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Flipping Properties in Under 30 Days With Huge Profits! |
Flipping properties seems to be on everyone's mind these days. With the endless "how-to" shows on television, everyone wants to get in the game. Maybe you're already in the game and have been trying to finish your project for the last 5 months or maybe you're thinking about running out and buying your first property. Well, in either case it's important to follow some simple tips that will enable you to finish that rehab in less than 30 days and reap huge profits.
First of all you should ask yourself a couple of key questions (and be honest). Do you like rehabbing? Are you good at rehabbing (have people commented on how beautiful your work is)? Are you using a realtor to help you decide what to rehab and what quality of materials to use? Do you have a rehab schedule? Are you sticking to that schedule? If you answered no to any of these questions you are more than likely not finishing your project in time or to an acceptable standard and thus not reaping those huge profits promised by every infomercial on the market.
If you don't like manual labor or don't have the time for it consider using a contractor. Contractors or tradesmen can be found in any market either by looking in the local yellow pages, networking in the community or by running ads in the local papers. Most will work for a very reasonable rate and will do the job well and in a short time (if they know what they are doing). Make sure to get bids from all of the different contractors or tradesman, make sure they are insured, get references, and make sure you have them sign an agreement. The agreement should clearly define the scope of work, the time in which the work is to be done, and the fee that the contractor or tradesman is going to be charging you for the project. Make sure you have outlined a remedy clause just in case the contractor or tradesman doesn't show up one day or there is a dispute. Also, make sure you pay only after the work is completed and it meets with your approval.
Secondly, if you like manual labor, but stink at it refer to the above paragraph. If you build it and they don't come, get someone else to build it for you so they will!
The other key component for flipping quickly for profits is to use a local realtor. Choose one that is possibly an investor him or herself and choose one that knows the market well. They will be able to provide you with comparables that will help you decide on your purchase price, the amount of rehabbing you will most likely have to do, and your sale price once your project is completed. The realtor will most likely advise you that replacing the project's mechanicals (furnace, air conditioning, and water heater); updating the kitchen (new cabinets, new countertops, new sink, new flooring and new appliances); and updating the bathrooms (new cabinets, new tub, new sink, new flooring and new toilet), will bring the most bang for your buck. They can show you what your competition is doing in your area and again, help you to decide to what degree you are going to have to update your project.
Lastly, once your project is complete in the timeframe that you've allocated (remember, less than 30 days), then list and sell it! Your realtor can help you with this aspect of your project also. They can assist you with setting the sale price, scheduling the open house and showing the property to potential buyers. They will also be able to close the deal. Don't skimp by going the "for sale by owner" route because time is of the essence here and you're going to need a lot of foot traffic--remember sales is a numbers game and your realtor can provide you with numbers. Relying on others is key and following these simple tips will help you to buy, rehab, and sell that project in less than 30 days with huge profits.
About AuthorMatt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros." Visit them at www.millionairerealestatepros.com
Source: ArticleTrader.com
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