When you’re ready to sell your fix and flip, you should make sure to address potential problems before you list the property. Issues related to a home’s condition will be discovered during the home inspection anyway, so it’s in your best interest to remedy existing issues before someone makes an offer. At the very least, you should be aware of any problems to make sure there won’t be surprises that could hinder the sale. It’s also essential for you to be upfront with your agent. He or she should know about any major challenges before you start receiving offers, so you can go over all of your options together to find the best way of overcoming them to successfully sell your project and maximize your real estate investment. A great agent will be able to sell your home regardless of the less-than-stellar condition, as long as you are honest, willing to compromise, and proactive in seeking a solution.
Here are six common issues that could hinder your home sale, if ignored:
As you may know, title insurance protects real estate owners and lenders against property loss or damage that might occur because of liens, encumbrances or defects in the title to the property. A title insurance policy may seem seem like a no-brainer for a traditional 30-year mortgage, but what about a fix and flip real estate investment that you plan to be in and out of within 6-9 months?
Does a fix and flipper really need a title insurance policy?
If you are new to the flix and flip market, you understandably will rely a lot on your contractor to explain the ins and outs of residential construction. That being said, it's imperative that the real estate investor be the one to manage the timeline, budget, and overall outcome of the rehab project, regardless of their skill or experience level. But why...?
It's a common story. You've purchased a promising residential property for a speedy fix and flip. You are trying to swiftly execute your renovation plan and get the property to market as soon as possible. The main hiccup at this point is you need permits and you can’t get a clear answer regarding the status of your application.
Foreclosures can be a gold mine for fix and flippers looking to "buy low". The good: often priced well below market, in desirable locations, and in desperate need of rehab, they are just what flippers are looking for. The bad: they are not such a big secret anymore, and there is a lot of competition to get them. The ugly: often the properties themselves are in pretty bad shape, and many will not allow inspections so they can be risky. But there are still great deals to be had if you know where and how to look for them. Read on to find out about the different types of foreclosed properties and how to find them!
Property flipping gets a lot of airtime these days, with lots of HGTV shows and flipping couples who have even become celebrities. Buying and holding isn't quite as sexy, but has many benefits. Which real estate investment strategy should you try? Or a little bit of both? Read on for a quick list of the pros and cons of each ...
After the months of sweat equity and money poured into rehabilitating an old property, you undoubtedly want a quick financial return on your real estate investment. Now that you’ve crossed the construction and renovation finish line, you may feel a bit guarded about spending extra cash on commission fees and are considering listing the property yourself. These short-term savings can have long-term negative ramifications. Hiring a top-notch real estate agent can streamline the selling process and ensure you receive top dollar for your fix and flip by getting your property in front of the most qualified buyers - quickly and efficiently.
Here are a few pretty compelling reasons to hire a real estate professional versus going it alone when selling your property:
Determining what parts of a home should be renovated can be a tricky decision. As the majority knows, money doesn't come easy and large-scale renovation projects should be thought-out and planned wisely. Should you remodel the kitchen or update the bathroom? Is it the right move to transform the attic or should you instead spend extra money finishing the basement? We've got some pros and cons for you which will help you determine if your money should be spent on a basement remodel or if a different area of the home should call dibs on your time and money.
We've all done it, don't worry. You get jazzed about the idea of refreshing your walls with a new coat of paint and run out to the hardware store without taking the time to fully measure the room(s) you will be painting. Whether you're a weekend warrior or fix and flipper, it's important to plan right so you don't leave extra dollars floating around in your leftover gallons of "Cream Puff" high-gloss paint.
This blog lays out the basics for measuring the right amount of paint and choosing the best finish for your next project.
When searching for the ideal real estate investment opportunity, locating the perfect agent can sometimes be a challenging experience. You want someone with a reputation for being a go-getter and problem solver, but you also need to feel comfortable communicating with the agent on a regular basis.
Here are 5 warning signs that may indicate it's time to find another agent: