You read about it, you watch it on television and friends are doing it. Seems like a great concept, especially because you’re the boss. You can generally make your own hours and the final decision regarding the property is yours. If you are ready to jump in to your first fix and flip, here are a few points to help ensure a successful and profitable outcome to fix and flip houses:
- Do your homework: Knowledge is king! You have to be patient and find a property in the right neighborhood at the right price – consider the cost of renovation. In addition, factor in the value of homes in the neighborhood.
- Know your target: Remember to check out schools, transportation, shopping and entertainment options to attract buyers’ needs.
- Factor in your time: Is this a part time project or will fix and flip houses be your only source of income? Remember to include time to wait for and supervise contractors (if you are not doing the work yourself), inspections and selling the property.
- Renovation: Once you’ve done your fix and flip homework you can begin renovation. Check out the neighborhood style, keep personal preferences to a minimum, and consider popular trends, but try to keep colors neutral. The same goes for materials. Use some trendy accents, but keep it simple to appeal to multiple buyers.
- Quality speaks volumes: Once you decide on the home improvements, it is vital to ensure a high quality of work. While you do not have to go with the “best-of-the-best” materials, the finished renovation should be top notch. Doing your own work is definitely a huge financial plus. If you are unable to do the work, hire a professional. This helps to eliminate certain concerns that can interfere with the sale of the home.
- Capital: Do you have enough money for the purchase and renovations? Discover the benefits of hard money – a great and quick option for funding your fix and flip. As our name implies – Alpha Funding Solutions provides fast and flexible private funding solutions for real estate projects.
To learn more about fix and flip houses and hard money, please schedule an appointment with one of Alpha Funding Solutions team specialists.