Written by Jason Kritzberg on September 30, 2020
Venturing off on a journey to begin fixing and flipping homes is an exciting thought. Fix and flip homes can be a great investment and potential profit when sold – if executed correctly. Follow these steps below to ensure you have the proper knowledge before committing to a fix and flip project!
Tip #1: Develop Great Relationships with a Contractor and Realtor
If you’re planning to fix and flip properties, developing a great relationship with a contractor you can trust is very important. You will be working together with this contractor throughout the entire demolition and rebuild of your fix and flip property. Knowing you can trust someone that will guide you if any issues arise, or in the process of breaking down and building properly will be beneficial to your success!
Another important partner in your process is your realtor. A great realtor, like Stephen White, will guide you throughout the home search process and bargain for you to ensure you’re getting the lowest possible deal so you can make the highest possible profit. Your realtor will also teach you about the value of the homes in the area you are looking in, and give you tips on the best ways to make your home pop come open house!
Tip #2: Know Your Budget
Knowing how much you’re comfortable with spending before diving into a fix and flip project is crucial for your wellbeing. If you somehow end up going over budget and not being able to complete the project, the effects could be detrimental not only on you, but your finances. By properly planning ahead of time and taking into consideration every possible expense that might come up, you will be prepared when you start remodeling the home. Keep in mind, this is a short-term investment compared to your personal home, so make sure that you can buy the house and fix it up for significantly less than what the house will be worth when you’re ready to sell.
Tip #3: Patience is a Virtue
To be frank, fixing and flipping homes are challenging and grueling tasks. You won’t see money in your bank account overnight. However; that is not to say it is not worth while in the long run. There will be delays in the process and times when you’ll struggle with having inspections go wrong, renovations that don’t go according to plan, or a house that sits on the market longer than anticipated. With patience, however, fixing and flipping houses can become a reasonable source of income. Learn to fix and flip homes properly takes time and investment, but you will eventually sell your house and see the money return in greater forms!
Overall, fixing and flipping is an effective business venture to bring you financial success and freedom. It may be challenging, but when you look at the final product you will be proud of the work you put into transforming a once rundown home to a beautiful and elegant residence! If you need assistance finding your next fix and flip, contact Stephen White today!