a traditional mortgage.
Leaks, mold and emergency action 🚰
I smelled a leak, and when I looked, I could already see mold – a sign that the water had been running for some time. The longer you wait to fix a leak, the more expensive the repair becomes and the more the mold spreads.
Recommended immediate action:
- Turn off main water supply.
- Turn off the main circuit breaker if the site is vacant.
- Secure the site to prevent electrical disasters or fires (and facilitate insurance procedures).
Insurance often requires rapid action (72 hours in some cases); by shutting off water and electricity you minimize risks and additional costs.
Site safety and detectors 🔥
A quick reminder: test smoke detectors and make sure they work. In our case, the detector wasn’t working. Even if the house is vacant, a malfunctioning detector increases the risk of an undetected fire, and complicates insurance and contractor safety.
The challenge of codes and obligations after opening 🏗️
An important fact to bear in mind: as soon as you open a wall or start work, you become responsible. There are two approaches:
- Declare problems and work according to what already exists;
- Or revert to the current code – often much more costly.
“People think renovating is easy… but putting everything back to code is expensive. The code is much stricter than it used to be.”
Before going too far, you need to assess whether the necessary structural modifications are worth the cost, or whether you need to rethink your strategy (e.g. selling to a DIY buyer vs. investing for quick resale).
Practical checklist for week 2 ✅
- Clean up and dispose of waste (containers on site).
- Remove dangerous or fallen items (e.g. sheds, rotting floors).
- Temporarily repair exterior openings to block out vermin.
- Maintain a functional toilet and kitchen for financing purposes.
- Identify any leaks, turn off the water and disconnect the power supply if necessary.
- Document problems for cost estimation and communication with the insurer.
Conclusion 🔧
Week 2 of a flip is often the time when things come together: real defects are discovered, structuring decisions are made and the site is secured. My advice: prioritize safety (water & electricity), keep the essentials for financing (kitchen + bathroom) and don’t underestimate the cost of bringing a property up to current standards. We’re going to give this house a second life, but we have to do it knowing the costs and responsibilities.
If you’re following a flip or thinking of starting one, use the checklist above and anticipate surprises – they always happen.
