We are always listening to what we have to do and what we have to do. no They do, but they aren’t usually discussed together. Do this, but don’t do it. That’s what I did with this list of nine things to do and not to do when it comes to turning the house over.
- Make sure you buy it correctly. Make sure the transaction numbers make sense. You make money for you when you buy.. Don’t expect gratitude.
- Make sure that the feelings and strong desire to get that first flip deal under your belt do not affect your decision.
- Make sure you have the ability to determine the value Repair cost accurately.
- Don’t make exaggerated guesses based on limited information. Also, never make a purchase decision based on what others are telling you. You have to do your own due diligence.
- Hire a specialist to do the repair work. Take the time to find a suitable contractor that is licensed and insured. Hiring a professional to do the job should allow you to free up your time to do more important (beneficial) things and produce more professional products.
- Don’t just hire the first contractor you find on Craigslist. Believe me, that’s not a good idea.
- Make a written contract between you and your contractor that explains exactly what you expect and when you can draw.
- Don’t just hire someone to get you started without a contract. do not Please pay either half in advance! … unless you want to lose money.
- See what a home for sale in your area looks like and try to make your home better, but Without overdoing it..
- Do not even rehabilitate cheap pigs with lipstick.
- be careful How much do you spend at home While you have it. You need to know what that flip is sacrificing to you every day you own it.
- Instead of just blindly slowly repairing your home and taking months, you will later find out that your holding costs (loan payments, taxes, insurance, etc.) are at the expense of most or all of your profits. only.
- Try to focus on something special or prominent in each house, such as the kitchen or bathroom. Maybe the living room has an old fireplace. You may be able to make your home stand out by tile it to the ceiling with glass mosaic tiles. Maybe the living room and kitchen are separated by a removable wall that will open things up.
- Don’t make the white tornado look like a stairwell or make your house look like all other flip houses. Let’s make it stand out.
- Stage the completed flip house. Staged homes sell much faster than vacant homes, especially if they are well-finished.
- Don’t expect home staging to be a waste of time and money. This is a high rate of return investment in terms of how much you can save by keeping costs and avoiding price cuts.
- Set the price of the finished flip correctly. Prices should only be based on what Comp (comparable sales) shows.
- Don’t price it based on how much work you have done on it, how much you have spent on it, or what you feel “worthy”. Those things have nothing to do with what the price should be.
Follow the advice on what to do and avoid the pitfalls of what you shouldn’t do. That way, you’re much more likely to succeed in House Flip.
I would love to hear what you may and should not do. Share them in the comments below. I’m looking forward to reading.
Photo: Carl Jones