Get In On The "Fix and Flip" Market

Real Estate

Get In On The "Fix and Flip" Market

 Easier said than done, but always remember the key to every successful flip: LOCATION, LOCATION, LOCATION

Plan and budget for worst case scenario and always have a Plan C just in case A and B don't come through

Be Acquainted with ARV - "After Repair Value"

Partner with experts in areas that you are not familiar with (Hire Inspectors)

l Order a dumpster for the next ten days and get your demolition man to throw out everything including the kitchen sink. In other words, clear the decks.

 l After the house is cleared of debris, it’s time to patch and paint. Let your painters blast the place with their airless paint-spraying arsenal inside and out. Within three days, you’ll have added a huge improvement to your investment. This is the biggest dollar-for-dollar return you can make. Make sure that quality paint is used. “When it comes to painting,” Dan Auito, author of “Complete Home Rehab in 10 Days,” says, “it’s the labor that kills you, not the material. If possible, insist on Sherwin Williams Super Paint. It is a miracle-type formula that covers up bullet holes without any patching compound and it lasts forever. It’s worth every penny; insist on it.”

 l After the painters leave, the flooring guys can lay tile and carpet, which will take two to three days.

 l Next bring in the cabinet installers and handyman plumber.

 l Last comes light fixtures, vanities, toilets, sinks, doors, switch plates and outlet covers.