Making the decision to become a fix-and-flipper is only half the battle - in fact, it’s the easiest part of the battle. The most difficult half is deciding where you’ll focus your property search and what the specific property will be. Of course, you could just run out, find a house that needs fixing up just about anywhere, and get to work - but to ensure you get the highest return possible you’ll want to do your research into various neighborhoods and make sure of these 4 things:
People get into real estate investing for a variety of reasons: maybe they love hunting down the perfect property, or they get a thrill out of racing the clock on renovation projects. Perhaps redesigning interiors gets their heart pumping - but at the end of the day there’s one really big, fairly consistent reason… they’re looking to make money. After all, if you don’t turn a profit at the end of a fix and flip project it could be much more difficult to get your next one off the ground, especially if you’re just starting out. With that in mind, we’re going to take a look at 10 fix and flip trends that will make you money in 2018, and help set you on the path toward financial success.
We decided to compile a list of resources to help you along your fix and flip or property rehab journey. These blogs offer a wide-range of things, such as tips on design, do-it-yourself tutorials, and even the latest home trends. The list goes outside the box of typical real estate investing blogs and dives deeper into the beauty of real estate design.
It's tempting to visualize the gorgeous new stone counters and backsplash in your trendy remodeled row house, or to fantasize about how to spend your share of the "flipping" profit. But without a specific action plan that includes extensive market research, a realistic renovation schedule and cost breakdown, and the talent to make it all come together, such dreams can fail to ever get off the ground or, worse yet, result in a financial loss. The business of real estate investing is just that, a business that requires mastery of a specific set of skills. It's not rocket science, but it's not as easy as flipping burgers either.
Here are some tips to assure that your dreams of fix and flip success become reality.