Fixing and flipping can be a lucrative business if you know what you're doing. If you put in the time and effort, and you do enough research, you could develop a very successful career. This won't happen overnight, and experience certainly comes with time. So, how do you make a name for yourself in the beginning? How do you avoid sounding like it's your first fix and flip?
Buying the House
You don't want to sound like an inexperienced buyer when talking to your realtor. You can ask for advice and his/her opinion, but you don't want to sound like you're in over your head. The best way to do this is to research the area you're looking to buy in, know the real estate values, and know your financial limits. You need to do the math before you contact a realtor. You should know exactly how much you want to spend on each part of the fix and flip from the purchase all the way through to the staging and everything in between. If you come prepared no one will know that you're a beginner.
Hiring a Crew
First of all, you don't want to try to do any of this all on your own. You need help. Admitting that in the beginning will save you a lot of time, hassle, and possible injury. When you hire a contractor you need to have enough knowledge to come across as professional and somewhat experienced (even if you're not). Again, research is key. What is popular in the area? Do people seem to be interested more in the kitchen or bedrooms? Is carpet or wood floor preferred? Do open floor plans sell better? These are questions you should ask yourself. Your contractor will make suggestions, and that's fine, but you should have a few ideas about what does and doesn't need to be done before you begin talking with him. That's not to say that you shouldn't take advice because you should, but you need to have a few ideas of your own so that your vision for the house shines through in the end.
Fixing and flipping is a great adventure, but you get out what you put in. If you hope to succeed, you have to make a real effort. It won't be as easy as it looks on TV, but if you work at it, it could be an amazing experience and a wonderful career. If you're interested in fixing and flipping and need financial assistance, please contact us.