There’s a lot that goes into a home you purchase to fix and flip in Baltimore, MD — it’s more than just slapping on a fresh coat of paint. You need to know where to buy, what price to sell at, where to get your supplies, contractors to call for the things you can’t do yourself, etc. You’re putting a lot of your money on the line to turn a fairly quick profit, so let’s make sure you have all the information you need before signing on the dotted line. Here are some great resources for helping you turn your fix and flip property into a lucrative investment.
Know Where to Buy … and What Homebuyers Want
Before buying that investment property, take a moment to see what neighborhoods are both desirable and have an ample number of homes you can buy for a low price. Look for an area that has distressed properties that are affordable where people are looking for homes that have been newly renovated. A great website to help you with that is Niche, which has information on every neighborhood around: a report card, the number of renters versus the number of owners, the population, the median home value, etc. Another great place to find a good home to flip is through an auction.
While you’re looking for something that won’t be too difficult to fix and flip in Baltimore, MD, another thing to keep in mind is what kind of homes people are looking for at the moment. If everyone wants a three-bedroom row house, then see if any of those properties are available in your price range. When you have what people want, you’ll be able to sell it more quickly. A good resource for getting that information is your local Real Estate Investors Association (REIA).
Reach Out, Connect and Network with Like-Minded Investors
Speaking of REIA, you can get a lot of great information, contractor names, investment tips and more through the Baltimore area REIA. Membership is only $197 for a year, and you can even get a 30-day trial period for a single buck. For fix and flip investors, that membership fee is well worth the cost.
You’ll have access to a variety of workshops, networking events, seminars and more. Your membership gives you the opportunity to meet with the experts, learn how they maneuver through the fix and flip scene, where they get their supplies, who the best contractors are to work with, etc. It’s a treasure chest of information right in your backyard.
And as an added bonus, your membership gets you all sorts of discounts at various hardware stores, healthcare groups, office supply companies and more.
You can also search for local REI events on BiggerPockets. At the time of writing, there were two upcoming events on financing. Of course, their event topics change over time, but BiggerPockets is a certainly great resource to keep an eye on.
Where to Get The Supplies To Fix and Flip
- For paint, check out the local Benjamin Moore and Sherwin-Williams. Some people shy away from these stores because they can be pricey, but contractors can get a decent deal there, and you’re officially a contractor. Plus, you don’t have to go with their high-end paints — each has affordable quality paints at the lower end of the cost spectrum. Plus, Sherwin-Williams nearly always has some sort of a sale going on. Give them a call and see what kind of discount they’re currently offering.
- For a better price on lumber, dry wall, piping and electrical, don’t be afraid to look outside the city. The drive may take a little more time than you were hoping for, but the costs are lower the farther you get from the city center.
- Don’t be afraid to check out the old standbys. Home Depot and Lowe’s Home Improvement are great places to find a variety of inexpensive supplies for your fix and flip, such as paint, cabinetry, lighting, bathroom décor and more.
- If you need any furnishings to help stage and sell your fix and flip, be sure to check out Goodwill stores in more affluent areas — you can find some great deals on nice, gently used furniture there. Plus, Habitat for Humanity offers a comparable shopping experience at its ReStores, where you can sift through hundreds of donated furniture pieces.
- If you’d rather get professional help, Houzz is an awesome resource for local talent. On this page, you’ll find more than 155 home stagers in the Baltimore area. Houzz is also great for contractors, architects, interior designers, cleaners, and a whole lot more — not to mention specialized services like electricians and plumbers. Their home improvement pros page has nearly 60,000 listings for Baltimore alone!
- Of course, Angie’s List is an excellent resource for finding highly vetted and reviewed contractors of all types. Once you have a membership, you’ll have access to more than 10 million reviews to help you find the right contractor at the right price. They do offer a free membership, though there are solid benefits to choosing one of their paid membership plans. Check them all out on their New Plans page.
- Another great place to find a contractor is on Home Advisor. They quickly and easily narrow your focus based on needs and location. They also have reviews you can read through, as well as a True Cost Guide that uses local and national cost data to help determine an accurate estimate of how much your project should set you back.
- Also, a great way to know what you’re getting into is to reach out to realtors who can pull comps from the Multiple Listing Service (MLS), which can tell you what other homes are selling for in the neighborhood, as well as what types of homes are selling. With this information in hand, you’ll know how you should price your fix and flip, or if you should buy it in the first place. A handy place to find a realtor is at MarylandHomeownership.com, where you can narrow your search quickly to Baltimore City.
Start Fixing, Then Flipping
Once you have the information you need, you’re ready to begin. Remember, only do the things you must to clean up your investment property and make it desirable for the current market. With these resources at your fingertips, you aren’t too far off from making a profit on your fix and flip home in Baltimore, MD.