Flipping homes can be a lucrative industry, but if you think it’ll be as easy as it looks on HGTV, you’re in for a rude awakening. However, there are a few tips that professionals utilize to maximize the outcome of their projects:
Some flippers hire a good contractor to come to the property and do the repairs. These contractors are reliable and follow timelines. I’d recommend that you look for contractors before you even start looking for a property to flip. I’d be happy to recommend one to you!
Flippers also know to buy in the right neighborhoods. Just because a property is cheap, that doesn’t necessarily make it a good buy. You want to make sure that the values in the neighborhood are rising, that it’s in a good school district, and that there are other desirable features of the area.
Other flippers do much of the work themselves; instead of hiring a contractor, they take on the work themselves. I know your time has a lot of value, but bad renovations can really turn off potential buyers for that house. Good flippers understand that the property is an investment, but they also want a quick turnaround. Instead of focusing on getting the most beautiful finishes, I’d personally recommend that you keep all the renovations generic and appealing to a wider audience.
If you have any more questions about what makes for a good flip or investment property, or if you’re looking for a contractor to help you with your next flip, don’t hesitate to reach out to me. I’d love to help you.