Not all homes are meant to be flipped however, with carefully planning and investing you might be able to take a property from rustic to rehab! Here's a checklist of steps to guide you through the process.
Find a home that has a realistic possibility of being flipped.
Find a reputable/reliable contractor. It's tempting to go with cheaper options but poor workmanship shows and makes selling the home and/or turning a profit much more difficult.
Get estimates on what it will cost to repair the interior and exterior spaces. You might include the cost of things such as: flooring, painting, repairs, replacing the roof, or septic system, etc.
Do the math, work with a real estate agent (like us!) to determine the potential list price once the home has been fixed up to see if it is even worth the investment.
Make sure you know your finances inside and out. Get pre-approval for the property you have in mind. Know that often times an investment property requires a commercial loan versus a traditional residential loan. Click here for a list of preferred commercial lenders.
Determine a realistic budget and realistic timelines and do your absolute best to stick to them both.
Make sure all the projects you set out to complete get completed before listing the home.
Get the home pre-inspected. Click here for a blog about why pre-inspection is important and click here for a list of our preferred inspectors.
Clean, clean, clean! Then finally, list your property with a knowledgeable agent who has experience selling these types of homes. (Like us!)
