subject: Fix and Flip: Turn Everything to Gold [print this page] Fix and Flip: Turn Everything to Gold Fix and Flip: Turn Everything to Gold
King Midas. If you're going to recall your Greek Mythology class, he is the king with the golden touch. Anything he holds with his hands turns into gold. Do you want to be just like him? I'm sure you do, especially now that you are a real estate investor. You want all of your investments to turn into gold mines. It just takes a single touch to turn your investments into gold. Fix and flip properties and be the King Midas of the real estate investing world.
Touch
Rehabbing can turn an old, ugly house into a golden castle. Old, rundown, unattractive, these are the houses you need to touch. Instead of parrying from these properties, a good investor knows that these are potential sources of huge profit. These houses are available for very cheap prices. A great deal indeed! Just like what experts say, "You make money when buying properties and not when you're selling them." When you buy a house for a very low price, you can have more budgets for repairs. You can do a lot of things to beautify and improve the condition of the house. This also means higher profit because you can raise the market value of the house by repairing it.
Gold
How do you turn things to gold when you fix and flip homes? Your ultimate goal is to better the condition of the house by repairing damaged areas and facilities. Structural rehab is the first thing to do. The main areas to repair are the walls, floor, and roof. It is important to replace old carpet. Remove the old one first to make repainting of walls easier. Walls should be clear from holes and cracks. Patch them with plaster and drywall before painting. The roof needs replacement if the old one is rusty or damaged. This is to avoid rain water from seeping through the ceiling especially during the rainy season. Change old door knobs. Make sure door and window locks are still working well.
Cosmetic rehab focuses on the aesthetic aspect of the house. Start with landscaping the lawn. Remember, the exteriors attract home buyers to go inside the house to check it further. Remove thick shrubs and overgrown trees to clear the lawn. Replacing the old, rusty mailbox and doorbell is also vital. Changing old cabinet handles in the kitchen creates a new look in this area. If most of the kitchens in the neighborhood have island kitchens, spare money to build one. This implies that the house is at par with other houses in the community. Rehabbing both the exterior and interior of the house is necessary to make sure there's no area left out.
Fix and flip is not that easy. Even if you want to save on labor costs, you must accept the fact that you can't do this alone. You really need to hire contractors. Also, rehabbing usually takes some time. Profit is not instant but you are sure to have huge profit once you sold the property.
It's time to turn yourself into King Midas of the real estate world. Learn more about fix and flip at Rehab-Real-Estate.com.
