The difference between a renovation deal and a fix-and-flip deal is that the fix-and-flip property will be offered for sale immediately upon completion. At some point every property will need renovations. From Kitchens to Bathrooms and Drywall to Paint, we have the staff on hand to fix any property. Whether you’re buying to flip or buying to hold, we can take care of all the renovations needed in order to get it sold or rented.
When flipping a property, you’ll want to spend as much money as you need to in order to get it sold at the highest price. You also don’t want to waste any money doing things to the property that won’t increase its value or that isn’t needed in order to pass inspections. We can help.
When holding a property to rent out, it’s important that you do things right. Yes, you can get someone to do things cheap and cut corners, but, are you going to have to deal with that “repair” more than once? We like to do things the right way and not have to be called back several times for the same problem. We’ll get the job done right at the best price possible, and when we’re done we complete our own inspection to make sure that the property will pass the city inspections.
Things To Consider Before Going It Alone
- Do you have the money to fund both the purchase price and the costs of renovation, or is it money that you may need for other purposes?
- Can you afford to make payments both during the renovation process and until the property sells?
- Do you have expertise in any of the construction trades? If you do, that’s great! You’ll have an additional benefit called “sweat equity”.
- Do you have the time to either work on the property yourself or supervise others doing the work?
- Are you familiar enough with local building codes so that you don’t get “blind-sided” by major changes required before inspections are passed?
- Do you know what the main areas of concern are that can add thousands of dollars to the cost of renovation?
- Are you emotionally geared to live with the risk? Will you be frantic and try to micro-manage the process? Will you lose sleep over your investment?
- Can you distance yourself enough from “ownership” to realize that the changes are not for you, but for a potential, average buyer and that the goal is to sell the house at a profit?
- Do you know local, reputable subcontractors who will work with you and show up when you need them?
- Can you work quickly enough so that monthly payments don’t eat up profits or even put you in a hole?
- Do you have a contractor’s license? In most states, unless you plan to occupy the house yourself, you must either be a licensed, residential building contractor or you must hire one.
Still Interested In Buying An Investment Property or Flipping A Home? Here Is How We Can Help….
We Look Forward To The Opportunity To Work With You On Your Next Real Estate Transaction. Call Us At (484) 436-2622.