For many individuals looking to break into the real estate investing business, one of the first avenues they consider – thanks largely in part to popular home makeover television shows – is flipping houses. These programs generally feature highly successful flippers with years of experience and funding readily available. What they don’t show you is what the beginning stages of breaking into the industry actually entail – such as securing rehab or fix and flip loans, developing relationships with trusted contractors and real estate professionals, and getting their own hands dirty doing a lot of the work themselves to ensure they make a profit on the project.
YouTube has become a source of entertainment for our mobile generation. Amateur and experienced filmmakers have taken to this channel to showcase their skills and share their lives. It has also become a host for educational videos - from how-to’s to do-it-yourself videos - you can find just about anything. Almost 5 billion videos are watched on YouTube daily, with over 300 hours of content uploaded every minute! Every industry, including real estate, has flocked to this channel as a way to further help share their tips and tricks. We put together a list of some of the top YouTube channels you should subscribe to if you're active in real estate or planning to dive into the fix and flip world.
Real estate investors typically seek foreclosed or older homes because they come at a good price. But often times, these types of homes require a little (sometimes a lot) of love. At the end of the day, the work you put into your rehab property should generate a considerable return on investment. So, how does one determine if they should rehab to rent or rehab to sell?
As the seasons change so does the real estate market. It’s important to adapt your home staging strategy and decor for the season. Understanding what each season brings can drive your staging budget and attract buyers.
Here are some tips for staging in all four seasons:
When picking a property to fix and flip, a few of the most common ways to add value include: kitchen upgrades, finishing basements, a new paint job, and installing new flooring. However, there are a few other not so obvious ways to enhance your property, especially for the millennial crowd.
We live in a day and age where technology dominates our lives. We are more connected than ever through our smart phones, tablets, streaming devices and even our TVs. In a 2015 survey by Better Homes and Gardens, 64% of millennials surveyed were interested in having smart technology in their homes.
House flipping is back – or more accurately, it never really left. After the 2008 debacle most investors will agree that the fix and flip market had definitely cooled. Now, however, with conditions once again right for flipping in real estate markets throughout the Washington D.C. area, including Maryland and Virginia, investors are once again enjoying prime conditions for house flipping. Adding more pressure to this opportunity is the potential for additional interest rate hikes, making time critical.
But even with good prospects, the caution flag is still flying in the house flipping arena, and those who earn the most profit from today's fix and flip market will be those who avoid making the following mistakes:
Speed matters. It can be the difference between winning the Indy 500, catching tonight's dinner, or making a profit on a real estate fix and flip project. Many real estate investors turn to hard money loans to finance the purchase and renovation of rehab properties, and the need for speed is one of the chief reasons why.
How can you "win the race" in the real estate renovation world?