Ten Tips for Fix and Flip
From my own personal experience, I have learned some tips to help you succeed when you buy a property to fix and flip. Here is my Top 10 list.
1. You don’t have to be a handy man. But you do have to have the ability to give overall direction to a large project and see the big picture.
2. Choose your location well. Good neighborhoods always make for a better resale value.
3. Avoid the weird and whacky. A good floor plan is also good for resale. If you view a house which has oddities that can’t be fixed, this is a deterrent to potential buyers.
4. Hire a decorator/designer to give you advice on color/finishes. Don’t rely on your own choices. Professional color choices don’t require more time and they show and sell much better.
5. Do your numbers ahead of time. Work with a template and calculate all foreseeable costs, including carrying costs. Add a little extra for the unpredictable.
6. Work with an experience REALTOR® who knows the buying market and selling market. They can give you the best advice from current market statistics for your purchase price and resale price. They also may have referrals to reliable trades.
7. Establish a timeline for your work projects and use that as a guideline for lining up your trades. Try to get measurements and have your designer/decorator view the property prior to possession.
8. Time is money and anything you can do to overlap projects saves time.
9. Always think RESALE, not personal preference.
10. Quality work is rewarded in the purchase price. Buyers notice details. Don’t take short cuts.
Call me to help you with your purchase or sale! My marketing strategy is aggressive, and it got my selling clients 95.9% list to purchase price in 2017.
