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.
There are a variety of loans available for investors looking to purchase and rehabilitate properties, but the most popular among them are fix and flip loans and construction loans. However, there are definitely differences between the two - even though they may sound similar - and each are ideally suited to specific situations. In fact, one of the biggest differences is that hard money construction loans are typically issued for properties that have yet to be built, whereas fix and flip loans are issued for properties that are already in existence and need a bit of TLC.
The estimated median house or condo value for a home in McLean, Virginia in 2015 was over $1,000,000, according to city-data.com. Its proximity to Washington, D.C. and the Central Intelligence Agency makes it home to many high-ranking government officials, diplomats, members of Congress, and businessmen and women. It is known for its luxury homes and high-end shopping destinations, and among the most expensive zip codes in Virginia and the United States.
Want to stay up to date with the latest real estate news? Twitter is a great resources. If you’re not familiar with Twitter, it’s a social media platform that curates content by allowing you to choose the people you want to receive content from. The real estate industry has taken to this platform as a way of distributing the latest real estate news. From agents who want to share their latest open houses to tips for the latest trends in home design; there is something for everyone. Here’s a list of real estate related Twitter accounts you should be following...
Millennial requirements for a home vary vastly from their predecessor generation. The most important items, according to a Northshore Fireplace survey, included new appliances, large master bedroom, 2-car garages and smart technology, like solar panels.
Location is another decisive factor for millennials, with 63% choosing to be within 25 miles of a major city.
But they may not be the major cities you’re thinking of…
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.
The internet has a plethora of resources - you can practically Google anything and find an answer before you even finish typing your question in the search bar! But sometimes with so many options and pages upon pages of maybe related answers to your question; it can get overwhelming.
For this reason, we like to throw it back and pick up a good ol’ book. There’s something about a well written book by an author who put forth the time and effort to create something tangible.
It demonstrates their passion, their dedication.
We did the work for you and picked out five must-read books for the real estate investor...