Fixing and flipping homes has become increasingly popular over the years. It's fun and profitable, if you know what you're doing, but it takes a lot of thought and effort. Planning, and learning helpful tips, will be the difference between making a profit and losing money. Here are Five Things That Will Make Your Fix and Flip Easier.
1. Know Who You're Selling to
If most of the homes in the area of your fix and flip sell to families, you'll want to make the home appealing to parents who are thinking about their kids. Make sure there are enough bathrooms for a family, or add in a bonus room for the kids to use as a play area. Families tend to enjoy open spaces, so changing a closed off kitchen, or dining room, into an open floor plan helps you appeal to your targeted buyers. Treat each house as an individual. Pay attention to what sells in the area, and use that knowledge to fix your home, so your house will sell sooner.
2. Don't do the Work Yourself
Unless you're a professional, you'll want to hire a contractor. It's tempting to try to cut costs by doing the work yourself, but the time it will demand of you, and the mistakes that will be made, will end up costing you far more in the end. You want the work done right, and in a timely manner, and hiring a professional is the only way to achieve both of those goals.
3. Make Sure Your Plans are Carried Out
You should always give a written list of your wishes for the house to the contractor. As time goes on they can easily forget what you had planned for specific parts of the house. To avoid screw ups, always write out your plans, and have them sign it. It's smart to visit the property often as well, just to make sure things are going according to plan.
4. Hire a Professional Photographer
Acquiring a real estate photographer to take the pictures of your house will help draw in potential buyers. In today's world, where technology is used for everything, a lot of home buyers start their search online. Professional quality photos will catch the buyer's attention when browsing through a multitude of homes. Once they're interested, they'll be more likely to stop by in person.
5. Get Your Finances in Order
You want to consider your finances before actually buying a property. Confirming that you have all the money you need before engaging in a fix and flip project is crucial to your success. Hard money lenders are an excellent source of financing. Trust Deed Capital offers competitive rates, and you won't be overwhelmed by outrageous fees. They're experienced and have the knowledge needed to help you through your transaction, so that you can start your fix and flip adventure with confidence.
If you're about to begin a fix and flip project and need financing, please contact us and we'll be happy to help you.