Fixing and flipping properties is a great way to increase your personal wealth, especially if you’re planning to fix and flip in Raleigh. However, in order to do it right you’ve got to make sure you’re taking the appropriate steps to save money on your costs so that you can see a profit after all of the hard work has been done. Here, we present six ways that you can save money on your fix and flip projects in Raleigh while also ensuring that the end result of your work is excellent.
1. Find the Right Property
The very first step in saving money on your fix and flip in Raleigh is to be certain that you’re finding the right property. When purchasing properties, you’ve got to do the math and ensure that the purchase price, plus the cost of labor and materials for your fix and flip, will be sufficiently low enough that when you turn around and list the property on the open market you’ll see a worthwhile return on your investment.
2. Choose the Right Materials
Next up is planning the actual logistics and design of your fix and flip in Raleigh. When planning your design you’ll want to look at the various styles of homes in the area and the types of finishes that are popular. You'll also want to make your design similar enough that it flows with the neighborhood, but polished enough that it stands out in comparison to prospective buyers.
3. And Stock Up On Them!
You can also think of picking your finishes and furnishings the same way you might think of buying anything else - buying in bulk could help you save money! If there’s a particular tile you love, and you know that it could work in another project you have in progress, or projects down the line, see if you can get a discount by purchasing it in bulk. By doing this you could not only save yourself some money on your fix and flip in Raleigh, but also set yourself up for quicker progress on your next project since part of the design work is already done.
4. Stick to Your Timelines
Nothing - and we mean nothing - will cost you more money than not sticking to your timelines. Of course, there’s probably never been a construction project in the history of construction that stayed on time, but as those extra hours for laborers begin adding up, so does your bill. Additionally, the longer that property sits in your hands and doesn’t go to market, the more likely it is that you’re going to begin losing money on its potential resale value.
5. Get Your Team in Order
On the flip side, one of the best ways to save money on your fix and flip in Raleigh - and to be certain you’re staying on time and on budget - is to get a solid team in line that you can work with on a regular basis. When you have various contractors and laborers that you know and trust coming into your projects they’ll already have a clear idea of your expectations. Additionally, since you’ll be - hopefully - feeding them on-going work, they’ll probably be willing to provide you with a lower contracted rate for services than you might get if you were using a one-off contractor.
6. Get the Right Type of Loan
And finally, the best way to ensure that you’re saving money on your fix and flips in Raleigh is to get the right type of loan. Loan terms that are favorable to you, in terms of duration, down payment, and interest rates, can save you huge bucks. At face value a couple of percentage points here and there might not seem like much, but when it all comes together the differences in cost can be staggering.
Are you ready to delve deeper into the world of fixing and flipping? Download our guide Essential Math for the Fix and Flipper today.