subject: Fix And Flip Properties Today With Ease [print this page] You can take two roads when you fix and flip properties. The first is the rough one and the other is the smooth road. While its always good to learn from experience, its also good to learn about mistakes even before you commit them. Here are some mistakes you must avoid so you can travel a smooth way when rehabbing houses.
One mistake neophyte rehabbers rarely notice is proceeding with a project without checking the prices of materials. If book lovers frequent bookstores, then rehabbers must often visit hardware and home supply stores. The economy is recovering from the recession so we can expect surges in the prices of construction and home improvement materials every now and then. So before you place an order for cement, ceramic tiles, and other materials, be sure to double check their prices. This exercise is important in keeping your fix and flip budget intact.
If you cant frequent Home Depot or Lowes, make sure you have contacts in these stores. Build a good rapport with salesmen so you can give them a ring anytime. You can then ask over the phone whether the price of the materials you will need have changed since you last placed an order.
Another mistakes new rehabbers commit is making improper inspection. After two or three rehabs, they start to feel over confident. They believe they can inspect a property on their own. They can also save on labor costs because they wont have to pay a home inspector. Little do they know that they are walking on thin ice. A few dollars for the home inspector will not hurt if they can save you from making a mistake that will cost you $50,000 or more. A home inspector can help you avoid buying properties that require major repairs. They see problems that are not too obvious.
Lastly, one mistake that is common among neophyte rehabbers is failing to say No. When you are beginning to fix and flip properties, you feel that all fixer upper homes are a chance to make a lot of money. When you inspect one and see that it requires structural repairs, you must say No to it. But because you feel that its a wasted chance, youll still buy it and try to rehab it. Dont forget, there are scores of fixer upper homes across the country and it is unlikely that you will run out of projects in the coming years.
