Fixing and flipping a home is a wonderful career for someone who is prepared to do the work and spend the time making it into a business. It takes a lot of planning, preparing, and learning to achieve success. There are a few strategies that, if you apply them from the beginning, will help you get to your goal faster and with less hassle.
Assemble a Team
You can't do everything yourself. Even if you're a skilled carpenter, you'll hit a few snags along the way. Know your strengths, and more importantly your weaknesses, and then assemble a well-rounded team that can handle whatever comes your way. You should also include local real estate agents in your close inner circle. Building solid relationships with them will make it easier to find worthwhile investment properties.
Design for Your Buyers
Know your market. This can't be stressed enough. You must think of your targeted buyers every step of the way. Construction, appliances, paint, and staging all must be centered around what they want, not what you want. You could wind up designing a house that you hate, one that you wouldn't buy in a million years, but that's ok. You're not buying it. You're selling it to someone who will love it. It's important to remember this and not get swept up in your own personal preferences.
Yes, you want to get your fix and flip finished and put on the market sooner rather than later, but you don't want to rush. You should put in the necessary time to make the home exactly what it should be. Don't cut corners to save money if it's going to cause problems later. Another mistake several rookies make is putting their property on the market too soon. You don't want to put your house on the market until everything is finished. It should be entirely complete, not a single thing left to do, when you finally list it.
Don't Dream Too Big
Of course, you should have dreams, and you should do everything in your power to make them come true, but you do have to be realistic. You don't want to bite off more than you can chew because you got swept up in hopes and dreams and didn't focus enough on reality. Make sure you have a realistic idea of your fix and flip journey. You probably won't become famous and get your own show, you won't make millions of dollars, and you won't achieve success overnight. You should also be realistic about the house you're buying. You can't take a piece of crap and turn it into a must-have home that will attract tons of offers without a lot of time and a lot of money, and even then, it might still be a lost cause. Pick your homes carefully. You might find a diamond in the rough. Just make sure it's not too rough.
If you follow these helpful strategies for fixing and flipping, you'll increase your chances for success and save yourself a lot of hassle. For help financing your next fix and flip, please contact us.