Hranec takes flipping houses to a new level
Hranec and Co. may be the area蘑菇视频 house flipper蘑菇视频 house flipper.
Founded in 2006 by John E. Hranec and his wife, Maureen M. Hranec, Hranec and Co. buys existing homes, refreshes them and sells them for a profit.
Flipping is a term used primarily to describe purchasing a revenue-generating asset and quickly reselling (or 鈥渇lipping鈥�) it for profit.
John Hranec got involved in the business in 2006 after reading a book written by real estate guru Frank McKinney, a multi-millionaire who founded his real estate investment company in 1986 and bought his first $50,000 fixer-upper, selling it a few months later for a $7,000 profit.
Now, 25-plus years later, McKinney creates real estate markets. He has built spec homes (homes built without a buyer) valued in the tens of millions of dollars.
Hranec found McKinney蘑菇视频 story not only inspiring but instructive.
鈥淲hen you are looking for a home to purchase, you will find a unique distinction in the renovated homes sold by Hranec and Co. They go beyond improvements you would expect to see in a home.
鈥淭he improvements are on a higher level than the ordinary homes on today蘑菇视频 market,鈥� Hranec said.
In fact, touring one of his homes on West Berkeley Street in Uniontown demonstrates his philosophy and operation.
For all appearances, the interior looks more like new construction using quality materials than just a renovation. Joints in floor and ceiling trim are perfectly mitered making the wood look like it has been folded around corners rather than cut. Fixtures are of a higher grade and design. Hranec does some of the work himself, something he 鈥渆njoys. I like doing it. I gives me a sense of real satisfaction.鈥�
Hranec and his wife modernize each home they buy for resell with high-end lighting fixtures, paint products, kitchen and bath fixtures and appliances, ceramic tile, wood flooring and carpeting, doors and window accessories.
He also landscapes each home, planting a variety of shrubs, trees, plants and flowers to make the home stand out in the neighborhood.
鈥淢aureen does the decorating and selects the lighting, fixtures and appliances,鈥� he added.
Basing his flipping practices on what he learned from McKinney, Hranec installs granite countertops, hardwood floors, new cabinets 鈥渟o the new homeowner doesn鈥檛 have to do anything when he moves into one of our homes.鈥�
He already has invested nearly as much as the purchase price in the West Berkeley Street property, a project he has worked on for two years.
鈥淚鈥檓 taking a gamble here, but I think we will be successful,鈥� he said of the property.
Hranec said he also works hard to locate properties for resell in some of Fayette County蘑菇视频 nicer neighborhoods.
鈥淚 don鈥檛 have any problems selling these houses. I have a web site where people can look at them,鈥� he said, adding he also has refurbished apartments and continues to buy other properties for rentals.
鈥淚 took 1,600-square-feet of loft space in an apartment on Route 21 and turned it into a luxurious space, a contemporary apartment for the busy professional. Modern artwork is furnished throughout the apartment. It has a new refrigerator, stove, microwave and gas fireplace.鈥�
Hranec said he also is looking at getting more into commercial space, both renovating it and reselling it and leasing it.
Of coursed in flipping houses for profit, Hranec said it is important that he can buy an existing property at the right price.
He then invests thousands of dollars more above the sale price. 鈥淚 renovate it so the new owner doesn鈥檛 have to do anything but move in,鈥� he added.
Hranec also puts a different spin on marketing his homes.
鈥淚 don鈥檛 use a real estate agent. I sell them myself. I also put lights on the for-sale signs at the properties because people look for homes at night, too.
鈥淚f you put a light on the house, you will get more attention.鈥�
In addition to his work with Hranec and Co., Hranec is president and chief executive officer of Hranec Insulation Corp., a service he uses to make sure that all the homes he sells are well protected against the weather.
鈥淚 insulate every one,鈥� he said.
Last summer, Hranec got to meet his mentor, McKinney, in Boca Raton, Fla. 鈥淲hat a person he is and how great it was to meet him,鈥� he said.
鈥淚 have learned that if you take your time and do everything right, you can sell a really nice property,鈥� he said.
For more information, call 724-366-1234.